Shorting the Euro
On Monday, I recommended that shorting the European stock markets because I expected that the closer the market looked at what was agreed upon in Brussels, the less it would like it. Sure enough, the markets have since come around to the view that the measures agreed at the European Union's (EU) "make or break" summit don't go far enough to address the European debt crisis. Just don't expect the EU to come out with anything new soon. On Tuesday, German Chancellor Angela Merkel rejected proposals to increase the size of the planned permanent bailout fund to above 500 billion euros.
Needless to say, the euro has been hammered. The European currency hit a low of $1.30, its lowest level since mid-January and nearly $0.20 below its 2011 high in May....412 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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