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Truth Vs Fiction - Dennis Gartman Sorts Through EU Bailout

Europe remains front and center on Dennis Gartman's trader radar with the development du jour involving a report in the Guardian.

In a nutshell, the Guardian said at an EU summit Chancellor Angela Merkel warned that Germany could abandon the euro. ”The Germans came out very quickly and denied that statement,” explains the strategic investor and author of The Gartman Letter.

But nonetheless it raises the specter that leaders in Europe are not on the same page – not by a long shot.

Europe Bailout: Fact vs. Fiction

And although the Guardian report needs to be taken with a grain of salt – Gartman says there’s something that you can take straight up.

”Merkel as well as Sarkozy both left their meeting and made no statement,” he says. “That’s not a good sign. If there had been any advance, at least something would have been leaked.”

And, as Gartman has told us in the past, he again says in order to implement a bailout major political changes will be necessary.

”The plan requires changes in and Gartman reminds.

Of course that begs the question - how should you trade?

"I'm short a little euro," Gartman says. "Not dramatically but I am short."

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Trader disclosure: On Oct 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour is long AAPL; Seymour is long BAC; Seymour is long INTC; Seymour is long NOK; Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Finerman owns AAPL; Finerman wons JPM; Finerman’s firm owns JPM leaps and puts; Finerman’s firm owns AAPL and short calls; Finerman’s firm owns IBM and short calls; Finerman’s firm owns YHOO and short calls; Najarian has AAPL call spreads; Najarian has GS call spreads; Najarian is long RVBD; Najarian is long Long CIGX; Najarian is long CME; Najarian is long CBOE

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