It’s All Dumb Money Now

By Heisenberg

So this kind of makes you wonder if there’s any such thing as “smart” money.

Because clearly asset managers (who, as of last Tuesday, were the longest the euro they’ve been in at least a decade) and specs (who had trimmed their euro shorts to basically flat) weren’t all that “smart” given the fact that EURUSD turned out to be the very definition of a “sell the news” trade following Emmanuel Macron’s Sunday triumph.

But as it turns out, the “dumb” money was also… well… not too “smart,” because a quick look at the data shows the iShares MSCI Eurozone ETF (ticker “EZU”) saw in its largest inflows ever on Friday:


Here’s how that turned out:


Evidently, it’s all dumb money now.

Or, as Bloomberg’s Richard Breslow put it earlier today:

Well today’s get rich quick scheme didn’t work out so great.


Subscribe to NFTRH Premium for your 50-70 page weekly report (don't worry, lots of graphical content!), interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at and Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits, RSS or sign up to receive posts directly by email (right sidebar).