Is This Why Copper Is Tanking?

Tyler Durden's picture

From "world renowned" Dennis Gartman's letter to investors (sent overnight):  

"NEW RECOMMENDATION: our interest in copper is piqued and we’ll “punt” copper this morning from the long side, buying May copper at or near to $3.0630/lb. as we can, with stops at this morning’s low of $3.025. We look for copper to make a run to $3.15 or even higher and on a close above $3.07 today… if possible... we’d add a 2nd unit to the trade."

Sure enough, first thing this morning:



The best "fade" $29.99/month can buy...

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Quinvarius's picture

Gartman thinks he is trading copper.  How quaint.  All he is really doing is putting in a bunch of paper stops to run after buying some paper contracts. 

synergize's picture

The guy has an excellent beard though - that alone is worth 29.99 / month. 

<Note to self: grow beard, start commodities newsletter, and speak using the royal "We">

Kilgore Trout's picture

The dude turns a phrase like Yoda.

bania's picture

From upper Denis to lower Gartman

zerozulu's picture

Copper is a by-product of GOLD mining, am I right?

Say What Again's picture

In the vernacular of the idiot -- He's LONG OF Bullshit

Thomas's picture

Gartman is what is called a market maker in bullshit.

codecode's picture

People pay for his advice? 29.99 / month * e.g. 1,000 muppets = "not a bad gig". Think I need a newsletter and promote it on TV

Zerozen's picture

We used to have a corporate subscription to his newsletter until a couple of years ago.

The joke was that his view on energy sucked, but we liked him for his view on metals.

Then we found out that metals traders generally thought his metals advice was awful, but his view on grains was interesting to read.

Then we found out from some grains traders that his view on grains was generally regarded as a joke, but they liked reading him for his summaries of the energy markets.

Harbanger's picture

He has a beard because shaving is prohibited under Leviticus 19:27.

BigJim's picture

Wasn't one of copper's main drivers the whole Chinese copper rehypothecation scam, as delineated by the scam-miesters themselves, Golem Sacks, here? :

813kml's picture

Peak Detroit?  Sounds like piping from stripped-out houses has flooded the market.

NOZZLE's picture

Rusted Galvanized iron prpe, that's all you are going to find if anything in Deathtroite buildings.  the real money is in bricks, 50cent ea.

Stoploss's picture

Just curious. Gartman's office wouldn't be completely padded, would it?

Winston Churchill's picture

Thought the wallpaper was a little strange,plus leaving belts,braces and shoelaces outside

was also weird.

dracos_ghost's picture

Doesn't Gartman have something like 12 cents AUM. Why does anyone listen to this guy.

MillionDollarBoner_'s picture

Yeah...and he started the year with 50 cents ;o)

Rainman's picture

Somehow this just feels bad ...  like kicking a puppy.

NoDebt's picture

You'll get past that.

Lace up your steel-toes and have a whack at him.  Trust me, you'll feel better, now that we don't have 'ol Tom Stolper to kick around any more.

Say What Again's picture

How was happy hour last night? 

El Hosel's picture

One shall be Bullish of it no longer, as it is moving from upper left to lower right with authority.

Kaiser Sousa's picture

i having a ball watching the phony paper prices of Gold and Silver trade perfectly sideways at the 1319.00 and 20.00 level, while the Fraud Markets go up and down from tripple digit losses to double...

how fucking stupid and obvious..

Bill of Rights's picture
New Physical Gold Exchange In Singapore

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Mi Naem's picture

Copper tanks?  That's why the Chinese have been stocking up? 

I don't think they'll be very effective on the battle field.  Or, maybe they're fixin' to sell them to the Japanese or Filipinos.  Copper would also be good camo against gray mountains and green jungles. 

SmilinJoeFizzion's picture

Keep your chins up, Gartman

Dr. Engali's picture

What a retard. I do not know how anybody takes him, or Cramer, seriously.

sodbuster's picture

Be great to have them do a show together, wouldn't it- more entertaining than most other crap on the boob tube.

Whoa Dammit's picture

Most plumbing installers are now using PEX water lines, and only the fittings are copper.

Jason T's picture

I got that pex better be durable. 

Dr. Engali's picture

Nice. Now instead of PVC they are running water hoses through the house. What next? Buckets from the creeks?

jjsilver's picture

And less copper supply means less silver supply

813kml's picture

Contamination from PCBs should be a boon for the healthcare industry.

Iam_Silverman's picture

"Most plumbing installers are now using PEX water lines"
had one of those PEX lines fail in my RV.  What a pain in the nutt to repair.  The little copper compression rings seem to have a tungsten core or something.  What a bear to remove.  And, you need special (and somewhat expensive) tools to crimp the rings to the fittings.

conork's picture

Dam that shits funny

jjsilver's picture

Is there anyone here that doesn't believe copper is rigged, and that this alleged guru is just another banker shill, like that bloviating Keynesian shill seen in the new york times

firstdivision's picture

What's his recommendation on WTI?  I want to sell the shit out of it above 104, but need a sure sign

Yen Cross's picture

     I'd pay good money to see a cage match "to the death" between Dennis Gartman and Joe LaVorgna.

mccvilb's picture

Off topic but you may have started something here. How about Al Gore vs. Joe Barton (R, TX), Chairman of the Energy and Commerce Committee, BP apologist and next House Majority leader?

villainvomit's picture

yeah, yeah....always up for a good death match.  Next up we need to get Suze Orman vs Blythe Masters....ok scratch Suze and substitute Hillary "the Killory" Klinton ! ! ! ! ! !

villainvomit's picture

Then maybe Greenspan vs Buffet.....Bernanke vs Barney Frank..........Maxine Waters vs Yellin........options are limitless.

mccvilb's picture

Jaws II Jay Leno vs. Ron Pearlman

This deserves its own thread Tyler. Make it a regular.

mccvilb's picture

Peggy Noonan vs. Gina Carano

OptionsHedge's picture

well, gartman is your asswipe and icahn is you hero. but gartmen's been right about him being scared about the markets dive, and carl is a billion $ man so he is you hero. worshipper of the moneyed man.

jjrici's picture

Gartman also said to go 'cash' on equities given the volatility, but is this mentioned, no!!!!!

Also look at the stop loss he highlighted, a good stop loss given the circumstances.

Please be balanced, this site has some good articles

slightlyskeptical's picture

Obama is crushing the market bounce. get him off the tube ASAP.