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Is This The Real Reason Futures Are Soaring: Gartman Expects 25% Correction, Says To Sell Strength
What a difference a week makes. 7 days ago, Gartman was confused but "still buying stocks"...
... A week later, with stocks tumbling, Gartman is still confused, only this time he is selling everything, is "net short of the market generally" and is "selling into strength."
The punchlines from the latest edition of his newsletter:
THE S&P IN MONTHLY TERMS: Trend Line Support, We Fear, Is A Very Long Way Down: This is a sobering thought, but this chart… which we included in our commentary yesterday… should give everyone a case of very real concern for support for the S&P is several hundred points below where the market closed on Friday. Strength is to be sold into.
* * *
Repeating from yesterday’s commentary…which we are doing here this morning because such a large number of our readers are here in the US and Canada and likely did not see yesterday’s comments… we ask the simple question: How far down do we expect this bear market to run? Our answer is that we can imagine that the S&P might make its way all the way down toward 1600 which would simply take the market back to the trend line going back all the way to the “generational” lows in ’09. That would be nearly a 25% correction from the highs made earlier this year and within the great scheme of bear markets past this would be quite normal and would certainly not be anything out of the ordinary.
* * *
We remain here at TGL modestly net short of the market generally and we’ve no intention of changing that focus other than to become a bit shorter still as time and market conditions demand.
* * *
There is no discrimination in bear markets. They are “equal opportunity” destroyers.
This morning futures were up 2%.
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A S S C L O W N !
Is there an inverse Gartman ETF? That would be easier than a Gartman ETF that I'd have to short all the time.
Smart money is not in "markets".
Dont worry, Gartman will 'pleasantly' flip flop from a 25% market correction this week to hitting all time highs next week because when investors are confused, they should just hit the BUY button and BUY BUY BUY like Cramer proclaims.
Note, this is not a trick question - I'm genuinely interested. How do you know?
how does one buy his newsletter?
The right move is actually to sell his newsletter...
I am currently tentatively, bullishly short, in a bearish kind of way, long in the short term, short in the long term; of the TGL newsletter.
Gartman belongs in the clown car with Jim Cramer.
the market screws the maximum number of people possible
Goddammit, Gartman.
Short squeeze incoming.
that guy is awesome
All setting up for the greatest unwind in market history.
It all comes down to this:
One - long term storage of food, at least one years worth. After all, if you do not eat you do not live
Two - health and physical fitness. After all, without health you have nothing. Nothing.
Three - familly and friends. Nuff said
Four - stuff of real value. Like gardens, metals, clothing, and everyting else you need for everyday living
Five - Got that? Then keep adding more. This is true wealth.
Don't mock the guy: if his signals really are 100% inverse to the market (allowing for timing, etc.) then he is very valuable to the rest of us!
Watson
Wouldn't be the first time Gartman got his face ripped off shorting this market.
I'm more concerned we don't get a crash (because the Fed won't allow it) OR A RALLY (because there is no growth in anything but government spending and taxation). Just sit here churning, churning for the next 10 years.
You know some day you're not going to have Dennis Gartman to kick around anymore.
aye, and we'd all miss him and the opportunities he gave us
One of these days I'm gonna be right, then you'll see me for the guru that CNBC tells me I am.
"Wow man, I thought you said 'step on the gas!'" Cheech and Chong, Up In Smoke
we’ve no intention of changing that focus
of course not. but thanks for emphasizing.
What does this guy's personal finances look like? Is the money he invests always somebody else's? Or is he funded by the government to run some bizzarre experiment?
Im going to guess he probably makes decent money on his trades. There are many active trading strategies that have more losing positions but still make a profit from the few trades that are winning.
I think Denny's true talent is hitting the bottle
Mogen David perhaps?
SELL SELL SELL.. Gartman is right this time.
a broken clock is right twice a day -
FUCK jew RATS.
If Gartman is selling, QE4 must be coming a whole lot sooner than even we expect.
we’ve no intention of changing that focus ... for at least the next 15 minutes.
Fixed.
It's all such a joke ...for the love of my daughter I want for her to live her life "normal" ....
That said...let's get this over with ...implode ....I'm ready to meet God.
I hope you and your family are truly ready to meet God; all will meet him for judgment or reward. Most for judgment as lawlessness dominates all societies now. Those with the most knowledge/opportunity (i.e. US) will face the greater condemnation.
Damn it Jim ! I'm a Doctor not a pompous ass paid shill that spews misdirection information on CNBS.
I was comfortably positioned on the short side, now I will have to reverse my trades today. Thanks a lot Fartman.
The overall trend is down; any upward trend will be violent and short-lived as only one small catalyst is needed to bring on the next "crash" or "correction".
Basically the paid shill is at the point of trying to salvage his credibility so he can continue being a paid shill.
I'm starting an Opposite Gartman ETF. Ticker signal 'GOOF'
The problem is that he has called all directions possible; so he can't be wrong. Which ever turns out to be right is what he will be celebrated for and the wrong GUESSES will just be remembered no more.
Going to be funny as hell the day he's right.
That could be a long wait. Godot springs to mind.
"I'm drunk as a Fiddlers bitch, but I'm still drinking"
This scares the crap out of me.
Gartman will be right in the end because he has now covered all the bases multiple times; he is fully leveraged. The market will be up, down, sideways and everything in between...he can't possibly be wrong.
Well Gartman's not confused anymore, but I am. I'll take that as a good sign.
"When you see the circus unfold in front of you, sometimes the only thing that keeps you sane is laughing at it." -unkn
DOW is "soaring" on 15 million in volume (yawn) ... wake me when the PPT stops queueing sell orders.
If Gartmann be rough with you, be rough with Gartman!
When Dennis tells us he's all in, it'll be time to head for the bunker.
Following Gartman is like...full speed ahead...no...reverse engines...no ...engines to port..no engines to starboard..no wait...abandon ship...no..battle stations...I think I have the big picture now..beam me up Scotty..
To be fair, if you did short after the first sputter in the SP500 and just closed out, you would be up. If you sold into the pop in a disciplined manner, you could be going to lunch content.
To our detriment it appears we are short of cash and long but a few gum drops and fish hooks.
Looks like he's correct twice in a row. Firstly on Copper and now on index. Perhaps he started reading my blog