Tuesday, June 1, 2010

"Euro to Go Under $1.20 'Almost Certainly': Gartman" (EUR/USD)

Last I saw, the € cost 1.2211 $.*
I've never seen an empirical test of Mr. Gartman's calls but I do remember his June '09 comment on Warren Buffett:
Gartman: ‘Warren Buffett Is an Idiot’
Four days later Mr. Gartman got some more talking head time:
Gartman: Warren Buffett Isn't An "Idiot" .. But He Allowed "Inexcusable" Losses (BRK.A)
In that second interview he said he had a short position on BRK. Both the "B" and "A" shares have outperformed the S&P 500 in the 12 months since. Here he is again:
The euro will drop even further against the dollar because Europe's problems will not be easy to solve, Dennis Gartman, author of "the Gartman Letter," told CNBC Tuesday.

The single European currency [EUR=X 1.221 0.0006 (+0.05%) ] hit a 4-year low versus the greenback after the European Central Bank warned that more bad loans were ahead for the continent's banks.

Growth concerns were also high on investors agendas, after data showed manufacturing in the euro zone expanded in May at a considerably slower pace than in April, when it reached a 46-month high....MORE, including video.

*We were early when we started prattling on about a $1.20 euro on Nov. 18 2009 at a bit over $1.50. The buck didn't bottom until Nov. 25, 2009 at $1.5144.

Here's a May 6, 2010 post with most of the links:

"BNP Paribas calls for EURUSD parity by Q1 2011"