In truth, even as U.S. stocks have catapulted higher through the month of March, Vanguard Europe ( VGK) has waffled since the start of February; the exchange-traded tracker remains below its 2013 February highs. Meanwhile, CurrencyShares Euro Trust ( FXE) has declined steadily since February first began.

What can one expect going forward? The debtor member countries will beg to borrow more, but their cries will be ignored by the wealthy and spendthrift Germany. Just as the citizens of Greece, Spain, Portugal, Italy and others take to the street to protest austerity, German citizens will protest endless bailouts for its overspending neighbors. In other words, in the springtime and a part of the summertime, one should expect eurozone disharmony to cause the euro-dollar and European equities to take a hit.

By September, however, the investing environment might improve markedly. Not only will there be efforts by the ECB and IMF to shore up confidence in the region's future (lower rates might be a possibility), but the German elections will have concluded. At that time, we could see a more stimulative and more accommodative German government.

For now, conservative investors should simply stay clear of the region's stock ETFs until the German election draws closer. More aggressive investors could consider shorting the euro via ProShares UltraShort Euro ( EUO).

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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