"Scared" Gartman Bottom Ticks Market With Uncanny Precision... Again

Tyler Durden's picture

Yesterday, when we commented on the bloodbath going on in the hedge fund space, someone asked if a hedge fund mauling is an indication of a market bottom. We replied no, and clarified as follows: "The bottom tick sign, if any, is that Gartman just went mega bearish..."

Yup: the infamous, and infallible, Gartman contrarian indicator had just struck again.

Ironically it was merely days earlier on April 1, when Gartman collected his daily $200 CNBC appearance fee, saying that "experience tells him to stay bullish on stocks", and that it's foolhardy to fret about the fundamentals of the economy adding that "Here, write this down: The stock market will stop when it stops, and not a moment before. It's moving from the lower left to the upper right," Gartman said. "Enjoy the ride!"

Fast forward to Monday when we got the following pearl:

In a reversal of his more bullish take on U.S. equities in recent weeks, Dennis Gartman said Monday that he's getting out of equities and sticking with cash and gold to ride out the recent pullback, which he called a "long-awaited and much-needed correction."


On CNBC's "Fast Money" on Monday, the editor of the Gartman Letter said simply, "I got scared."


Gartman said that Friday's action made it seem as though a switch was flipped in the minds of investors. "The whole world switched at that period of time," he said.


That same switch evidently dimmed Gartman's view of stocks as well; he pared down his exposure to equities from an average of 100 percent, to close to zero.




"You don't need to be short, but you don't need to be long at this point. I think cash is the right place to be," he said.




In Monday's issue of "The Gartman Letter," Gartman said he couldn't recall "a time in our history of trading when we've seen such unanimity of trend reversals" as was observed on Friday. "Indeed, the changes were material enough and important enough to mandate that action be taken to reduce our exposure to everything we have on, save for positions in gold," he said.

Ah, to have Gartman's magical VWAP algo that allows him to get out of all stocks into all cash in the span of hours. But then again one doesn't need VWAP or any other WAP when one "transacts" in monopoly money. Further, here was his commentary from his April 8 "Gartman letter":

STOCKS: The Trend’s Still Up But the Sidelines Seem the Better Place To Be: We’ve gone to the sidelines as the market “reversed” to the downside last Friday and seems intent upon tracing out a monthly reversal too, although it is far, far too early in the month to make that statement now and to give it great credence. But with the 100 and 200 day moving averages so far below us and with the market’s propensity to put the 100 day moving average to test we’ve taken to the sidelines… and we’re rather comfortable there… at least for now.

For those curious, here is the entire clip:


So what happened next? This:


Then again, none of this should be a surprise. Recall:

And so on.

We were wondering what we would do in the absence of Tom Stolper's impeccable genius of picking FX inflection points, we are, however, lucky to still have Dennis.

So this Bud's for you, real man of contrarian genius - we hope you remain as long of CNBC appearances (in $200 appearance fee terms) as is possible, sharing market inflection points with laserlike precision.

Luckily if Gartman is ever barred from appearing on CNBC, there is always a backup plan:

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FilthyHabits's picture

What a crack head...

Arm Yourselves..

Murf_DaSurf's picture




Gartman is *simply* the *best* Fade trade in the World!


He's better than any ol' Goldman Muppet Buy/Sell Rec !


He makes a Cramer Fade look unpredictable !

SloMoe's picture

Nobody beats the Cramer fade. Nobody...


Cramer, FTW!

Algosaurus Rex's picture

You have NO IDEA what it's like out there! NO IDEA!

Pladizow's picture

Kass, paging Doug Kass - third stooge, ur up!

synergize's picture

Now I see why people pay $150 / month(?) for his newsletter - you can't go short Dennis Gartman if you dont know what he's saying...

WillyGroper's picture

$150 a month? For "Lower Left to Upper Right"?

Good work if you can find it.


bania's picture

Lower Denis to the upper Gartman

macholatte's picture



Is there anyone who is not a contrarian indicator, who actually does get it right +60% of the time?

SoilMyselfRotten's picture

My favorite actual Cramer line:

I blew Foster Wheeler and i'm not proud of it

SoilMyselfRotten's picture

5:30PM, someone just dumped a few thousand gold contracts. Went from +$3.20 to -$3.30 in one flash. So much for fidiuciary duties.

DoneThis2Long's picture

wonder if FW was sporting a smile thereafter?!


lotsoffun's picture

i'm fairly desperate at times, but i'm not sure i want garden gnomes anywhere near me, let alone my best bits.


Moon Pie's picture

Favorite Cramer Line:  "Nobodys gonna continue paying $2 for average Starbucks coffee."  Circa 2003.

He added a bunch of other Cramerisms panning SBUX, then at $24.  Closed at $70 today.

Buffoon, I tell ya, the man is a Buffoon!

caShOnlY's picture

Favorite Cramer Line: "Nobodys gonna continue paying $2 for average Starbucks coffee." Circa 2003.

He's just early in his call.  Where is Starbux going to be when the world is back on REAL MONEY and all the credit cards are vacuumed out of the sheeple's wallets?

He added a bunch of other Cramerisms panning SBUX, then at $24. Closed at $70 today.

Hmmmm...... QE double double anyone?  

I admit the man is moron, but then again isn't anyone who touts this market on TV?  I give Cramer one small credit though, in 2008 when the market was crashing he did advise anyone who was retiring in the next few years to GET OUT!!!  He quickly went back in the dumper when he began saying "just a trillion for wall st" and we can make this go away in late November 2008!!



Soul Glow's picture

Free Jon Corzine!  He should be on Wall Street ripping people off like he used to!  Why let Gartman, Kass, and Cramer have all the fun?

nope-1004's picture

I don't watch the cartoon channel so don't know who this Gartmun character is.


Squid-puppets a-go-go's picture

I bet his entire Au holding is paper

theres no way a chump like this would be in physical gold

fockewulf190's picture

I´ve heard him say he owns gold in yen more than once. 

TruthInSunshine's picture

The entire economy has become a bipolar, schizophrenic basket case, with no one really knowing how it's all *relatively* treading water, while the hull of the economic ship, in reality, takes on more and more water.

There aren't any rational "investors" out there. There are only insiders, people playing with OPM, and degenerate gambling junkies.

All the Fed's manipulations and BigGov's manipulations of everything from banks, to interest rates, to subsidies (to rich and poor alike), to tinkering with energy credits, the tax code, etc. have only made things more bipolar and schizophrenic.

fockewulf190's picture

And we still have 3 more years of Obama.  There is no way on Earth this shitstorm is going to be held off until he gets to jump ship.

Seer's picture

If it appears irrational it's because it's dealing with the irrational: The perpetual-growth-on-a-finite-planet system's head is exploding (over it having no growth to feed it).

WSMassiv's picture

The only thing that was missing was the eye twitch...

I add it in my memories, makes me laugh thank you..

Pool Shark's picture



Dear Tyler,

Could you give us a warning the next time Dennis turns bullish, so we can all short the hell out of the market?



RockyRacoon's picture

Gartman = dweeb.  Look it up.  Love me some contrarian indicators.  Now that Kudlow is toast I gotta look elsewhere.  Thanks for the new standard.

holmes's picture

"So this Bud's for you, real man of contrarian genius - we hope you remain as long of CNBC appearances (in $200 appearance fee terms) as is possible, sharing market inflection points with laserlike precision."

The Tylers' have taken snarkiness to new heights. It's why I love this site.

Thanks Tyler.

Remington IV's picture

CNBC's " Fast Money" crew =  Chimp City

Buck Johnson's picture

The stopped having Ralph Acampora coming onto CNBC when he made bad predictions back at the start of the 2000 tech bubble bust.

TruthInSunshine's picture

Ralph IllmakeUpoorer & Ron InsaneA should have started a hedge fund together.

FieldingMellish's picture

I cannot wait until he goes full retard.

Soul Glow's picture

Lookup full retard in the dictionary and there is a picture of Dennis Gartman.

10mm's picture

Priceless and worthless. 

aVileRat's picture

Fucking love that 8am perfect convex dump that can only be done when a desperate seller overloads the book. Somewhere is a really dumb looking agency trader who was suckered into the squak box.

Stay Awesome.


Shizzmoney's picture

The fact that this guy makes more than 99% of us, really goes to show just how stupid this has all become.


FilthyHabits's picture

Does it really matter what you make when you end up becoming a complete immoral fucktard that has genital herpies and anal warts from all the parties he thinks we're a good idea?

i_call_you_my_base's picture

You can tell he's a miserable human being. Cares more about money and fame than anything real. I'm sure he hates his life.

knukles's picture

Sounds more like one of my ex-bosses ... hating his life ... Maybe my old boss was too narcissistic to not know to hate his own life ...

villainvomit's picture

Dennis Ass Wartman.........  Good one FilthyHabits!

Soul Glow's picture

Gartman is the new Cramer.