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Bulls Beware: Gartman Covers His Shorts, Goes "Marginally Net Long" One Day After Calling For Bear Market
Yesterday we asked a simple question: "is this the real reason futures are soaring" and pointed to Gartman's latest flipflop, as follows:
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.... 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.
Less than 24 hours later we find that he did indeed have an "intention of changing that focus." Here is his latest "focus":
In our retirement fund here at TGL… the only money which we manage directly… we came into yesterday’s session decently net short; not aggressively so, but not marginally so either. However, it made no difference; we were short in a rampaging bullish move and we had no choice but to rush to cover much of the net short position immediately upon the opening of trade on the NYSE.... Within moments of the opening we had reduced that net short position almost entirely. Would that we had had the temerity and the foresight to have reversed our derivatives position entirely, but we are neither that insightful nor that heroic.
Today, almost certainly we’ll be covering in a bit more of our derivatives position and at the same time we’ll be buying more of our single “tanker” stock to take our “net” position to one that is modestly, marginally net long. We’ve no choice. The market has spoken and it has spoken loudly.
Bulls you have been warned.
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It's all Bullshit!!!
I love watching this guy lose his client's money. It's almost as good as watching people complain about losing money after taking Cramer's advice.
Beware of politicians with bad breath, desperate and broke, they will do anything for money.
Well shit, so much for that pullback. Watch out for another 1000+ pt plunge in 3 ..2....1
Not so fast, now the shorts are going to get fried that wheren't out monday and yesterday.
It's like they want to make sure nobody outside the club makes money on going short when the market implodes.
So look at option expiration for this month and after that the pullback has a way bigger chance.
So now we'll have 1 week to 2 weeks of green with a shortsqueeze at the end.
It sounds like to me that Gartman's retirement fund only has 3000 bucks of capital if he was able to cover his entire 'marginal but not aggressive' short position right after the opening bell. Maybe he had more capital to lose a couple of years ago.
With his trading skills he might be able to retire at ripe old age of 310.
This is at best gambling. He will "retire" broke, alone and as an alcoholic.
Gartman is a great lagging indicator.
This is at best gambling. He will "retire" broke, alone, and an alcoholic, digging through trash cans, and holding his pants up with a rope.
TEMERITY - that's a big word!
No way anyone has money with this guy. He is a paid shill of the media/banking cabal. Period. He creates confusion so we waste our time discussing it. as entertaining as all of this is, he should be ignored. There are far more pressing issues to pay attention to.
Yeah, like posting on Zerohedge......
Gartman lost his money clients long ago- he just paper-trades his own account, and uses his time on CNBC (which is provided by his daughter, who is on the CNBC booking staff) to pump his newsletter, which is purchased by wannabes to display on their waiting room coffee tables.
Calm down, Gartner still has to pay for his slot. CNBC is just the Shopping Channel for stocks.
Actually, this guy is a perfect representation of what the herd is doing.
sometimes right but not for long, just long enough for them to see a profit on their screens just to see it go up in smoke again but enough to confince them to put in more money and go all in.
I still remember my fist most profitable trade, I had 5K in calls and they explodes to 135K in a few days. I was planning to retire 3 weeks later if that trend continued and when you're looking a price spikes like that you believe that. You always do.
And then the stock crashed and I lost all my money. Every penny.
Now I use totally different tactics, I sell after 5 or 10% profit and I don't look back.
When you hear somebody saying: I bought at the bottom and sold at the top, you can be assured that that guy will end up broke just because he'll always try to use that tactic and that mostly doesn't work out.
Wow. if I'd had 5K in calls explode to 135K I'd have dumped that bitch, gone to cash, had a NICE steak dinner, and started looking for my next play.
I still remember getting distracted by some stupid drama from a couple of friends, 2 days before the giant market meltdown of early 2007. I had the NDX calls IN MY WATCH LIST. Two different strikes, each was going to run me about $4K for 10 contracts. I was ready to pull the trigger; I'd watched the market go sideways for two months, having failed to break out about three times. Then the personal bullshit erupts around me, and I did what I was taught: went to cash and sat on the sidelines until I could feel confident my head was back in the game. I didn't even set an alarm for that morning; I got up about a half hour after the open and idly launched my trade software, just to see what was going on.
The $8K of NDX puts that I SHOULD have bought the day before had exploded to $160K by the end of that day. I could only watch my screen in pure, livid fury. 6 weeks I'd been stalking that damn trade.
So I can definitely empathize with you.
Ha! 2007/8... I remember I had stocks back then that I bought for pennies that are now trading at near 100 bucks.
And that's the plan with this crash, pick up stocks on the cheap, about a dozen and then throw away my access dongle of my trading account for 5 years.
And if half doens't go bankrupt, I'll be rich.
Oh GAWD...I remember deciding not to pull the trigger on 1K of Apple...in 2003...when it was $8/share - and before it split two dozen times. >BANGS HEAD ON DESK<
It was my MSFT, my Xerox - and I totally fucking blew it. Had the extra cash, could have bought it and thrown it into the back corner of my account. But nope. >UGH<
Hopeful- I think we've all had at least one of those episodes- I remember telling my broker to sell all the stock I had and buy Chrysler-back when they were broke and asking the guvment for a loan- they were a dollar a share if I remember right. And my broker refused to do it. Wasn't long and I dumped that guy at Dean Witter- decided they weren't any smarter than I was. Was that the 70's, 80's? Can't remember- I think Carter was in office. It's one of those things I'd rather forget.
Right on Sudden Debt- perfect example of the emotional swings. Had an old timer tell me the same thing about bankers- if I wanted to make a major investment in something, put all the numbers to it, present it to my banker, and then do the opposite- been doing it for 35 years- hasn't failed, yet.
Famous Chinese proverb - 'Man never lost money by taking a profit'
Famous Chinese proverb - 'Pig get fat hog get slaughtered'
Why doesn't this guy make up his mind and just grow a beard? Enough with your stupid all-grey stubble. Join the dollar shave club already!
He would but he can't afford it.
He was long on the beard but shorted it after signals and then in shaving terms decided to be marginally against it again while leaning long. His "beard" speaks so much about him that is all you need to know. (His other "beard" is CNBS which fronts as a financial channel while it's just a propaganda outlet for charlatans like Gartman)
Wouldn't it be awesome if he was giving advice based upon his personal portfolio of $1,426.84.
Was $1,426 before or after his opening trades to cover?
& the dude is using derivatives in his retirement account?
Within moments of the opening we had reduced that net short position almost entirely. Would that we had had the temerity and the foresight to have reversed our derivatives position entirely, but we are neither that insightful nor that heroic.
FLIP FLOPPER
He has got to be a woman the amount of times he changes his mind!
or a demoncrat
LMAO! NoDebt, here is your financing for your kids doctorates.
You have to admit, he's the best, isn't he? Still not at the Tom Stolper level, but a damned solid inverse track record.
Dennis now says he's long. Great. Time to short the shit out of this bitch. I can set my watch by the guy.
"Neither insightful nor heroic," just pretending to make a living by predicting the past.
Today's CNBC star....
maximum hollywood going on here
Let's be honest here: he went long this morning when he saw the /ES was up so he could appear to be right for one day.....and even that will probably backfire on him.
DOUCHE
Pumpkin Fucker would have a field day with that guys head.
His perception of reality is askew.
What a douche. I don't know who looks like a bigger retard, Fartman for his daily flipping, orCNBS for presenting him as a credible contributor.
They are running out of cronys to tow the line.
Actually, if you just did opposite, he may as well be the most accurate forecaster ever ;).
I don't know why everyone is assuming that he is actually doing what he says he does or did.
The only portfolio managers I have known would never give away their position or what they intend to do, unless they are talking their book for the muppets to help them exit or get into a trade, because they can be played and front-run by the IBs
And to think that people actually pay for this "information".
There is always a rube to be taken.
".....The market has spoken and it has spoken loudly."
MOAR QE PLEASE !!!
am i supposed to give a fuck what this speculator thinks?
I wonder what goes through this guy's mind when he's choosing his necktie for the day?
Probably - 'If only I had the nerve to tie this too tight'.
Can't even do a good job of suffocating. Twat.
"Will this one hold my weight?"
I will pee my pants when stocks go terrible down during mid-session.
Depends
It looks like I am gonna need some diapers. LOL
Gee Gartman, that's a lot of words to say "We called it wrong again".
I know what I'm going to get him for his birthday present.
A blind squirrel, because, at least they manage to pick up an acorn once in a while.
You can also tell by the long, run-on sentences. If the guy can't master English grammar, he sure ain't no gonna win dem stocks!
BULL SHIT FROM A BULLSHITTER WHO REALLY HASN'T A CLUE.
I can't imagine he will have many muppets/clients left by now.
Desperate global gubermints pumping a volumeless market trying to prime a dry well...even catching the insiders off guard.
This C**t is on drugs
QE wont save you.
How much would the Fraudsters working out of Nigeria and Pakistan pay for his subscriber list?
Bart Simpson;
"Eat my shorts".
gartman told me he is pleasantly long his own farts
Zh - this guy is fiction - maybe a puppet of GS or some robots.
He could not survive this environment with such a lame performance.
So this is no item nor news just a gimmik- and if you want investors to take seriously this site stop bringing his or it stupid letters
Epic clown. Top guest on CNBC daily, then they had Warren Buffet yesterday.
And ¡Jeb! today.
Modestly net short, become a bit shorter, decently net short, not aggressively so, but not marginally so, modestly marginally net long.
This is also what his wife has to put up with!
'Sorry dear, my cock is modestly short, becoming a bit shorter, decently short, well not aggressively so, marginally so, but now it's marginally long'
"Yes dear, are you in yet? I have some ironing to do.
I looked up "tool" in the dictionary and Gartman's picture was there.
Oddly enough, when I loked up "Gartman" in the dictionary, the visual was a guy blowing Mr. Yellen. I assume it was supposed to be Gartman, but, what, no tool?
I guess the inference is the supposed "tool" is in Gartman's mouth.
Geez, this investing stuff is weird.
I don't think Mr. Yellen would like Gartman's scruffy stubble on its hoochy.
Just what I thought: the Kansas State halftime show was Gartman and Yellen.
Gartman is like a media weatherman, still holds his job after making a wrong prediction.
Larry David and the Weatherman - YouTube
so this means we gonna short today???
... and that's the short and long of it
per Gartman.
the Fade Gartman Fund is up 3,028% ytd.
When asked about the stellar performance of the FGF, and his current predictions, Gartman replied,
"I am moderately short of balls."
Gartman is short of of
his derivatives postion. omg lolololololol
I have a Gartmanvane on top of my garage. The neighbors think it's an eyesore, but it never steers me wrong.
Do as I say....please because I just took a huge position in the opposite direction
"decently net short; not aggressively so, but not marginally so either"
What the FUCK is that supposed to mean?
It means the markets are going to go up, down, or pretty much stay the same.
The “market” has spoken? How about intervention by the FED, BOJ, Morgan Stanley, etc to buy futures and manipulate the market up? How do you get 300+ point increase in the Dow when you have high unemployment, skyrocketing debt, cars being sold with gimmicks (sub-prime auto loans)? When government banks intervene, the “market” is not dictating investment decisions. This is blatant market manipulation.
Look, I'm equally as shit at picking winners as Phil. But my shitbox newsletter is 2 bucks cheaper. Come and subscribe at:
www.nobodyhasafuckingcluewhatsgoingonbutletsbuystocksanyway.com
Why so much hate? Just do exact opposite and watch your account grow on certainty!
How does this guy make money when he's clearly a flip flopping nutcase? Why does anyone pay him to give this advice? What a crazy society where someone like this can make good cash for being an idiot.
He's doing a razzle dazzle to keep us on our heels. His latest series of moves seems to be the Gartman version of high volatility.
I love this guy... what a clown
Gartman had better "cover his shorts" so the brown stains don't show.
I look at this gentleman (Gartman) as sort of 'canary-in-a-coal-mine', for perhaps the most precious and rare commodity of them all:
Credibility.
Or lack thereof.
Mr. Gartman stands as a 'front man' for what is to become of a wide swath of heretofore economic 'experts', to be washed away out to sea and forgotten when the tide goes out with all of the past (30) years of modern portfolio theory and economic theoretical refuse that will finally be seen for what it always was.
Fuck options and trying to time when the implosion is. Just buy SRS and go all in.
Had the feeling the market would flush the stops out of the shorts. Was nailbiting for my own considerable dhort positions, and almost pushed the exit-butting this morning. However, when Gartman speaks of short-exit, It's time to add to positions.... Thanks a lot Gartman, you are making me a relatively rich man... :)
Shemitah cycle ends this weekend.
Probably Fartman goes short tomorrow. :)
From what I understand he still believes this is a BEAR MARKET as per his call last week.. But im interpreting his latest comment as a bear market rally..
I think the Gart just made a lot of his contrarian clients loads of money today! Good job Dennis!
How that ??? Dow DOWN 239 at close ! Gartmans a Fuckwit & so is anyone listening to him.