Europe is scary right now, no question. Here's how one strategist plans to take shelter from the storm.
Once again the euro has confounded investors, moving up late in the day despite the disastrous headlines coming from the euro zone. Rebecca Patterson, chief markets strategist for J.P. Morgan Asset Management, Institutional, says so many investors were short the currency that it had almost nowhere else to go - but she says the problems in the euro zone are hardly over.
Brian Kelly of Shelter Harbor Capital agrees - and says there is opportunity lurking right next to the euro zone.
"Where people are putting their money is in Britain," he told CNBC's Brian Sullivan.
Kelly points out that the Swiss National Bank has been buying British pounds, and money is moving from Spanish banks to British ones.
"To me, the British pound is becoming much more of a reserve currency," he says, and he thinks the pound's weakness over the past several days is creating "a great opportunity."
Kelly bought the pound earlier on Friday, he says, and he thinks the 1.5800 level is a good entry point. He wants to set a stop at 1.5700 and look for a run to 1.6050 - but at that point, he says, "I'd sell half and let the other half run."
