Market Overview

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

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 (NYSE: 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.

Posted-In: Dennis Gartman Eurozone Greece The Gartman LetterAnalyst Color Eurozone Markets Analyst Ratings Best of Benzinga


Related Articles (GREK)

View Comments and Join the Discussion!

Latest Ratings

ANGIAegis CapitalMaintains12.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at