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Shorts Beware: Dennis Gartman Just Flip-Flopped To Bearish
If anyone needed a catalyst to know that last week was the time to short stocks, it came a little over a week ago when everyone favorite windsock, Dennis Gartman, went "all in" long of stocks, in paper money terms of course. The subsequent tumble has been duly noted here.
So just as it seemed safe to pile into shorts today, now that the US economy is not only about to lose countless high-paying, energy-related jobs and energy companies will stop buying back their stock at a torrid pace (incidentaly, they should be buying when their stocks are plunging, not at the all time highs), but deflation is soaring to levels last seen during Lehman, and the Fed - at least superficially - is still determined to hike rates, here comes Gartman with a note that makes a dead cat bounce virtually assured.
The S&P: This has the ominous look of what some of the Old Guard amongst the market technicians used to call “Three Peaks and a Domed House” pattern, which always gave way to substantive weakness. All we know is that Friday’s action was horrific and that the volume swells on the downside these days, and wanes on rallies!
Translation: the biggest short squeeze of 2015 may be imminent.
And sure enough, stocks have stormed higher in the 40 minutes since we first blasted this most bullish for the S&P update:
Warning: Dennis Gartman has flipflopped to bearish today
— zerohedge (@zerohedge) February 2, 2015
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When Gartmann flips, the market flops.
Aaaaaand... we're green,
He is right for once
He will go back to being bullish by the evening. Nothing new hear.
Just crucifying muppets, that's all.
That fucker Gartman is the best contrarian indicator. I had the fact that I had SDS and didn't catch this so soon...
Word is that they have fired the entire PPT last year since Gartman does the job way better, without using up a single $ and most of all without leaving any inconvenient traces behind.
.
It is one of THE MOST PREDICTABLE MARKET ACTION EVER!!!
1. It happend constantly ever since tarp 1
2. The FED is in it so deep, they’ve got no other option to keep the bubble to get bigger
3. The dow will be at 50.000 even when the real economy will be up in smoke.
4. Short squeezes always lead the markets up.
Look at oil drillers for example, up 25% in 2 weeks while every moron was calling for a complete crash.
Every long position I took is massively in the green!
And if you ever read zerohedge for more than 2 years, it would have been a easy call.
And it still is.
For over 8 years now, people have been crying with the media and the end of the world.
Just look at history!
1. After this crisis, everything will just continue and become a serie on history channel
2. The markets will still be there and maye the currency will change but so what?
If you only hold gold and silver for survival, you’ll only eat it when you don’t have a plan b and c and d and e. And ghat doesn’t include a bunker. That’s only for crazy americans.
The market now may look expensive but in 10 years from now it will have been razy cheap When the inflation spikes will have settled.
I don’t believe in the end of the world and if it would happen, wh wold you want to survive that one if you’re sacrificing you’re youth for it preparing for it?
Gartmen, The Messiah of the Markets. He has a bad case of penis envy as in O being the Messiah of Politics.
Guy flips bearish, as we test 200d sma.. Fine to be bearish, but not right here.. Btfd, here, unless 200d breaks on closing basis...
Why does anyone listen to this asshat?
Because he is usually under the table at every event getting it all straight to the mouth I mean ear.
Hello E-trade, place my order for 1000 S&P calls, ASAP.
I wouldn't, this market just topped out. Just look at a chart of the SPY or DIA. Everything is pointing south. 2008 Redux.
The firesale is coming.
Are you sure that would not be classified as "BTFD"?
Nope, volume isn't there. This market is slowly turning south. Some of you need to stop focusing on the day-to-day movements.
Even Gartman would have ran the ball. Maybe his luck will change.
Gartman perfers misdirection plays...like the one where he tells people he will make them money and then doesn't.
so we should blame Gartman for today's epic reversal
Who's listen's to this guy anymore and why is ZH making this news?
It's meant as humor. We don't have Tom Stolper to kick around any more, so we are constantly in search of the "most wrong person ever" to replace him. Gartman may be it, though he's still got a long way to go to match Stolper.
Giggle giggle giggle; hes a pharting Algo, even the slow Chicago algos smell the shit and cover just in time behind the Central Bank front runners.
Lol, oh its a fair game, hickupping with laughter.
go ahead apple sell another $ 5 B .....MOAR....
Gartmann is a mouthpiece for the shadow Fed--only in reverse.
So you mean Gartman is--deF wodahs eht rof eceiphtuom a si nnamtraG?
Wow! That's kinda cool!
"Three Peaks and a Domed House"
WHOTTTTTTT???? THREE PEAKS AND A DOMED HOUSE? WTF?!?
Come on you've just GOT TO BE KIDDING ME!!!
Look at the damn chart. I might not like the guy, but he's right on this one. It's pretty obvious.
So you are saying that Gartman is clearly seeing a pattern in the S&P 500 that paves the way to "substantive weakness"? Like it always did in the past? Maybe Bullard, Yellen and Draghi even "drew" this chart by carefully intervening in a coordinated way at the exact right moment? And now the markets will crash BECAUSE they intervened as the did?
Sure. Makes total sense. I just love chart technicians.
I used to think chart reading was like astrology but in a rigged market it is full retard
Charts like these only tell you how you got here, not where things are headed.
Only the drivers of this vehicle know where it's going next - everyone else is bound and blindfolded in the trunk.
Never heard of that one. Some sort of modified Head and Shoulders? But the trend is still down, regardless. This should be another down week for the markets.
http://www.globaldeflationnews.com/sp-500-indexelliott-wave-update-for-w...
S&P 3000 here we go...
Bounce is over, melt down time.
The market is clearly under the uptrend established since 1100. I think it could do 2040 to retest it again, or test a secondary at 1900. If this is a real market, in such a steep ascent, once you blow the primary nothing else matters. The only thing that is holding this up is intervention. It is a bet that it intervention go on forever if you are long. It is reality of you are short. I think that eventually bankers will get tired and make money on the way down. They always do it in the end. They already let the trend go.
Right. The fleecing is past due and will arrive by summer.
zh - so gartman is DUE for a correct call. [statistically speaking]. i put my bet on statistics!!!
Give Stevie Wonder enough darts and time and he will hit a bullseye.
This ought to make the markets bouncier:
U.S. companies face billions in Venezuela currency losses, Reuters analysis showshttp://www.reuters.com/article/2015/02/02/us-venezuela-usa-corporations-...
The Fartman Curse!
I always marvel at people who are wrong more than 50% of the time on a fifty-fifty call.
aaaand it's green
Wow, this guy's a genius! High volume market goes down, low volume market goes up. Thanks for pointing that out.
im sure he'll be on CNBC later saying how he still believes we are in a secular bull market, the short was just a "tactical" (ie. 15 minute) call, and how he's still long gold BUT IN YEN TERMS.
Damn, and I was going to buy 1K shares of SPXU to triple dog dare the market, betting it would crash lower, but now I will have to cancel that strategy and just add to my stacks. Ducking Fartman, I should have know he would wreck my strategy.
It's always a good day to buy AG and AU !
It must have taken him and his "crack" staff weeks, even months of painstaking research, to point out the volume thingy.
ZH can manipulate marekts with its posts, if you're not careful you're going to make him jump from a building if you keep hounding the poor man. Why dont you pick on somebody else for a change? ZH being a bully?
Jump motherfucker jump!
A broken clock is right twice per day. Who knows....?
Famous experts are right 50% +/- 3%
I am right 50%
The blind monkey with a dart is right 50%
The half that get a call right on a particluar occasion are immediately hailed as supermen.
The rest get a pass and carry on making a fortune out of your fees.
Gartman can say whatever he wants, but who the hell can keep an accurate call on this insane market?
I woke about an hour ago and the market was down 72 pts. Now it's up almost 68 pts. Based on what the sales of chips, beer and salsa?
Long coloring books.
Even a broken clock is right twice a day.
Don't trade with Gartman, Make Money with Maria.
Here are the coded signals:
Whenever Maria says "extradinory", that's a coded signal for you to buy some calls in Fox.
Whenever Liz MacDonald says "That's right, Maria", that's a coded signal for you to sell some puts in CNBC's parent, Comcast.
He came outstrong for tankers last week.
I had a little dabble with three of the best
Got stopped out a week later. The 'tip' was passed on to me by me trusted advisor. He made $900.
Long everything and then some, thanks Dennis.
To RT & Money Honey Erin Ade's discredit (however fit she is), Gartman is a regular commentator on Boom Bust. Where he made the "tanker" call.
Screw gartman, what's cramer think?
Is it another bad short?????
Tomorrow the DOW will go UP, then break the triangle and the 200DMA.
http://www.globaldeflationnews.com/category/stocks/dow-jones-charts/
The Dow Jones Industrial Average is at a *critical juncture. There are always numerous possibilities for wave counts, but this coming week will be decisive in determining the direction the market wants to take.
Why does he even bother trying?
I can't believe that almost every one of you don't know what you are doing by now....oh well. Listen up; the /es at 2018 area is a short w/target of 1964 area. This is nullified by any price up over 2026.50. Check by tomorrrow nite and tell me how good I am. Or not. lol
I don't understand how Gartman remains in business - is it because people pay him for advice and do the totally opposite of what he recommends --- and clean up?
What I wonder is how can someone be so consistantly wrong? Incredible track record