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Gartman Does It Again: "The Game Changed Utterly In The Capital Markets Yesterday"
The "commodity king" author of the "world renowned" Gartman momentum chasing and perpetual contrarian fade newsletter, if not so much of an ETF under the same name anymore, does it again. From this morning.
Now with the S&P forging a massive reversal to the downside, we not only must abandon being bullish we must become bearish... and very so.... Our bearish friends, having been wrong for so long, are now right; it is time to be bearish of stocks, while the time for having been bullish is now past... We trust we are clear. The game’s changed and when the game changes, we change.... We had heretofore consistently erred bullishly of simple things… of coal; of steel; of railroads; of ships and shipping… but we are not now.
...
The Game Changed Utterly In The Capital Markets Yesterday
And... wrong again. Or said otherwise, short of subscribers in breaking even terms.
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Graham summers called the top 3 years ago.....at least he isn't that wrong
OT: We should all be thankful going into this weekend that the super typhoon Hayan did not hit fuckedashima and bring on TEOTWAWKI. I raise my glass in a toast to all, peace...
From the lower Dennis to the upper Gartman.
That's hysterical.
"of simple things… of coal; of steel; of railroads; of ships and shipping…"
I guess TWTR and FB are the complex things.
I agree, Risk off bitchez, at least for the near future. Then BTFD again.
Honestly... we need to be bullish- otherwise we'd lose money.
If you do lose it and you are the right person or bank. It's okay. Benny's got you covered, he can run the paper mill and it just happens like magic.
I'm surprised that Girthman has any opportunity to make any pronouncements at all (no matter how lame), given the number of donuts that he evidently shoves into his piehole during his waking hours.
The more I hear from this hypercorpulent weathervane, the more I am convinced that he is (the former) RobotTarder.
*throws flag*
That's 15 yards for unnecessary roughness.
Gartman got one thing right, um, errrr, just can't remember it right now.
Doublemint
/LOL
Thursday November 7, 2013 8:21 AM
Investor and newsletter Dennis Gartman says he is “turning quietly more bullish of gold” on ideas that global monetary accommodation will continue to expand. Gartman, who is already long in gold against the Japanese yen, suggests in The Gartman Letter that not only may the Federal Reserve hold off on tapering its accommodation but “there is the possibility that the sum may actually be increased rather than decreased in the months ahead.” He also suggests the European Central Bank “may have to err more forcibly toward easier policies” and the Bank of Japan has no choice but to keep expanding its balance sheet. After Gartman put out his daily report, the ECB did in fact cut its benchmark refi interest rate by 25 basis points to a record low 0.25%. “All told, monetary expansion is the order of the day rather than contraction.”
http://www.kitco.com/news/2013-11-07/KitcoNewsMarketNuggets-November-07....
Gartman. Gotta love him.
ZH keeps fucking with me and no clue why. Passwords, Internet Explorer keeps kicking me out. Anyone else have this problem?
Making me think ZH is just another gov't/Wall Street owned website. God forbid you make a statement that is joo negative.
Nothing changes anywhere I guess.
I assume Ben has read this and it preparing for MOAR printing.
Hey, "Dennis the penis", be sure and show your muppets todays 'bullish engulfing candle' in Mondays, Gartman blue light special...
http://imageshack.com/scaled/large/802/2p0q.png
Well somebody better start buying some fucking bonds, or the game's going to change in a big fucking hurry, regardless of what the idiot momentum chasing algos are doing to equities today.
You know...from day to day...the only thing left is declaring EVERYTHING a contrary indicator. I'm with you, however. Today's action, despite how absolutely absurdly bullish it was, could simply be called "a lower high" at the end of the day. The high being established in the premarket yesterday, of course.
So the big boys who set those shorts are still intact.
Seperately...what a joke of a session today. Just sad to see this, really.
I think today was a 'let's hand this off to retail and stand aside a while' day. Next week might be interesting.
What! No Santa Clause rally?
I can slightly sympathize with Gartman. Lately, more & more, I find myself sitting hours at a time, dumbfounded in front of my screens wondering what these fucking markets are doing one minute to the next, let alone daily. There's no way to read these markets (algols). They're emotionless and illogical at the same time.
Gartmans mama called him "daylatedollarshort".
One swallow does not a summer make. Nor would I be so dismissive of the bearish call right now.
I agree. The Dow does appear to be putting in some sort of S/T top. I'd rather be short from todays highs though.
* Did I forget to stress s/t?
If you are looking for confirmation of your bearish notion...check daily charts on EEM, IYR. Those are flat out broken. FXI is next...and Brazil...yikes.
Base metals and materials are starting to roll over right now. Momentum stocks are destroyed. The Russel touched its 50 day today...and no one said peep.
Plenty of confirmation out there.
Thanks Cdad . I'll take a look. I've been able to see a breakdown all week in risk F/X. It will result in BTFD through year end though.
I think TSHTF in late January/February 2014. It will be interesting to see how strong, and the direction of macro/institutional investing is in January.
We can also expect a new and improved clown show to kick off in DC about the beginning of February.
Yeah, it might be bearish, for about five minutes. God forbid a whole day.
As long as gold gets slammed it's all good for the SM.
The garbageman is never too late.
No real person actually subscribes to this idiot. Big Banks and Brokerage houses pay him and they then force feed his dribble to account holders.
This is still a lunatic fringe bull (market that is.) I find it ironic that the financial media has gone all aboard the "don't buy treasuries that's the risk" train. Again "the problem with JP Morgans London Whale is not that they lost 25 billion but that it was conducted in their risk management mitigation division." If he best run bank does than obviously "no other bank in the world would ever dare do such a thing." These are wild swings and flings going on right now. The Solar ETF (TAN) alone is worthy of an graduate degree level research project. Don't get me wrong...these research budgets are made to be spent...and that is being done so here now. Those who thought they could skate by while the dollar would collapse, interest rates would soar and inflation would be raging have now awoken to a world where they're the hunted and "that's called a homo sapien mr monkey man." Pardon me while I flee back into the trees....to get a better view of course.
Dr. Engali from yesterday: we have gone from BTFATH to BTFD.
and how is gartman different from every other clown thats paraded on ZH who has said gold is going TO DA MOON these past two years???
I wasn't aware that the FED had started to taper asset purchases, oh they haven't and in all likelyhood will increase their rate of money printing you say.
Well in that case, ES 2000 here we come!!
Today was just day one of the next up move, only (soon to be broke) fools are shorting into this market. That small correction was just a bear trap in front of the push higher next week past 1800 on our way to close out the year with the S&P up 50%.
Yes, the market can only go up as long as the Fed keeps printing. I mean 1 trillion a year, 10 trillion a year, 100 trillion a year. Who cares if its printing more than the world GDP. The markets will just keep sucking it up forever and going higher... Forever. S&P 2000, pfft S&P 2,000,000 nothing can stop it, it's the worlds first sure fire, never ever fail investment strategy!
Sounds bad for The Bear
All of the low hanging fruit is long gone. The ptb are wrenching all of the various markets around from one extreme to another in the attempt to squeeze whatever profit possible. And to give the impression of a good economy. The big banks have lost some big revenue streams, and must somehow make them up. Strap in and hold on.
Gartman insight. Money not well spent on this non-informative Newsletter. LOSERS.
"massive reversal" ... hmmm ES closes at 1766 ... 0.2% off all time high. Well I guess a 0.2% drop is a 'massive' reversal in this POMO market
http://www.hussmanfunds.com/wmc/wmc131028.htm
http://en.wikipedia.org/wiki/B._F._Skinner#Superstitious_pigeons
One of Skinner's experiments examined the formation of superstition in one of his favorite experimental animals, the pigeon. Skinner placed a series of hungry pigeons in a cage attached to an automatic mechanism that delivered food to the pigeon "at regular intervals with no reference whatsoever to the bird's behavior." He discovered that the pigeons associated the delivery of the food with whatever chance actions they had been performing as it was delivered, and that they subsequently continued to perform these same actions.
Sort of sounds like the formation of market superstition to me! I wanna join a cargo cult!! -AB
He is without doubt, the BEST contrarian indicator out there...