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Is This Why Stocks Are Dumping?
Because humor like this clearly costs money. As always, from the one and only Dennis Gartman.
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... 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.
Stocks suffer biggest drop in 2 months shortly thereafter.
If the Russell were to hold today and turn higher, then we might very seriously consider covering a portion of our derivatives; otherwise, we shall sit tight, remaining market neutral and fearing that indeed the bear market has begun and that rallies henceforth are to be sold rather than weakness bought.
Stocks surge by most in years shortly thereafter.
And then, first thing today:
Down 35 points one day; up 35 points the next! The Bulls were taken out and shot Tuesday; the Bears were shot yesterday and all we know for certain is that the upward sloping trend still holds and that weakness is to be bought with the Fed still behind the market.
As of this writing, stocks have wiped out half of yesterday's gains. And then this:
NEW RECOMMENDATION: We wish to return to the trade we were once involved in for a rather long while: long of the English speaking currencies/short of the Yen and we shall do so upon receipt of this commentary, buying US dollars, Canadian dollars, Aussie dollars, New Zealand dollars and Sterling relative to the Yen with two units of the latter vs. the proper dollar weighted sum of the other currencies. We shall have a stop on the trade in tomorrow’s TGL, but for now a loss of 1% would be sufficiently large.
It sure would, and with the Yen in dollar terms jumping to the highest level since September 16 this morning, the stop would have certainly been hit.
But the punchline:
Finally for those who care, we are up 7.1%, year-to-date, in our retirement funds here at TGL as of last night’s close.
Because virtually momentum trading one's 401(k) is the new killing it.
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The world's greatest contrary indicator,... in real time...
I would think the price chart is a better indicator; and you don't have to look at him; which is a plus.
Will Gartman go bullish natgas now, please!!!!!!!!!!!!!!!
He pimped Coal again a few weeks back. As he says, if it hits the foot and hurts I own it. Hmmmm.
At least his holdings must be getting lighter. BTU on 52 Week low list again today. HE HE HE
Dennis Fartman
We,re short 2 units of AGQ and long 2 units of ZSL...
Undercover Goldman scum.
i think im signing up for the newsletter from Gartman. real time contrarian calls are the best. pay $30/month. get a rec from the windbag and do the exact opposite. youd make $30 in the first 30 seconds of receiving the newsletter.
Watching the bald headed asshole 'Jim Cramer' will yield you the same outcome.
/sarc
Well, Cramer is 'free'...
And loud....
I didn't know that currencies speak languages
oh, the comments I could make, here... (you just need to know that the EUR does not speak English as a first language)
Funny how Gartman is silent about those coal stocks he was pumping all year...
The Dow up-channeled down 127 pts. so far today. or up-chucked.
The lack of follow-through on yesterday's rally should give market watchers pause. Of course it's still early and VWAP beckons. Besides, I feel so much better with headlines like these:
This is not a collapse, so buy the big trends
http://www.marketwatch.com/story/this-is-not-a-collapse-so-buy-the-big-t...
Leon Cooperman: Apple stock 20% undervalued
http://www.cnbc.com/id/102070646
Good Ole Cooperman: "CNBC's greatest trader on earth". Cramer said to buy SD @7.00 plus with Coops buy call. Now 3.85.
Coop said buy TCRD at over 17.00 Now @12.74 and dropping. Leon is another buy my holdings pimper, so I can sell.
Just like Fast Money crew. They do it all the time without disclosure.
It's the price of airtime on CNBC. Credibility be damned.
Also: Dem governor's fiance once "married" 18-year-old Ethiopian immigrant - http://tinyurl.com/lay6umx
If BIll Gross' bowl cut is an avatar for power and (generally) prescient market analysis. The Hirsute double chin of Dennis Gartman represents the folly and misguided self assuredness.
They are like Schwarzenegger and DeVito in twins.
"The world's greatest contrary indicator,... in real time..."
Still, I gotta give him props for naming, in plain language, the real reason all of these "sophisticated fiduciary stewards" continue to be involved in the markets: The Fed will help us. They have to. We cannot lose.
People can accept this thesis or not as they choose and live with the results.
I thought that was Barron's
Kinda looks like a muppet, don't he?
Fool
Well, he's right, so far.
No; he's not. go look at the chart for ES on the CME page. The ES, which is the S&P contract, is in a beautifully defined down channel.
yeppers. spx will test summer low and the 200ema. both right near 1900. which, coincidentally, could be the bottom of that trend channel you mentioned.
Years long up channel is coming into conflict with the weeks long down channel. One or the other will lose the battle. My bets are with the challenger but the old guy has lots of experience. We'll know soon enough.
beware any Draghi rampjob
very correct! the central banks are in a major power grab and are trying their hardest to control investors thoughts by making everyone think they are in total control and they're all that matters.....draghi is not to be outdone!
these market dumps before a fed hed speaks are totally choreographed
Just goes to show, the old addage holds true:
Those who can, do, those who can't teach & those who do neither report.
If you apply a rolling momentum indicator to the SPX and assumed you rolled forward that RMA data to next days trading, Dennis would have been up 11% YTD if he was just index trading; so the TGL is actually underperforming his benchmark of flip flopping with no day to day program.
Sad.
HEY TYLER YOU FUCKING PUSSY!!!!! YOUR SITE HAS TURNED INTO A CLICK READ COMMENT FOR PROFIT MACHINE WITH NO SOUL. YOU CANT HANDLE THE TRUTH BECAUSE IT HURTS SO MUCH TO KNOW THAT YOU ARE NOTHING MORE THAN A SHELL OF THE ORIGINAL ZH. YOU ARE NO BETTER THAN MSM. YOU CREATE ISSUES WHERE THERE ARE NONE, ALL FOR THE PURPOSE OF GAINING THE VIEWERSHIP OF POOR BELOW AVERAGE I.Q. GULLIBLE MALLEABLE SOULS. YOU CONTINUE TO LOSE THE FOLLOWING OF INTELLIGENT INSIGHTFUL COMMENTERS WHO GAVE YOU LIFE. NOW YOU JUST SUCK THE BLOOD OUT OF THE COMMENTS SECTION ALL FOR THE MIGHTY DOLLAR THAT YOU SO OFTEN MALIGN. YOU ARE A FUCKING HYPOCRITE!!!!
HIS NAME WAS FONZ!!!!!!
Did Fonz get banninated?
Yep, they brought out the big 'ol ban hammer on him.
His name was fonzannoon.
So, what did he say that was any more offensive than anything else on ZH?
Prettty much what kito just said. But perhaps that was too much after pointing out that there are plenty of instances where black cops shoot white suspects. Whatever. Says he's actually glad to be gone.
Sucks, I enjoyed his posts.
Truly one of the best members of the fight club....
I'm only saying this because I care - there are a lot of decaffeinated brands on the market today that are just as tasty as the real thing.
if you CARE then stick with the message, not the messenger.....
Time to create ZH 2.0? Enough oldies should have left by now to make a decent new site.
Where's Francis Sawyer?
Fonzannoon should have never been banned. Neither should have Francis Sawyer. Feelin' some heat Tyler (s) ? Wonder from where.....Hehe.. we all know....
i believe ive been seeing that trend also
That never gets old!
Someone is gonna whack that clown sooner or later..............
The lows of the day have now been established. BTFD.
just to be clear, he said he was short right before last weeks run-up, then said youd be crazy to be long before yesterday, now he's back to being a cheerleader. got it.
i don't get all the gartman-hate. this guy might have the single-hottest-hand on the planet right now (as a contrarian indicator)
We don't hate Gartman; we enjoy poking fun at him.
There's a difference between hate and heckling...
i was jk pool shark (i shudda put the "" for hate)
that ones on me
"all we know for certain is that the upward sloping trend still holds and that weakness is to be bought with the Fed still behind the market."
I'm no Gartman fan, but that's been good advice, even a truism, since 3/2009.
Until it isn't. But, still...
wholesale inventories (august)
expected ... +0.3%
actual ... +0.7%
july inventories revised from ... +0.1% to +0.3%
july sales revised from +0.7% to +0.4%
august sales -0.7%
The Channel has been STUFFED
Booyahhh... Gartman rings the cowbell.
personally I think it's funny when Tyler posts Gartman predictions. It takes the monotony out of central banks buying "calls" all day long, every day.
I'll add my own fake technical analysis (I'm looking at a chart, not measuring anything, not drawing lines).
S&P is currently at 1955. I think it will drop to 1900. This would be a lower low than the 1910 mark hit on August 7, indicating the trend is flipping to form a downward trend. Then it will rebound to 1950 then drop to 1850. That's when the party starts. A second lower low will start large volume selling.
It's worth noting that technical analysis is based on human psychology. Computers do not think the way humans think, so I would assume many of the things that worked in 1920 will not work in 2014. If someone can nail down the way algos are programmed to think about the market, one would make a lot of money by guessing what the algos will do next.
Doesn't this then beg the question, what happens when the Fed is not behind the market?
Does it matter when they can't get out from behind it?
Good point.
Stocks are likely dumping because Ebola is raging globally. Don't over think this one. Take a look at LAKE. Hazmat suit company. This is crazy. Obama is over his pay grade once again on this one. Community organizing communists just doesn't prepare one properly for pandemics do they?
Plus the teleprompter is on the blink...
Whenever a talking head says he thinks the market is going up or down the host should track that information in an easily confirmable public spot. The talking head can send in a verifiable update whenever he wants. The host should call the talking head on it every time the market has moved against his published position.
Of course no site would ever do that. It would reveal their talking heads have no ability to predict where the market is going.
Dennis Fucking WHO? 7.1% ----- LOL, that's risible.
I wish Dennis would go ultra short gold!
No fair you're only supposed to read the Gartman quote that appeals to you
. he's got one for everybody.
I absolutley tip my hat
My daily dose of comedy is ZH itself where the same people keep yapping about the impending crash while the Dow and S&P are 3-4% below record highs.
Sorry if you mised the boat, Chicken Little. :)
ZH should come with a disclaimer "NOT FOR THE SHEEPLE"