Gartman Does It Again... Again
It is becoming more uncomfortable to make fun of Dennis Gartman's always incorrect calls (see here and here and here and here) than to watch Richard Simmons' Obamacare commercials, but... well - it's just too funny.
Just days after confidently explaining to the CNBC audience and all his newsletter-followers that the S&P 500 could see a 15% correction:
"I just think you're going to have a very severe, very substantive and really quite ugly correction that will probably make a lot of people wail and gnash their teeth before it's done,"
February 3rd (Ugly Correction coming - S&P 500 at 1,742)
...the world-renowned Dennis Gartman has done it again
February 10th (I'd say I was wrong... you can't be short - S&P 500 at 1,799.5)
"vociferously, I'd say I was wrong"
adding in his usual authoritative manner - prideless to the end:
"The one thing I will tell you is: You can't be short. It's still a bull market. That's what's really important. It's one thing to lose money. It's another thing not to make money. And if you're short, you're losing money."
Seems like $29.99 well spent to us?...
And in that one sentence, Gartman gave the implicit all-clear to sell Mortimer sell - sell it all...
But wait, there's more... despite thinking stocks could drop 15% and now that stocks are in a bull market, Gartman notes,
"I'm still neutral on equities..."
Brian Kelly adds at the end - desparately trying not to entirely destroy what is left of Gartman's credibility...
"Unlike the Godfather, Dennis Gartman, I am still short. And I think you can be short this market," he said. "I think there's a real risk that (Federal Reserve Chair) Janet Yellen comes out a lot more hawkish than people have priced in here, and I don't think the emerging-market currency issues are over. I think we're just in the eye of the storm."
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