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Is This Why Stocks Are Lower?
A week ago, when the market opened red and rallied all day we asked whether the reason for the latest reversion was due to the most recent overnight note from everyone's favorite coincident momentum indicator, Dennis Gartman, who said that "later today we’ll be reducing our long positions modestly and/or increasing our derivatives positions also, to take us very, very close to market neutral, and indeed we may find ourselves erring even ever-so-slightly negatively of shares if the conditions warrant."
Today, despite the strongest Service ISM in 9 years, stocks appear unable to catch a bid. Like last week, we wonder if the reason is the latest philosophical flip-flop from the bearded CNBC contributor, to wit:
We tried not to equivocate too materially yesterday but we hoped we had made it clear that it was our intent to move off of the centre point of neutrality to something a bit more bullishly inclined. We remain long of aluminium, with what were and still are out-of-the-money calls written against our aluminium company’s shares and we hope to see those calls expire worthless as the main aluminium producer in the US makes its way quietly toward the next obvious strike price to the upside. We did, however, as noted, buy back a goodly portion of the fracking related master limited partnership that we sold mid-week last week as we turned neutral of equities generally, having bought some on Friday amidst the panic liquidation. This trade has proven to be rather worthwhile with the shares rising more than 5% yesterday.
We’ll err bullishly then, albeit not aggressively so. Rather, as we’ve been in the past, we are “pleasantly” bullish and look to add to our positions as the lows last week are tested and prove to hold.
Indicatively, this is a sample of how virtual money should be invested to generate virtual returns, as recommended by D-Gart.
- Long of Seven Units of Gold/short of Two Units of the Yen and Five of the EUR
- Long of Three Units of new crop Hard Red Winter wheat/and short of Three Units of New Crop Corn
- Long of the four units of “dollars” and one Unit of Sterling/short of five units of the Yen
- Short of One unit of WTI and One Unit of Brent crude
And so on.
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If ever there was a candidate for suicide...
"OUR positions"?
Gee, that is about the most equivocating statement I have read in a long (or maybe short) while.
It was “rather worthwhile”, or not depending upon whether the author’s next task was writing a horoscope column.
Great Cartman quote:
"Ive learned something, too: selling out is sweet because when you sell out, you get to make a lot of money, and when you have money, you dont have to hang out with a bunch of poor asses like you guys. Screw you guys, Im going home."
https://www.youtube.com/watch?v=WVTrwVls6mY
Gartman? Dennis Gartman you say? I thought you meant Cartman... Is there a difference, really???
SCrEW you guys.....I'm a goin home.
he trades zero units, what a fraud.
must be tough gauging the "red winter wheat crop" in Nebraska every day then flying back for your $500 CNBS expert appearance... tell us how you do it?
Our position is bent oer with cheeks spread.....
Most who do that have either a) brains, b) a conscious, or c) an awareness that they'd really hosed up. Dennis is 0 for 3.
Please, Dear Lord, don't. Embrace the Leading Indicator. He has made me money!!!!!!
These fuckers like Fartman write newletters just to pontificate. They don't stay on a trade long enough to make any "money". I don't know how they keep their friends and families as clients.
Edit: Thank you Tyler for taking down the spambot.
Second that.
Agreed on both, but especially the spambot. I was getting tired of trying different adblock apps that don't work.
This morning I was even thinking about going elsewhere for news.
My sister in law, working from home, gets paid thousands of dollars each week, just for reading various news websites.
I'm a little worried about his sister though. I hope she's ok...
Amen. I caught that, too.
some guy on CNBS with a "i'm too old for this prison pussy/goatee" ...."but I found this cool tie at Kmart" is gonna tell us all how to trade commodities, LOL
http://www.breitbart.com/Breitbart-TV/2014/08/04/Patient-in-NYC-Tested-f...
Here's to wishful thinking of it restricting itself to Wall Street and K Street....
It might. You know there's a LOT of bodily fluid swapping going on between K street & wall street.
Seen hanging over the door way to Dennis Gartman's House:
I AM ALWAYS WRONG - THEREFORE I EXIST (translated from Latin from his coat of arms)
Here's some good news- our favorite robo-spammer originally had the top-kick post in this thread (you know, I earn $9500/mo. working 12 hours a week from home, etc, etc.)
I hit refresh a minute later after a few people had told him to get lost and.... his post was gone. Thanks to the Tylers for making the effort to clean this place up a little.
In other news.... Dennis Gartman can suck my left nut. He tries to act like the wise old voice of reason, telling everyone to calm down (and buy stocks). Meanwhile, nobody's listening to him, least of all the stock market. He should get a sandwich board, write "buy stocks, be pleasantly long" on it and panhandle for spare change on a Detroit street corner.
Nodebt
Great post
LMAO
Also thanks Tylers for doing the house cleaning
$9500/mo. working 12 hours a week from home watching the pr0ns
to apply, visit sec.gov/apply today!
Now, if the Tylers can manage to get rid of the full-page Emirates ad, I'd be happy. Really, it's ridiculous; you have enough ads on your site.
it forces you to use the free and highly effectve "ad block" on your computers.
Noscript comes in handy too.
His job isn't to be listened to, as much as it is to fill the air with the same false narrative as his peers, generating "public consensus."
This guy just won't quit....
Can I get a witness?
Do the opposite of what ever this asshole says...
The Russell's not lower, in fact it's up nearly .50 %. Though an obvious squeeze, something has to give, either the broader market comes back, or R2K rolls over, or at least flounders a bit, no?
Turns out the Russell did turn down, but as of 1:00 is near Unch., very weird trading day, looks like battling algos plus news tickers, think I'll take my breakeven to lunch and come back tomorrow.
The fact that the TV shows still ask for his opinion is amazing to me....
I thought he paid for appearance time. Seriously. Don't *most* guests on babbleVision pay?
Correct. Maybe if someone made the correct call two or three times in a row they'd have them on for free, but everyone else pays.
Let me try this one. It's August.
You are the only one who's got it totally right. It may as well not exist in the long run ( a long run being defined as 90 days).
Only the robots are exchanging vital bodily fluids the dog days of summer.
Well count, I could have said something like, "I tried not to equivocate too materially yesterday blah blah blah..."
But I didn't and I won't.
A Polish guy used to work for me. An intelligent guy and had a good nose for mining properties. However, he was the worst trader ever. And, at the end of the month, he would always be short cash (had to pay up his margin account)and I would give him an "advance". This really troubled me.
But then I had an epiphany: the guy, John, had the same broker as I did. So I called the broker and told him to match all the trades John did. I would take the other side in all his trades. In a year or so he made 13 trades, mostly long one or two shorts. I made money on every trade but one. And , in the trade I lost money on, if you deducted the brokerage cost , I made money.
So, don't be too hard on Gartman. He's ugly, complex for no reason, bad dresser, horrible trader-but he's a perfect counter intuitive signal!!!
Good stuff. Years ago my boss and my bosses boss decided they would bet the dotcom bubble. They each put in 10K and started buying Oracle, Microsoft, etc., but they never stuck with a stock. Next thing you know, they lost it all on fees jumping back and forth between stocks a dozen times a day.
So glad I didn't go in with them!
We should all be so lucky as to have a 90% wrong trader tell us his history.
It's like being given Inside Information that is better than inside information, with no felony committed.
You should kick back to him, say, 10% of your winning $$, and continue to buy him beers, and chips and Pierogis.
As bad as what Gartman says.......is the way he says it.
My friends, it should not surprise us, nor does it, to see our bullish equity call fly in our face...but rather, we enjoy it, for as an old friend, in the markets, likes to say, 'be wrong early, and often'.
I feel dumber having written that.
OT:
Mount Polley Tailings Breach, Imperial Metals stock down
http://www.mining.com/amazing-aerial-video-of-mount-polley-tailings-breach-76060/
Hindenberg Omen:
http://scharts.co/1f43Xh0
The Shakespeare of CNBS speaketh...
PS - you know it's gonna be bad when the verb in his last quoted sentence is "err"
Cartman is good contrary indicator.
Long copper bitchez. I stand before you naked cupping my ballsack in one hand and the other clasped around my 9 iron pointed at god with a thunderstorm rolling in . Im telling the truth please ,
Buy my newsletter..
Fin
Geezus Krist all mighty!
Dennis Gartman!
I usually do the opposite of what he says because he is ALWAYS wrong! But this statement? hmmmm I think I'll sell.
FARTMAN: the reverse indicator.
If ANYTHING can prevent these markets from correcting, it's FARTMAN saying the long-dreaded correction is here.
If ANYTHING can prevent these markets from rallying, it's FARTMAN saying all is well.
If Dennis spoke like this in school he must have had the crap beat out of him on a daily basis and accounts for his damaged brain.
Can't decide who is more wrong this guy or Schiff. I guess this guy, but it is close.
Fartfucker needs to lay off the crack before he slurs more shit....
oh wait....crack or not....shit comes out
He sure makes trading look difficult!
Tyler loves to pull Gartman's tail. Watching it is pure fun.