How to Trade the Pain in Spain
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Spain is taking its time asking for a bailout, and this strategist has a way to trade the stalling.
If you think Spain is dragging its heels on requesting a bailout , plenty of experts say you're right - that it's just a matter of time.
Still, Marc Chandler, chief currency strategist at Brown Brothers Harriman, isn't holding his breath.
"I think it is not going to be this weekend at the summit" of European Union leaders, he told CNBC. Chandler thinks Spain may not ask for help until November, and even then they may request something less than Greece or Portugal did.
All the waiting is keeping the euro locked in a tight range, but Chandler thinks he knows where it's headed next.
"The euro has really rallied more than a dime since the late July lows, " he says, and he thinks investors are being overly optimistic. "The next big news probably will be some disappointment, " either more problems from Greece, further delays by Spain, or something not even on the radar.
So Chandler wants to sell the euro against the dollar. With the common currency trading between 1.2900 and 1.3000 he wants to enter the trade at the top of that range, right around 1.3000, setting a stop at 1.3100 and looking for a move to 1.2600 by the end of the year.
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