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A Warning For The Bears: Gartman Goes Short S&P Futures, "Very Worried In Catholic Terms"
Will Gartman make it 4 out of 4 this week?
As a reminder, Tuesday Gartman came out swing bearish and stocks soared. On Wednesday, he was bullish and stocks staged a late tumble. On Thursday, Gartman exhausted from all the flip-flopping refused to virtually trade virtual money, and said he was "flat and nervous". Stocks, not knowing how to fade that, closed virtually unchanged. To wit:
Tuesday - bearish:
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.
Wednesday - bullish:
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.
Thursday - "flat and nervous":
We enter today effectively net market neutral, holding the same position we have held wherein we are long of the same “tanker” stock and long of a small position in coal shares while “short” of derivatives and at this point we see no reason to believe that we shall be changing that position today; however, the randomness of the market’s movements makes even that statement seem disingenuous. We are indeed “Flat and nervous,” and that seem quite reasonable and rational under the circumstances.
Which brings us to today, and the most recent now daily flip-flop by the world renowned contrarian indicator, when somewhat to our surprise, Gartman did not revert back to being bullish, which would be great news for bears, but instead Gartman decided to almost assure that stocks close the week green.
To wit:
From a purely technical circumstance we are still quite worried about the markets in general terms, but we are very worried about the markets here in the US in specific, catholic terms because the current consolidation has traced out what in the text-book of technical analysis, Edward’s & McGee’s Technical Analysis of Stock Market Trends is a nearly classic “pennant” formation that almost always resolves itself in the direction that prevailed before the consolidation took place. In this instance, since the moved preceding the “pennant” was down, the next move of consequence shall also likely be lower. If the consolidation is indeed reconciled to the downside, the target becomes 1725-1750, or just a bit more than 200 S&P points to the downside.
* * *
NEW RECOMMENDATION: we wish to sell the S&P futures short this morning, fearing that a major top hss developed and that the recent consolidation in the stock market is precisely that: a consolidation before the next leg downward.
We’ll sell the S&P future short and will buy the December T-note at the same time, with the S&P trading 1933.00 as we write and with the Dec T-note future trading 127 ¼. We’ll risk no more than 1.5% on either position and we look for the consolidation in the S&P to resolve itself sharply lower as discussed at length above.
Not sure what being worried in "catholic terms" means aside from the daily comedic trolling of clients for what may be the most accurate (if completely in inverse terms) newsletter in history. Bears (and Treasury bulls): this has been your public service announcement warning.
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Thanks Dennis, Dow 20,000 here we come!
Unless it's time for the broken clock...
"catholic terms"? I was worried when he was long in dong terms, now this!
or even worse, long dong in catholic terms. Yikes!
How does this villiage idiot get any air time?
So panic buying into the close then?
“Gartman” is so offensive! Dennis should change his last name to Gartperson. ;-)
Looney
P.S. Somebody, please, give this looser a big shiny trophy just for his participation. ;-)
This clown gyrates more than Miley Cyrus. He is singlehandedly responsible for putting the V in VIX. I cannot believe there is anybody that takes him seriously anymore.
DAMN IT..., now I need to buy?
Isn't this cartoon buffoon a lead character in South Park?
Conundrum.
Ah come on, he said "almost always". ;)
True to form, Green baby Green!!
Even this self-satisfied Krugman's-perverted-cousin can't be perfect in his market calls - i'm taking the other side of that bet. S&P is down 15 points by the end of the day. Who's brave enough to take a chance that this empty SOS can't always contra-call the market?
Gartman will get stopped out on Sunday night or Monday.
Don't be so harsh, he's at the forefront of the move toward driver-less navigation
Village idiots get air time (or get elected president) because someone wants it for them. Maybe this clown is there to send out coded signals. Catholic terms??? The market breaks when the pope talks to the UN, Congress and the Kenyan guy in two weeks???? Wish I had my secret decoder ring but it went down with my gold in that boating incident. My crystal ball suggests a collapse at about the 23rd to 25th so the Catholic clue may be a good one.
It means call the priest to administer last rites
"catholic terms"...rythym method, hopefully "pulls out" in time...
It's just simpler to use protection so she can concentrate real hard.
If he said he was worried 'in muslim terms' he would be put on a watch list and recruited by the FBI for their next false flag.
extra extra, read all about it ! Yale has accepted a large donation from a wealthy ME benefactor in order to establish a center studying Islamic Law. Done deal. Maybe we better have GW do us a Sharia Law for Dummies post ....
Fartman
Fart and give us a clue!
The real jokes on the people buying his newsletter. At this point its probably just commic relief for people.
The real jokes on the people buying his newsletter. At this point its probably just commic relief for people.
damn, there goes my inverse funds
BUYYYYYYYY
Clown man!
Not nice on the Clowns
My trading strategy for the day is now locked in.
I've said it before - A broken clock is right twice a day.
NoVa
Well damn... just when my puts were paying off too, fuck this clown.
Here we go to 2020, can't you just STFU!
Very worried and having sex with children. Got it.
I don't change my socks this much. I am confused with all of his opposite calls, which call I should trade against.
The most recent one.
If you can stay current.......which is quite a commitment.
To be honest, I'm so confused by this guy that I don't know what his most recent call is.
This man is truly a treasure to day traders. I don't day trade but enjoy his modestly long and marginally short positions.....On a daily basis. lol.
Does anyone actually give this guy money?
"A fool and his sheckels are soon parted."
im worried about the market in ambiguous, transgender caitlyn terms. could this consolidation be nothing more than a bear vagina constructed from an inside out surgically implemented bull scrotum?
Wow! I worry in Lutheran terms, maybe Gartman I could go bowling and discuss a list of things to nail to a door!
++1000
LMFAO!
If his position sizing/risk discipline was followed with GARTMANLIKE precision his retirment account was zeroed out a long time ago. Bullshit artist extraordinaire!
Oh, FUDG(e). Flip again Denny, best 2 out of 3.
I think he forgot the occasional best trading strategy: Do nothing
Sit on your hands......over time.....just sayin.
I could see a short squeeze to maybe SnP 1990 or something. Then Gartman will flip flop again and then the market will crash.
OK - GARTMAN IS DUE FOR A "RIGHT" CALL - SO THE PROBABILITIES AT THIS POINT IS LEANING TOWARDS A "CORRECT" CALL......
TRADE ACCORDINGLY
Doesn't matter how many times you flip a coin, your odds of it landing on heads or tales the next flip never changes.
I think one of his ancestors must have been a revolving door.
Or a traffic light
Oh, please.... make it stop. He's gone beyond full retard. He's gone potato......, bearded potato that is.
https://youtu.be/oAKG-kbKeIo
Soooo he could power GLADOS?
sep 11th the only day Gartman is right. Any takers?
maybe
Nah - he got a lucky guess. Like a blind squirrel finding an acorn.
Gartman may be the reason for the surge in stock volatility.
Can you please be fucking right this time for once in your life!
I think he's right this time, But fuck me he's changing direction Faster than a ping pong ball in a Bangkok Bar
I long S&P in clown terms, a short s&p in retard terms, then we a flat & clueless about the cheese market. Over all we are marginally bet long & short on my piggy bank.
No comment needed on Gartman. See below.
Duncan Lifesaver Yo-Yo Commercial - YouTube
Sorry lads, I think DG is spot on and agree with his thesis. The only way Wall St. gets what it wants (more QE) is to crash the stock market.
The world is on fire unless the Federal Reserve begins NIRP. Who would of thought seeing this coming?
-1 because you think he's spot on, +1 cause the markets gonna crash.
BTFD
Short in Hail Mary terms.
I just got used to Yen terms!
Must be dangerous driving in Suffolk, VA, w/ Gartman & his staff keeping their windshields covered, using only the rear-view mirror to navigate. (Pre-open Index futures near overnight lows only adds to the long setup -- unless algos are planning a counter-counter-Gartman fake-out ...)
Gartman is talking about December positioning which in this "Market" and with his flip flopping is about as nonsensical as you can get.
There's a roll of duct tape in this guy's future. Who talks their book every second day? How can this clown even be in business anymore?
/rolls eyes.
I'm starting to think that Gartman is a meat puppet for Algos and that if the camera would pan back we would see a long robotic arm up his @ss and no legs.
"Catholic" means you can get it horribly wrong and still be forgiven. Ego te absolvo in nomine Cramer, Faber et CNBC...
I would up vote twice if I could. I usually go to the Tridentine Mass and have heard those words a plenty. Minus the Cramer, Faber, et CNBC of course.
jon: are you speaking of hypothicating up votes? you can only do that with houses and gold... lol
One can dream of a future where hypothication is no longer contained by the Eurocentric, racist, gender-queer phobic shackles that still rule.
While I don't want to unfairly characterise anyone. I have a friend of a friend who knows a great deal about a lot of very dark stuff and people. He has noticed certain code words the elite use for each other i.e. I'm going along with this but I'm don't really mean it (I.e. in some sort of sanction). I have noticed these code words independently myself after I have been told them.
This site has recorded how 666 is showing up quite deliberately at certain points. If he is 'very worried in Catholic terms'. You can be DAMN sure it's some sort of complex manouever and I suspect, some very heavy rigging going on!
Catholic means world wide. I'm a bit surprised that no one else knows this...then again, I only know it because of 17 years of Catholic schooling.
Exactly. Broad, universal, encompassing all. It's an apt choice of words.
Double tap
Does he exist, or is he just a metaphor for the millions of traders who actually know nothing at all? Even the big banker boys who have the firepower to manipulate the markets, cannot predict the future and cannot keep complete control either.
Mr. Market is all about lemming psychology, nothing more…fear and greed. Convince the fools there is no other game in town thanks to the Fed, and that they will all become rich if they just stay the course. Everyone from 18 to 88 is in the markets now, and it has to break. But it will not move in one direction all the time and will frustrate those “geniuses” who think they can predict the future. A fool’s errand, nothing more.
Earnings are falling and cheap Fed buyback $$ may end. But, the Wall Street propaganda machine will run in overdrive to try to prevent panic selling. The Fed will assist with statements on how confident they are about the awesome “recovery” they engineered. Can they keep the illusion going as they grow debt to hide the true rot? We shall see...
I thought Gartman was part of the PPT?
What's going on? Its Friday, time for the market to be put up on a gain for the week and the DOW is off 66 points at the moment.
Where is the PPT and what the hell are they doing?
They need to get to work and get this market up.
There is a lot of work for the PPT to do to get to 19,000 before New Year's Eve!
They have a "retirement" fund? [Good luck with that.] Look for that stop on the eminis at the 1950 area to get taken out either before or on next Wednesday. Some days, this shit is too easy.
www.traderzoo.mobi
I have a Gartman on my roof that tells me where the wind blows.
Do you really need a Gartman?
Go long muppets! Gartman is never right.
In religious terms, Catholic means 'Universal'...
But I suspect in financial terms it means the acquisition of more land and assets to increase the Papal States like in the Middle Ages... or here in the 21st century, Stolper/Gartman your recommendations to bet against the peasants and leave them begging for indulgences.
Dovie'andi se tovya sagain (It's time to toss the dice)
The Daily Economist
Gartman!!!!!!!
Why do I think of the "art" created by a monkey smearing his feces on canvas every time this idiot opens his mouth?
If you sold S&P futures in dollar terms it is your fault the man said Hail Mary (Catholic) terms!
Funny, but the idea someone can be a consistently contrarian indicator is as foolish as that someone can be consistently right.
Uhh, do you follow this man?
Search this web site for "Gartman".
Maybe he is not always wrong, but Damn!
... and yet here we are with a market that is up 0.5% since his short call. I agree that odds he is wrong all the time are very long but he just keeps doing it.
this shit is so insane at this point.
the moment he says something the ''market'' does the opposite. 5 for 5, in fucking sane.
i wish gartman would continue to be long, we would have the biggest crash we have seen.
That is 4 for 4 this week and this is not his first week.
yup my bad, the ''market'' was closed monday, so its 4-4 as u said.
its truly amazing.
he can say there will be no nuclear war today and there will be a nuclear weapon launched the same day.
haha look at the markets.
You've just been Gartmaned
0 for 4 ... Gartman going for the dirty Sanchez award.
We are setting up for a classic pennant pattern. Obviously, given the CBs and their minor hobby of market manipulation, that may mean less than it once did.
In fairness to DG, his reasoning is not wrong. Indeed, he has an interesting record, so as a shorter, I'm a little nervous.
There is great peril in ignoring the Gartman indicator.
His "reasoning" might as well be set by a coin flip.
I am a trader.
In "Catholic terms"? I'm assuming that means "of Biblical proportions".