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Gartman Stopped Out Of Treasury Short
One week ago, we warned that after once again bottom-ticking the 10Y like a true professional, Dennis Gartman was about to be stopped out of his Treasury short which he had "put" on on August 6:
It is time to be shot of the long end of the US bond market and we wish this morning to sell the September T-note future at or near to 126 3/4. We can imagine the front month future trading to 118-119 over the course of the next several months while at the same time we shall be willing to risk only 1 1/2 points to the upside. The top has been formed over the course of the last several months and we are willing to be short even ahead of tomorrow’s Employment Situation Report."
We assessed this very simply: "time to buy."
Then, on August 12 we reported that Gartman was about to be stopped out:
We were convinced that a top has been formed over the course of the last several months and we were willing to be short but the Chinese devaluation has wrought havoc upon us, catching us and everyone else out. As we write, the September t-note future is trading 128 ¼ and that is ¼ point above our “close only” stop.
Sure enough, this happened this morning:
THE TEN YEAR US T-NOTE FUTURE: We Were Short… Now We Are Not!: The trend since mid-June is upward and today’s collapse in the Chinese stock market will serve only to make the bid for the US bond market that much stronger!
End result:
Since Gartman covered his "short", the 10Y complex has seen nothing but selling:
- Benchmark yields higher by 1bp-2bp after paring or erasing overnight declines spurred by Chinese stock selloff.
- 10Y yield declined as much as 3.2bps to 2.136%, bottoming concurrently with U.K. 10Y; gilts then led developed market yields higher after core CPI rose 0.1% vs 0.0% median est. in Bloomberg survey.
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Now short them.
I think he is right for today and the next week.
After all, a broken clock has the correct time twice a day -
NoVa
not that retard. short bonds. dont agree just because it coincides with your current trade.
So when Gartman gets short, you get long, and don't be satisfied with less than 100 basis points?
Last one in the room turn out the lights.
Gartman....king of the muppets or muppet king?
Dennis the Menace
Dennis the Pennis
Best contrarian indicator ever
Best contrarian indicator ever
Or "worst"... All dependent on your Zoloft or Sarafem dosage.
Again, the FED has to increase rates. They have nothing left to manipulate the market with and needs to tighten/raise rates with the hope of pulling a rabbit out of their ass.
They (We) are F'd for sure if they do nothing and have the choice of a sure 'fail' or a Hail Mary pass.
Rate increase soon.
You say rate increase. But please expalin how you propose the FED perform such a feat.
Really?
In laymen terms; Sell a bunch of the shit they bought.
To be truthful with you, I had to admire this guy. He was one of the toughest Irishmen I ever met. - [Chattering] - This son of a bitch was tough. For two days and two fuckin' nights we beat the shit outta this guy. We even stuck ice picks in his balls... [/Nicky]
"Listen to me Dennis. I got your puts in a fuckin' vise. I'll squash your shorts like a fuckin' grapefruit if you don't give me a sell signal. Don't make me have to do this, please. Don't make me be a bad guy, come on."
Am I reading the chart wrong or is WTI at 41.67. ??
It appears we have teetered when we should have tottered
Gartman is topsy-turvy.
the ultimate mud thrower
How does this clown keep clients?
How does this clown have any money left?
Just like a bookie, he is "laying off" his bet.
A polite way of saying, that he is front running his muppets...err clients.
Incredible..does this web site just want to imitate the clowns on CNBC? “Some nobody is short treasuries, and long equities, no, he’s short equities and long oil, no, that was yesterday, today he’s long pigs’ feet and short bushels of corn…but plans to go long copper tomorrow.” WTF! Any fool can guess at taking positions and lose their asses, and the bigger fools are the ones that follow their useless guidance.
It’s just a manipulated casino…we get it. Too big to fail…so they pull out all the stops, print Trillions of cheap $ to enable stock buybacks. “If people feel wealthy, they will borrow money and buy things.” Look around, EXACTLY the same as last time, millions of new vehicles sold by using no-qual loans. Condos and houses being thrown up thanks to Fed easy money. Retail dying and they keep building more useless strip malls. It will end EXACTLY the same way, with the banks demanding bailouts.
Debt-ridden Americans living paycheck to paycheck, but have to have the newest I-Toy. They drive leased BMWs, and can barely make the mortgage payments on bubble-priced oversized McMansions. We have learned NOTHING…rinse-repeat. But it really matters what some loser is “investing” in? Right…go back to watching CNBC…nothing useful here.
Until the money/ponzi scheme is fixed we MUST keep borrowing or die.
You could make a lot of money if you had an adviser who was always right. You could make just as much if you had one who was always wrong - and you coppered his tips.
Gartman is an old friend of ZH, famous for always being wrong. Analysts like him are rare, most are only wrong half the time. Guys like him and Meeker the Heat Seeker don't come along every day.
Gartman, share your financial positions. Did you believe the Chinese would buy a stack of debt instruments that wouldn't produce a positive net return? Reselling debt is so 2000 ish.
17Aug/Zeti Akhtar Aziz: Renminbi and China's global future
My BIS email alert. Have a gander. Enjoy.
Stolper 2.0, now with extra hilarity.
He is paid just to talk...it does not mean he is right..just talk and act like a pro..
Bugs has it right
https://www.youtube.com/watch?v=hxGgnI6kCrs
It's a mystery to me how anyone can make a living by predicting the past. The muppets actually give him their money?