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Is This The Usual Reason Why Stocks Are Plunging?
Excerpted from today's World-Renowned Gartman Letter,
SHARE PRICES HAVE FLOWN SKYWARD as our International Index has gained triple digits… precisely 100 points… for one of the very few times in its history, or 1.1% and it would have been higher still had it not been for holidays in Germany and China which have left their DAX and the Shanghai indices unchanged from the levels prevailing Friday. As evidenced by the chart of the S&P at the upper left of p.1, the support we had hoped would hold late last week had indeed held; the well-defined upward sloping trend channel continues to remain fully intact and until that trend line is broken we have to once again err upon the side of being bullish of shares generally. It is that simple and to make it more complex than that shall make it difficult to keep one’s focus.
Oh, there are indeed any and all sorts of fundamental reasons why the stock market in general terms is given over to being over-extended to the upside, including P/e ratios that are high; including earnings that may prove faulty; including high levels of margin debt; including far, far too many IPO’s that we think are ill-advised and overpriced; including the end of QE here in the US and of course including the horrible geo-political storms brewing seemingly ceaselessly… but yet support levels have held and trends from the lower left to the upper right obtain. One may wish to join the bearish camp, but one would be wrong.
...Prices are headed higher and we’ve no choice but to reduce our exposure on the short side via derivatives that shall therefore increase our long exposure.
And then this happened...
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Does Gartman work for Time?
This mook really needs to watch the Seinfeld episode where George Costanza starts doing the exact opposite of what he thinks he should be doing in every situation..... and becomes wildly successful.
PLUNGING?! We're not even 60 points down from the tippy top.
Time to bring out Obozo to parade the recovery!
Fuck.....I think its more of a sure thing to make money if anyone can get a copy of the Gartman letter before it gets published than having the minutes to the Fed minutes prior to it being released.
Seinfeld - still better than 99% of anything else on TV.
. . . and Seinfeld was
~ funny,
not FUNNY !
"One may wish to speak in the 3rd person, but one must recognize one would sound like a complete & total prick."
Jimmy doesn't get upset very often but Jimmy isn't real happy with your remarks. In Fact Jimmy is getting quite angry
there's still hope for the Great Gartman!
"The penises grown in a lab: Scientists say organs could be tested on humans within five years"So they'll test a bunch of penises on him? I have a whole list of people I'd offer as test subjects for that. Of course, a few, like Barry, might really enjoy it.
What a Bitch!
That's about the long and short of it. Psychologically, I'd say that weiner Gartman has black penile envy.
Of course you have to like what's going on with the Commodities here. In an attempt to 'punish' (yeah right) Putin, the PGMs have been getting smoked. Thank you for the sale, please carry on. ;-)
Stocks plunging????????????????
Dow is down 0.07% right now.
could be painful ... if levered 1000x ...
Well, as of noon, DJI futures are 16881 and the S&P future at 1953, both down sharply from the open.
Plunge Protection Team, where are you ???
SSDD - did you buy into the Silver Sale in the high $16 range ?? Didja BTFD in PM's
Am I the only one starting to feel like I'm watching a jock beating up on a retarded kid?
Nope. I feel that way everyday from 9:30am - 4pm EST.
And every Obama-Putin "conference"
I smell a nasty correction in the wind. Stawks like McD, Boeing, and even the mighty HAL have dropped substantially already. With the offical "rekovery" in full swing, it's odd how many stores and companies are hemorrhaging.
I'd rather believe the CEOs of Walmart, Container Store, etc ... and my own eyes then Gubmint stats.
yep ... margins are being squeezed further related to consumer spending.
And realization (reuters yesterday) strong USD will hurt overseas sales/profits
I think Gartmans brain is short a few units of rational thought.
TSLA up another 2.5%, NFLX up another 1%
Why can't he just say 'no friggin idea! May go up, i'm getting longer'
Only a fool would make a definitive statement in these times
Don't forget to buy CMRAONASTK today!
http://www.zerohedge.com/news/2014-09-24/why-stocks-are-soaring
At the moment then, we are reticent about owning equities...
[D. Gartman 9/24/2014]
"Is This The Usual Reason Why Stocks Are (Not) Plunging (Anymore)?"
Sorry ZH couldn't help it............
Submitted by Tyler Durden on 10/06/2014 11:53 -0400Yeah, its been real nasty... seems like we have not made a new ATH in days.
Stocks plunging. Right.
Wake me up when we are LLD and/or when the zombies have infiltraded the NYSE floor.
Down .1% and it's a "plunge". Good grief, Charlie Brown!
This one may just wish him to STFU... Long of Mute Gartman
Like the Hanar in the game "Mass Effect" or Khajiit in the game "Skyrim". Maybe we both should start paying attention to markets and fundamentals and stop playing video games as much.
Didn't the Fed stop most of their QE for October? And it will (probably) resume in November after the mid-term elections? Wouldn't that account for the lack of levitation, that some $85B or more per month is not being pumped into stocks?
Where can i find performance statistcs for mr G ?
I see the 'flight to safety' is in full effect. GPRO up nearly 3%
now 8%.
Gartman should join Cramer and have a show called Stupid Money.
"Stupid Money in Dollar Terms"
"reduce our exposure on the short side via derivatives "
But tell us Dennis...will the derivative be in terms of Yen? Thai Bhat? Indian Rupee? Will you be "long of derivatives or short of derivatives"?
I gotsta know......
Oooohhh! An almost 1% in the Russel. Is there panic ensueing? Is the world on the brink of collpase? Do we need to write another article & pitch the gloom like there is no tomorrow?
Its truly insane how he can do this over and over. He should be the next fed chair woman
Only JOE BAGODONUTZ, BECKY NOT TOO QUICK, and Sorely SORKIN, could be more wrong...
If the market drop lands on Gartman's foot, which will bounce?
If it is always good to be Sean, is it also good to be herd?