The stress test for Spanish banks wasn't pretty, but this strategist sees a buying opportunity.
It's probably not a surprise that Spanish banks are about 60 billion euros short on capital, but still - should the euro rebound?
George Davis, chief technical analyst at RBC Capital Markets thinks it makes sense.
"It was pretty much right on market expectations, right around that 60 billion level, so from that perspective it really isn't a new surprise for the market," he says. Investors, relieved that the results weren't worse, have been covering some short positions, he adds.
Still, even with that move, Davis sees a buying opportunity in the euro.