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Crude Snaps Below $40 : Gartman Stopped Out Of Oil Long
It was inevitable.
As we reported first on Friday, the best contrarian indicator the market has ever known, perhaps even better than the legendary FX titan, Tom Stolper, Dennis Gartman recommended clients invest their monopoly money alongside his, in a short gold, long crude trade: one which has lost about 5%on both legs in 24 hours. To wit:
CRUDE OIL PRICES ARE LOWER BUT WE ARE CHANGING OUR VIEW ON PRICES for having been overtly and rather relentlessly… and very publically… bearish, we are this morning turning bullish of crude oil and we are turning so because the term structure shifts mandate that we do so.... We do not make this statement lightly for this is a material shift in our view of the energy market… a very material shift.
* * *
Amidst the carnage of the global stock markets this morning and even in light of the sustained bear market in crude oil, the narrowing of the contangos in Brent and WTI brings us to become a buyer of crude as noted at length above. We’ll buy a unit of crude oil, split between Brent and WTI, upon receipt of this commentary. We shall, for the moment, give these prices the latitude to move 3% against us, hoping that we can tighten that up when we return Monday.
Moments ago, the $40 support level for oil finally snapped...
... and with its so did Gartman's oil stop loss level, which means Gartman is now stopped out.
Normally this would mean going long, however in this case China has yet to open and following the disappointment of no RRR-cut, tonight's commodity carnage may just be beginning.
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And it's gone.
http://youtu.be/-DT7bX-B1Mg
no clinton, no bush
The Earth ramps up abiotic oil production in response to human demand. We will never run out of oil.
Bonus: another portion of the energy the earth receives is converted directly to mass, expanding the size of the earth and increases the strength of earth's gravity leading to smaller animals.
https://www.youtube.com/watch?v=7kL7qDeI05U
It's a zero sum game. Let's all take Gartman's money from him...every day. And we don't even have to threaten to punch him if he doesn't give up his lunch money. We just have to take the other side of the trade...always.
Are all the bank still solvent?
Yes.... yes....
???
Nothing to see here.
If it wasn't this site back in '08 it was another similar one. Somewhere in there, Obama made BofA not allowed to go under. Anyone with better search skills able to find what I am talking about? I only remember it so well as I withdrew my money and closed my BofA account that week. #stringthemup
Nigga you still cray.
Pub - abiotic oil for 7b - um, no. Agreed with the expando-earth theory, but please link the original clip (nealadamsdotcom).
https://www.youtube.com/channel/UCOW3e4Kxx02XQ-ZpF8T1Cuw
So there's not a "Plunge Protection Team" for the tens of thousands of jobs tied to the oil industry, just wall street??
It's was rigged artificially high for 8 years. Wipe your crocodile tears and wake the fuck up!
How does this guy have any clients left?
I think his 'clients' are the MSM.
It's hard to believe there's an even better contrarian fade than Jim Crater...
copper being jammed down; oil down, gold and silver down - raising money for called in loans in asia
Death by leverage.
Watch this crazy bitch come unwound now. Forever is gonna eat us alive.
I mean it. Eaten alive. She's sitting right here and leaned over and said, coog you watch this imma eat these mo'fos alive my nigga.
Christ she's crazy. I think she's gonna do it.
Oh great she took my ice cream.
Ha ha - sounds like it's right out of The Dark Tower series...
"I mean it. Eaten alive. She's sitting right here and leaned over and said, coog you watch this imma eat these mo'fos alive my nigga."
I should do a series of us getting through a day without killing each other or bringing down a SWAT raid.
In 13 minutes China opens and if it opens down big then Wall Street will need a blood sponge for the morning.
Japan is already in the fun zone, so China should be interesting in a disaster kind of way....
I don't think I'm ready for so much fun.
Hold on I have a little bit of rum left. Looks like I'll be fine.
Okay light it ...
CNN said tomorrow is a buying opportunity.
Were they being specific what to buy? Plenty of great things to buy this upcoming week. Just not sure how much of the general public understands what those are or what's going on.
Biflation bites
A fool and his money are soon parted.
Just got bailed out of jail for punching achmed in the face for charging me $2.00 more than its worth!! WTF!!!
I wonder who's flash crashing USDX?
that would be me Yen...my dinkster short is sending SHOCKWAVES....in this room at least...
Euro is shooting for the stars. That should be good for their economy, right?
And the snowball gains momentum and size down the mountain.
Yikes!
HANG SENG INDEX-919.13 (-4.10%)
SSE Composite Index
-182.99 (-5.22%
It's just a flesh wound!
Serious shit right now! We are entering into the storm. Central Banks are now caught out of ammunition and the whole shit works about to come down!
The silliness doesn't start to crunch until AMZN, FB, NFLX, possibly AAPL and a few others are no longer being traded. The current DOW and S&P are still very hocus pocus dead cat bouncing magic. '08 should have gutted the market, but what do we have here still unicorns and fairy dust trading at obsurd PE's. NO way are any bears falling for this shiznit again. But maybe that's what it takes to tank the market. So fake no one cares anymore.
Am I a bad person to be sporting a boner right now?
The sky is falling and I want my mommy (Falling space junk)
https://www.youtube.com/watch?v=mE5ir7bJnDI
Gartman is the stock market's equivalent of Baghdad Bob, Iraq's former Mninister of Disinformation...what an idiot (with apologies to idiots everywhere).
Fartman's gas bag exploded in his old man pants.
Ha!
Fuckin shill....
Frackers, at under $40 oil, are losing more than $40-60 for every barrel they pull out of the ground!
It's okay though because it was all managed 401K anyway. Fuck them.
North Dakota light sweet crude spot price $27. There's a $13 differential from WTI due to transport costs. sour crude from ND and Canada around $21 right now.
...and the Dakotas just went dark...
Does this mean more leaping hedgefunders this week? Should I walk on the far inside or far outside of the sidewalk? Hmm....
The most cynical sh#t I ever read was an article about how the bankers are doing life insurance on their own employees,expecting them to bite the dust (concrete).