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Did Gartman Just Give The All Clear: "1890 On The S&P Shall Be Our Target"
On one hand the Chair of the Federal Reserve now says that the entire market is overvalued (not just biotechs), but on the other, that perpetual real-time heatmapper and uber contrarian signal Dennis Gartman, says "stocks are in for a bit of trouble." Will Yellen Capital Management LP be right, or will Gartman's uncanny ability to be always wrong at just the right time, provide the bounce the market so desperately needs?
From Gartman:
This trend line is so well developed and so long in duration that it shall be like Siren’s Songs and attract share prices to it to put the market to test. Discretion in the far better part of investing/trading valor then.
Look then at the chart at the lower left of p.1 this morning of the S&P in monthly terms going back into early ’11, when the bull market was already two years old. The trend line drawn across the lows in early ’12 and again last October projects to 1900-1940 compared to the current 2075 level, and a 10% correction from the high projects to 1890 on the S&P. Those shall be our targets to the downside and all the while we shall argue that the bull market is still in effect and that at the most severe we are to be neutral of shares until such time as those targets are high or until such time as there is a clear indication that the correction has run its course and has turned for the better.
In our retirement funds here at TGL we have simplified our positions rather dramatically, taking what we think to be our net market position to neutrality… or as close to neutrality as measured by Beta… as we are able, holding only a position in “tanker” shares, and our positions in gold predicated in EURs and Yen, fully hedged with various derivatives. We intend to remain with those positions until further notice.
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I would highlight that equity market valuations at this point generally are quite high. There are potential dangers here.
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the tribeman is out again
Hey Dennis, I think there's an opening at Phoenix Capital.
why not pick 1998. 3 times 666.
I swear to God, it's to the point they are just drawing the charts they want.
Wrong Denny!
A lot moar like CLEAR AND PRESENT DANGERS here!
10 percent? Bullshit. More like 50%.
Or are they are calling for short squeeze juice to push the marky higher.
Good poker players never show their hand, except to bluff.
Bluffy bastards...
"...There are potential dangers here."
Ya think?
i need to stop sleeping so i can buy futures when europe opens every day. thats usually the bottom. last night would have been a gold mine with Gartman going short. new. highs. soon. stocks ARE america.....well, all we have to keep the pleebs happy enough to not riot.
S&P 2200 here we come, thanks for the heads up Gort.
Bullish bullshit.
Seems like the "Buy all the things" meme will be getting used by EOD.
I love the way these guys talk...he's "targeting" this particular level. Yeah, well, you TARGET things that you are AIMING for...it implies a certain level of control over the situation.
The fact is, these guys are just GUESSING. They're blindfolded, given a couple of spins and told to go for it. Sometimes they're right, most times they're wrong. Lot's of people lose money, Most of THOSE will end up handing still more money to another blindfolded spinner and doing it all over again.
This is what passes for market analysis? They may as well dress these guys like Vikings and have them read the runes for all it's worth.
The only targeting I do, is her eyes while I finish.
That's cold brah, hair and eyes are off limits.
"equity market valuations at this point generally are quite high"
Gartman's quoting Yellen from yesterday. What a douche.
Yeah, it's not funny when he does it. He can't even get that right.
well ... i was wondering why the futures are suddenly ramping up.
Schiller PE ratio has been between 25 and 27 since June of last year (currently 26). Just in case anyone was still suffering under the delusion that equity valuation had anything to do with market direction.
1890? He means 2217, he just got his numbers in the wrong order.
+100 that there's some funny shit. he hee heee
Gort Flattu(lence),,, berratta,,,, shitko...denetko bj THE Jobsco.
sleep with the fishesko, and da fed pimps on tv sko.
sell sell sell sko...
licksto tv and radio pimps Diksto until numbsko
Gort, quotesko Fed pimpskos until she printskos Yellen $$$, till she turns bluesko...!
Bansktersko and Fraudkos, finger in air sko.
666
Draw a chart with coarse gradiants. Then draw a big fat wide trend line on the chart. You can predict correctly every time!
Oh boy am I in trouble. This is the second time in two weeks I agree with Gartman. Better load up the truck with S&P June 2150 calls.
Dennis Cartman
you cant beat the entertainment value of gartman..
this shit is just raw comedy
P < P + I
What kind of asshole uses "shall" instead of "will"?