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Why The Market Is Poised For A Rebound: Gartman Says "Bear Market" Will Take S&P To 1420-1550

Tyler Durden's picture




 

Forget China, Volkswagen, Glencore, Noble, and pretty much everything else. The only catalyst that matters for today's price action has just been revealed. Earlier today, Dennis Gartman, whose flop-flip-flop-flipping calls on stocks, commodities and everything else have become a blur, just went mega bearish, and is predicting that the S&P has some 400 points of imminent downside.

THE S&P: How Ominous Is This Chart? There are still many who deny that this is a bear market, but it is that and we fear that it has a good distance to the downside yet to travel. Merely to get to “The Box” shall take the S&P to 1420-1550! Rallies are to be sold; weakness is not to be bought.

 

And even as Gartman predicts an equity bear market, what else does he "recommend"?  Why going long oil "of course."

NEW RECOMMENDATION: Perhaps we are very wrong, but with the contango in WTI narrowing even as prices weaken we think the crude has made its low and we wish to be a buyer… of November WTI this morning $44.63. We wish to risk no more than 2% on the position on a closing basis, or to $43.75.

 

* *  *

 

CRUDE OIL PRICES ARE WEAKER OF COURSE as the trading world is in liquidation mode but we cannot and we will not be bearish of crude when the term structures move bullishly even as the price of a barrel of crude weakens. Since last Wednesday morning when crude oil prices were effectively $2/barrel higher than they are today, the averaged front month contango has held absolutely steady at $6.07. Under normal  circumstance, a $2/barrel break in prices would send the contango out, and out rather sharply. More interesting is that prompt delivery WTI has actually gone to a small backwardation and we’ve not see that in quite some while. Further, since Friday, with WTI and Brent down perhaps 75/barrel weaker, the contango has narrowed by 37. This we find very, very interesting.

As usual, this remains the best contrarian comedy a monthly newsletter subscription can buy.

 

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Tue, 09/29/2015 - 09:35 | 6606064 Osmium
Osmium's picture

Somebody stick a sock in this fkrs mouth.

Tue, 09/29/2015 - 09:37 | 6606066 coinhead
coinhead's picture

1400 DOW, I guess even Gartman can be right once in awhile...

Tue, 09/29/2015 - 09:42 | 6606078 toady
toady's picture

Damn. Just when I thought it was going into bear territory,  Gartman calls bear...

 

BULLS ON PARADE!

Tue, 09/29/2015 - 09:43 | 6606083 FreeMoney
FreeMoney's picture

Even a blind squirrell can find a nut once in while.  Maybe this is Gatmans big chance to right for once.

Tue, 09/29/2015 - 09:50 | 6606108 DeadFred
DeadFred's picture

He's still being very optimistic compared with what is really coming

Tue, 09/29/2015 - 09:54 | 6606121 kliguy38
kliguy38's picture

have another drink you fochin drunk baastid

Tue, 09/29/2015 - 09:44 | 6606086 Looney
Looney's picture

Gartman is a stupid degenerate gambler who is absolutely incapable of walking away from the casino table. ;-)

Looney

Tue, 09/29/2015 - 09:49 | 6606102 Atomizer
Atomizer's picture

Becoming a professional tea leaf reader requires a psychic college MBA degree. 

Tue, 09/29/2015 - 11:20 | 6606398 Nobody For President
Nobody For President's picture

But, but...he uses words like contango - he must know what's going on.

Tue, 09/29/2015 - 12:19 | 6606642 venturen
venturen's picture

no he said "He can Tango"

Tue, 09/29/2015 - 09:49 | 6606101 Viffer
Viffer's picture

Gartman bearish .... oh man ... BTFD!!!!!

Tue, 09/29/2015 - 10:18 | 6606189 Shleprock
Shleprock's picture

Just when I get my shorts in place Gartman screws me over Oiyveh!!!!!

Tue, 09/29/2015 - 11:36 | 6606069 bigdumbnugly
bigdumbnugly's picture

many suffering from gartman induced whiplash.

call jim the hammer shapiro.

neck braces will be issued.

 

Tue, 09/29/2015 - 11:02 | 6606341 PlayMoney
PlayMoney's picture

Imagine the confusion of being a Gartman newsletter follower.

Tue, 09/29/2015 - 09:37 | 6606067 dimwitted economist
dimwitted economist's picture

NOOOOOO!!!!! Buy Stock NOW!!! Because of the "Recovery"

Tue, 09/29/2015 - 09:38 | 6606070 DavidC
DavidC's picture

I love the way all these guys pile in, either on the up OR down side, AFTER a biggish move taken place.

DavidC

Tue, 09/29/2015 - 09:59 | 6606137 Ouagadoudou
Ouagadoudou's picture

Buy high and sell low they say .... Or ..... Wait ....

Tue, 09/29/2015 - 09:48 | 6606071 firstdivision
firstdivision's picture

Loading up on TNA.  Thanks Gartman.

 

Watch this fucking broken clock be right

Tue, 09/29/2015 - 10:31 | 6606238 Freddie
Freddie's picture

Tyler aka The Tylers can make a f***king career off this idiot.   Easy content filler.  LOL!

Tue, 09/29/2015 - 11:23 | 6606404 Nobody For President
Nobody For President's picture

I'll watch - I'm loaded on TZA, but now I'm scared.

Let's go with a real expert: What does Jim Cramer say?

Tue, 09/29/2015 - 09:40 | 6606072 Bernoulli
Bernoulli's picture

I'm confused. But I'm buying stocks.

Tue, 09/29/2015 - 09:41 | 6606074 J1mB0b
J1mB0b's picture

I can hardly wait !

Tue, 09/29/2015 - 09:42 | 6606077 MFL8240
MFL8240's picture

Fucking a$$hole!

Tue, 09/29/2015 - 09:44 | 6606084 BullyBearish
BullyBearish's picture

The premier FARTMAN...spewing gas with abandon

Tue, 09/29/2015 - 09:44 | 6606085 SillySalesmanQu...
SillySalesmanQuestion's picture

Hmmm, taking the Gartrarian point of view from this would mean war in the Middle East is imminent, oil will explode higher, stocks will rally and all will be well again...

Tue, 09/29/2015 - 09:44 | 6606087 Mark Mywords
Mark Mywords's picture

BUY BUY BUY! NO WAIT - SELL SELL SELL!

Shit! I jammed the HFT! Does anybody know how to fix these things?

Tue, 09/29/2015 - 09:45 | 6606090 Atomizer
Atomizer's picture

Gartman thinks he's the new & improved market Oracle. 

Tue, 09/29/2015 - 10:15 | 6606175 e_goldstein
e_goldstein's picture

Cramer must be bummed.

Tue, 09/29/2015 - 09:46 | 6606092 Superdave532
Superdave532's picture

First, the Fed saying no rate hikes stops working. Then, hinting at QE stops working. Now, Gartman has stopped working.

This is it boys. 

Tue, 09/29/2015 - 09:51 | 6606109 Mark Mywords
Mark Mywords's picture

I predicted red by noon. Hell, it's not even 10 and it's red.

Batten down the hatches!

Tue, 09/29/2015 - 09:46 | 6606093 GUS100CORRINA
GUS100CORRINA's picture

Gartman ... Hmm... 

I never listen to Gartman, but I do watch the HYG market and there is a big divergence between equities and HYG. 

HYG is projecting a very overvalued market event after the most recent reset.

So what is HYG market saying? Fair market value of S&P below 1000!!!!

Someone is very wrong. 

Tue, 09/29/2015 - 09:48 | 6606097 Mark Mywords
Mark Mywords's picture

Some things are very wrong.

Tue, 09/29/2015 - 09:47 | 6606095 blown income
blown income's picture

Everybody to the other side of the boat /

Tue, 09/29/2015 - 09:47 | 6606096 lunaticfringe
lunaticfringe's picture

I am short oil and long futures. Thanks Dennis- you are the ultimate shoe shine tipster. When your bartender recommends buying stock, GTFO!

Tue, 09/29/2015 - 09:48 | 6606098 bnbdnb
bnbdnb's picture

To honestly believe that one man's opinion determines the opposite direction of the market...well you are retarded.

Tue, 09/29/2015 - 09:53 | 6606118 lunaticfringe
lunaticfringe's picture

It's a joke asshat. Lighten up, Francis.

Tue, 09/29/2015 - 10:29 | 6606231 bnbdnb
bnbdnb's picture

No. No its not.

Tue, 09/29/2015 - 11:17 | 6606388 ParkAveFlasher
ParkAveFlasher's picture

<Yes.  Yes it is.

<No.  No its not.

Tue, 09/29/2015 - 09:48 | 6606099 Deadratsplat
Deadratsplat's picture

Why now Gartman!! Fuck you, you fucking fuck!

Tue, 09/29/2015 - 09:51 | 6606104 Grandad Grumps
Grandad Grumps's picture

Just like the Sandy Hook parents and the girl who said that Saddam's troops were throwing the babies out of the incubators, Gartman appears to simply be a very mediocre actor reading his lines.

When are the criminal parasites going to hire some competent help? It does not look as if Gartman's heart is in it. Life is tough as a sell-out to parasites. He sold himself out and he will not even get to benefit from it ... tragic.

"Money, the new whip" ... well actually it is not that new.

Tue, 09/29/2015 - 09:52 | 6606116 ghostzapper
ghostzapper's picture

Gotta be about a few million limit orders to buy Crude at $43.75 now with this intel.  

Tue, 09/29/2015 - 09:55 | 6606125 Who was that ma...
Who was that masked man's picture

Law of averages says Gartman has to be right every so often.

Tue, 09/29/2015 - 09:58 | 6606133 economessed
economessed's picture

RALLY MONKEY!  I gotta stop typing here so I can go to e-Trade and buy the worst, most despicable crap companies (and there are piles of them everywhere) and ride them into the nether-regions of the short-squeezy stratosphere.  I'll borrow more to lever-up 9:1 on the out of the money options while I'm clickin' to win!  THANKS DENNIS!  I don't know how you do it, but you can't argue with the consistent degree of success that follows you around like the curly tail on a fat pig.

Tue, 09/29/2015 - 10:02 | 6606143 Not if_ But When
Not if_ But When's picture

Wow -  My namtraG fund is going ballistic!

Tue, 09/29/2015 - 10:03 | 6606146 NDXTrader
NDXTrader's picture

Gartman said to buy commodities last night - no, really he did

Tue, 09/29/2015 - 10:05 | 6606150 falak pema
falak pema's picture

If I were Gartman and not Fartman I would buy long in the ocean of plastics; launch a thousand ships from the Chinese owned shipyards of Greece and fleece the oceans of their plastics; then take them to recycle island off the coast of Africa (call it GWB's paradise lost), bring all the refugee labour there for free and suck in/compact/re-sort all that plastic to build a road accross the Sahel such that we can make the biggest PV farm there and import every horse and buggy show in America to rebuild the western towns like Dodge --with free gunfights amongst Jihadist groups and Boot Hill down the road--I'm sure Hollywood would oblige--- and enlighten Sahel Africa on recycled plastics and PV electricity.

Add a wind farm with the neo-cons all relocated in a local Guantanamo Bay type prison with bicyles to generate 24h/d enuff battery electricity when the Sirocco doesn't churn. (We won't need Lithium ion and Tesla !).

I guarantee you that if we have a large enuff prison with banksters, politicians and neo-con diehards and their surrogates from every third world honcho we could make the Sahara green again and africa alit like Madison Avenue, all for a song!

As starters lets get Obama and Putin to inaugurate it, guaranteeing them two berths with plaques poured in cement with their names, --just like on Hollywood blvd--to ensure their return there as Uber class inmates after retirement!

Now that's a vision that even Michael Angelo would have loved to sign his name on !

A daffy-Daniel come to day of last judgement!

Tue, 09/29/2015 - 10:20 | 6606197 Pareto
Pareto's picture

....some fuuny shit there falak +1

Tue, 09/29/2015 - 10:09 | 6606156 hungrydweller
hungrydweller's picture

Looks like he is quasi-bullish on WTI crude.  Looks like my current short position is still good.

Tue, 09/29/2015 - 10:11 | 6606166 NDXTrader
NDXTrader's picture

You would think even CNBC would realize he's lost all credibility. And it's not like he is just cheerleading, he's like a wind-sock. He was "as short as he could be" at S&P 1389 a few years back  and "long as he could be" at 2130

Tue, 09/29/2015 - 10:19 | 6606193 Gimp
Gimp's picture

Going all in!!

Tue, 09/29/2015 - 23:34 | 6609546 Tyrone Shoelaces
Tyrone Shoelaces's picture

Imma have to wait to see if the Clown News Network confirms, and if they do, I am going in balls deep as well!

 

LOL

 

Tue, 09/29/2015 - 10:20 | 6606196 Daize
Daize's picture

Goddamit! Someone put this asshole out of his misery please!

Tue, 09/29/2015 - 10:27 | 6606227 MATA HAIRY
MATA HAIRY's picture

when this was first posted, the SP500 was down .20%, and now it is up .60%

Tue, 09/29/2015 - 10:29 | 6606232 Daize
Daize's picture

now up .88. ..I hate you Gartmann

Tue, 09/29/2015 - 10:33 | 6606247 slaughterer
slaughterer's picture

It is not Gartman, but something else driving this rally.   

Tue, 09/29/2015 - 10:37 | 6606262 Daize
Daize's picture

doh... Can't you just let us have some fun picking on Gartman without poking yer nose in here :P

Tue, 09/29/2015 - 10:35 | 6606252 tictawk
tictawk's picture

Goldman says go long, Gartman says short.  Gartman will be right into the end of the month. 

Tue, 09/29/2015 - 10:46 | 6606281 MarcusAurelius
MarcusAurelius's picture

Too funny Tyler! However accurate I presume to say. I bought the dip in the Nasdaq today and it was good for 65 points and running still. Well oil for the time being I'd have to agree with Gartman on that. However that is simply short term until it gets to about 48 - 52 a Barrel. Then I would say 28 here we come. I was long oil today too. Unusal for the Dollar and Oil to be rising at the same time but they have been lately. 

Tue, 09/29/2015 - 11:04 | 6606348 Yen Cross
Yen Cross's picture

  I'm beginning to think Gartman is trading DEMO accounts with Zimbabwe dollars.

Tue, 09/29/2015 - 11:04 | 6606349 fowlerja
fowlerja's picture

I recently read the "Scarlet Letter" and I think it is time for Dennis to rip off his shirt and reveal the letter on his chest" ... hint... I believe the letter is G... and it stand for God.

Tue, 09/29/2015 - 11:06 | 6606357 PleasedToMeatYou
PleasedToMeatYou's picture

He may actually be right this time.  His batting average is too close to zero to stay there. 

Tue, 09/29/2015 - 12:19 | 6606645 venturen
venturen's picture

Goldman is writing the QE4 memo right now...

Tue, 09/29/2015 - 12:43 | 6606751 nagan
nagan's picture

I think he got the overall theme right this time. He may make bizzare short term calls but surely he makes some big calls right.

Tue, 09/29/2015 - 23:38 | 6609554 Tyrone Shoelaces
Tyrone Shoelaces's picture

Serious question - why does anyone give a news outfit with NBC any credibility?

 

History?

 

Make 'em prove it, not just trot out these bloviating blowhards that 'tell us where the markets are going' - they are always full of shit.

Put him and Cramer in a canoe in the Arctic and set 'em adrift, people will save millions.

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