Gartman: We Were Right About Greece's 'Most Important' Fallout

Dennis Gartman of The Gartman Letter said that the entire Greece bailout hinged on the fact that "Germany's industries wanted/need/ and have demanded" that Greece be kept in the Eurozone in order to "keep that currency weak on balance."

In particular, the euro hit multi-year lows against the British pound. Gartman said that he had "really no choice but to add more to the trade… especially now that that ‘Agreement' has been reached and Greece remains within the single currency."

Gartman said that he added to the short position at 0.7120, with risk up to 0.7235.

Related Link: Tsipras Calls Greek Bailout A 'Growth Package'

Gartman warned, however, that traders and investors should "stay tuned" as "things can change… swiftly and perhaps even violently" in the next couple weeks. As evidence of those swift changes, the Global X Funds GREK started the day more than 3 percent higher; however the price has since sold off sharply, falling 4 percent on the session.

Gartman also said that he expects the saga to play out longer than the July 15 "drop-dead" deadline. In fact, Garman argued that "we've no idea what shall be mandated to be put forth before the deadline has come to the fore" and that "neither do the Greek attendees … nor do most of the Eurozone leaders."

Year-to-date, the Global X Funds have fallen more than 19 percent, with prices trading violently between a low of $9.42 and high above $12 in the recent month.