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No Clues From Gartman About Today's Market Direction

Submitted by Tyler Durden on 05/27/2015 07:09 -0400

While Gartman's immaculate accuracy at suggesting market directionality served everyone well yesterday, today the "opposite oracle" is cloudy, which may explain why thus far futures are broadly unchanged. To wit:

SHARE PRICES HAVE FALLEN VERY SHARPLY IN THE PAST 24 HOURS, as eight markets of the ten comprising our International Index have fallen and as five of those eight have fallen by more than 1%. Our Index has lost 107 “points” or 0.9% and had it not been for strength once again in the market in mainland China our Index would have been down by more than 1%.

We begin then by saying without equivocation that we have changed our mind again regarding equities, having chosen in the few hours after sending yesterday’s TGL that as the bond market began to strengthen and as the equity markets in Europe began very seriously to weaken… weakening sufficiently enough yesterday for us to recommend exiting long positions established two weeks ago in the EUR STOXX 50 index for a small but important profit…and as the dollar shifted into very high gear to the upside, that something was changing in the psychology of the equity market that caused us to take action. Hence in our retirement funds here we reduced very slightly our long position in Apple directly and then wrote near-the-money calls against the remaining position. Further, we sold just out-of-the money calls against the “tanker” shares we owned, and we used the money taken in from those calls to buy more derivatives sufficient to take us back to market neutrality. This may have been an error on our part; time only shall tell, but for the moment that appears to have been the wise course of action.

And not even Virtu algos know what the market opposite of neutral is.

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Wed, 05/27/2015 - 07:12 | 6135418 Comte d'herblay

K I S S

Wed, 05/27/2015 - 07:15 | 6135422 Headbanger

The market will go up in a downward direction.

Or vice versa

Wed, 05/27/2015 - 07:36 | 6135454 philipat

What is the polite way of stating "Fucking clueless"? And why would anyone pay good money for this clown's "Advice"??

Wed, 05/27/2015 - 08:15 | 6135539 Bopper09

'Good' money?

Wed, 05/27/2015 - 07:27 | 6135436 I am a Man I am...

gartman wastes epic amounts of time and money with his day to day nonsensical guessing of wind blowing

Wed, 05/27/2015 - 07:48 | 6135466 Arnold

And is well compensated,respected and doesn't look half bad for a 105 year old guy.

Wed, 05/27/2015 - 07:48 | 6135468 BandGap

He thinks he's farted, but the last one was wet. Now he has to sit there thinking about what to do next with everyone watching.

Wed, 05/27/2015 - 07:14 | 6135421 i_call_you_my_base

Is that pleasantly or constructively neutral?

Wed, 05/27/2015 - 07:16 | 6135425 AIIB

Infinity Hedge (On a long enough timeline Dennis Gartman will be correct ZERO times)

Wed, 05/27/2015 - 07:27 | 6135437 Dead Canary

I am neither for or against apathy. For now.

Wed, 05/27/2015 - 07:28 | 6135441 Blank Reg

Eschew obfuscation.

Wed, 05/27/2015 - 07:28 | 6135440 NoDebt

You don't ever want to be as lost as that guy.

Wed, 05/27/2015 - 07:40 | 6135461 philipat

Hi ND. But he obviously makes a good living out of whatever it is that he does? Perhaps there is hope for us all yet writing such shite and actually getting paid for it?

Wed, 05/27/2015 - 08:16 | 6135544 NoDebt

I sure hope his newsletters are a profitable business for him. He's damned sure not making any money trading.

Wed, 05/27/2015 - 07:29 | 6135442 gwar5

Isn't Gartman a Southpark character? He's so funny, he's my favorite.

Wed, 05/27/2015 - 08:17 | 6135548 NoDebt

I think he plays the part of Manbearpig. Al Gore chases him around looking for proof of his existance.

Wed, 05/27/2015 - 07:32 | 6135447 Infinite QE

He's the finance minister in Idiocracy.

Wed, 05/27/2015 - 07:32 | 6135448 El Hosel

Even Dennis Pretend its real Gartman knows its a ponzi rigged wasteland... he is banking on the fact that there are a few good sheep left to fleece.

Wed, 05/27/2015 - 07:48 | 6135467 Wahooo

Don't let Dennis Greenspan fool you. Anything but a BTFD call is bullish for equities. Goldgets monkey-hammered.

Wed, 05/27/2015 - 08:28 | 6135586 Lux Fiat

Mr. "Subprime is contained and there will be no contagion effect" Bernanke has been recently opining that China's economic slowdown should not worry markets as there was no risk of a hard landing, and emphasized that a move to raise U.S. rates should be viewed as a positive sign for the world's largest economy (http://finance.yahoo.com/news/bernanke-sees-no-extreme-moves-030422486.html). While timing is everything and unknown, me thinks this unicorn is shooting too many Skittles out the back end. And that's why I visit such sites - to check out the latest MOPE.

Wed, 05/27/2015 - 07:53 | 6135477 Fun Facts

selling a naked put is the same trade as a covered call

Wed, 05/27/2015 - 08:10 | 6135520 Counterpunch

I mean... this is all just horseshit. I can't even listen/read this shit anymore. Even if the markets were not almost totally rigged, I'm not sure most of what guys like Gartman say isn't more or less throwing shit at the wall.

But the markets are rigged.

You have Krugman crowing that all the lib/aust critics are shitheads because hey, where's inflation? Wel some of you may recall 2005/6 - you had a lot of physics phds suddenly working at hedge funds. There was this running debate between them and the securitization guys and econ phds. - can you get rid of systemic risk by, in essence, isolating it and/or watering it down.

no was the answer then, and for reasons that should have been obvious.

Well, the economists are too fucking stupid and locked in their paradigm to have learned the lesson.

Where's inflation?

Its all fucking around you - in bonds, in treasuries, in fucking facebook shares, its everwhere.

And when it burns, it is going to collapse into its own footprint at freefall, and we really will have jackbooted thugs on the streets shooting up any 'zombies' who get too close to the fuckin' food lines.

And would't it be a bitch if the easy oil starts running out in the next 5-10? Not saying it will, mind you, just that that, and desertification, is very much in play in the mid term.

Wed, 05/27/2015 - 08:11 | 6135524 SheepDog-One