"U.S. equity futures are headed for a third day of gains, with consensus growing that the March correction is already over and record highs will soon be hit again. I’m not so positive and here’s why..."
"Now, obviously we have to find a point at which to reestablish modest net short positions and we shall; but not likely today. Today we shall watch how things develop; we are but mice in the fields with elephants at the moment and ‘tis best to stay away from stampeding elephants when at all possible."
"This is the first time in a very, very long while we have actually gone short of equities, but it is our intention to become even shorter of them, hoping to sell a bounce that might develop intra-day." - Dennis Gartman
"We wish also to err upon the side of owning Japanese equities while being short of the markets of the rest of the “industrialized” world. We’ve refrained from taking that position ahead of the FOMC meetings... but barring some untoward and/or surprising event at the meeting’s end today, almost certainly we shall take such action tomorrow."
"We failed… miserably… in paying attention to the shifting nature of the term structure for more than a week ago we noted a change that was taking place and which was incipiently bearish of crude oil, but we failed to pay proper and full heed to the signals that this shift was sending to us. This is unforgiveable. It shall not happen again." - Dennis Gartman
Gartman, who correctly called the recent market melt up, has once again reverted to his immensely valuable - and reliable - old self of calling key market inversion points with a several hour/day advance notice.
"We wish to buy one unit each of Brent and WTI crude upon receipt of this commentary. We’ll risk no more than 3% from the current prices level and if nearby Brent were to trade above $57/barrel and if nearby WTI were trade above $55/barrel and were to remain there “For an hour or so to prove the merits of the moves."
"The TRILLION dollar question is then reiterated: when does all of this “inflation as a good thing” tip over into “inflation with no growth”—aka STAGFLATION? This continues to be the chief concern of clients on recent marketing swings."
"Although nearly every method we know of to measure relative value is equally over-extended to the upside, the great game of investment musical chairs continues. Illogic reigns; the “Melt Up” has begun in earnest and it will stop when it stops and not a moment before."
"We were modesty net short of equities in our retirement fund here at TGL, having taken a modest net short position via derivatives. Immediately upon seeing the report we ran to cover, “paying up” in the NYSE-pre-market to do so."
"We’ve brought a stop up behind that position that shall take us out at break-even, including the dividend, but we’ve no intention at this point of buying anything else and if we are taken out we’ll stand wholly aside and watch further developments."
"Risk does indeed happen fast but for now the risk is that stocks may move away to the upside! Those who are short shall panic; those not long shall have to become so… swiftly. We have been neutral for the past several weeks; it is time once again to be “pleasantly” long and so we shall be."
"We shall once again suggest that new purchases of stocks at these levels shall prove to be ill-advised in the not too distant future. The proper course of action, obviously, is to be long of equities but fearful of the inevitable correction, which will be violent and sharp when it happens."