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."