Posted on 06/10/2010 4:20:06 PM PDT by blam
And Now Bob Prechter Is Bullish On The Euro
Joe Weisenthal
Jun. 10, 2010, 4:55 PM
Pay attention folks. This is gathering steam.
The ranks of the euro bulls is gaining names. This morning it was Jim Rogers, and now Bob Prechter is saying on CNBC that the dollar's run is over.
And to his credit, Prechter has DEFINITELY been a dollar bull of late. In fact he's generally been a dollar perma-bull over time.
In addition to the argument that the selloff is overdone, Prechter also cited something about Elliot Waves (which is his thing).
Expect to see more boldfaced names come out of the woodwork and declare themselves euro bulls over the next several days.
[snip]
(Excerpt) Read more at businessinsider.com ...
I’ll believe it when I see it.
The proof is in the pudding.
European countries are in a big financial mess and that wont end anytime soon.
So we will see what we will see.
Russia still trusts the European currency, Prime Minister Vladimir Putin told Agence France-Presse and France 2 TV channel prior to his visit to Paris."
“We trust and believe in the euro. We wouldn’t keep so much of our reserves, gold and foreign currency reserves in the European currency otherwise,” Putin said."
When the chips are down, the Bundesbank will protect the value of your money, and the Federal Reserve will not.
1923 still casts a long shadow in Germany.
The underlying point is these swings are destroying confidence, wealth and jobs. Euro goes from $1.50 to under $1.20 in a few weeks and the Dow swing of 1,000 in a month means no one can plan for the future.
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