The euro bulls are going into hiding as political tumult in Europe grinds on. Here's one strategist's plan.
Well, it was fun while it lasted. The summer months brought growing optimism that the euro zone would avoid catastrophe. But now, with protests in Greece and Spain, and Spain dragging its heels on a bailout request, the worries are back.
Kathy Lien, managing director at BK Asset Management, sees "more pain for Spain and more pain for the euro" ahead, since what was an economic crisis now is both political and social as well.
Not only that, Lien told CNBC's Simon Hobbs, "there's a very growing risk we could see Moody's cut Spain's rating, which would be a slippery slope for the euro." That would put Spain's rating at junk level, which can't make market access any easier.