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Stocks Explode Higher As Gartman Doubles Down On Bear Market Call
Yesterday morning, we wrote a post in which we explained "Why The Market Is Poised For A Rebound: Gartman Says "Bear Market" Will Take S&P To 1420-1550" where we quoted from yesterday's Gartman letter, in which the confused "retirement fund" investor said that "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."
Stocks rallied.
Fast forward to today when as of this moment the S&P is soaring and is set for the 8th best gain in 2015. Why? Here is one reason, from the latest Gartman letter:
Essentially repeating what we said here yesterday, there are still many who deny that this is a bear market, 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.
And more:
As we write, with the rally… and a very strong rally too we shall admit… in Asian share dealing, stock index futures for the States are up quite sharply and there will be many who will argue that this is the start of the next bull market; that the worst is now behind us and that the global nearly 20% decline from the highs is sufficiently deep to have discounted all of the ill economic news that bear markets must do. We are of the opinion that the worst is not yet behind us; that a mere less-than-handful of months from the highs is insufficient as far as “time” is concerned for a bear market to have run its course and that new lows still lie ahead. We shall consider each and every rally then to be interim and corrective in nature, as we consider today’s rally.
So confusion abounds. Where there is no confusion is where Gartman was just stopped out. Recall from a week ago:
Gartman: "New recommendation: We wish to trade wheat from the bullish side and shall buy December KC Hard red winter wheat"
— zerohedge (@zerohedge) September 22, 2015
To those who shorted wheat on the Gartman fade, now is the time to cover:
We do note that we were stopped out at breakeven on our long position in wheat at the close yesterday
As for the broader market, the buying will go on until Gartman flops again.
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Shorting the market into quarter end. Genius.
I love gasoline-flavored bubblegum.
Dennis Gartman
This is how to turn your last name into a verb in the dictionary.
GARTMAAAAAAAAAAAN!!!!!!
https://pbs.twimg.com/media/Bv8NMsECUAElBWv.jpg
A position in the MSM today is akin to having tenure at a failing university. One can be wrong all the time (like Gartman) and continue to be presented as an expert in his field. Truly bizarre.
The Dow looks like it's making the last ramp in a massive M before the next big move down....
But he looks good doing it. /sarc
Yep, the name Gartman will remembered right up there with the likes of Wrong Way Corrigon......
He looks so frustrated lmao
Constipated???
Drudge Report just posted a link to a story on Mort Zuckerman, the Daily News owner who is missing in action.
http://www.showbiz411.com/2015/09/29/ny-media-quandary-where-is-daily-ne...
Everyone in the news business figures Mort is terminally ill, a recurrence of his cancer that is now inoperable, but no one wants to let the public in on the secret. The media in the United States is at peak gutlessness, no one wants to report the truth if there is a chance the messenger will get hammered. That same yellow streak carries over to coverage of Obama and the disastrous U.S. economy. No reporter or editor wants to lose their job now, knowing full well their next job could be as a publicist with no clients or as a real estate salesperson.
have another Scotch Douchebag Dennis
Gartman deserves an honorary Zero Hedge membership for being so bearish.
Others would say, he deserves it for being wrong so consistently.
Anyway, Gartman deserves something - perhaps, a rotten tomato or two thrown into the mix
Stop it with this Gartman comedy, you're killing me.
I am not good at this trading stuff. But I was checking with my dog this morning. She told me that fund managers might possibly want to show less shitty results for the quarter, and then let it rip for the fourth quarter--so it "wont be their fault."
Perhaps I should give Gartman my dog's cel phone number.
When she is done licking her ass, she is open for phone calls.
Sir, I am intrigued by your suggestion.
Will your Dog be offering a newsletter?
I'll reserve judgement until I hear what Cramer has to say about all this. Will one of you trolls tweet him and find out?
The Fed and Treaury can create as much money as they wish . . . exactly what mechanism is there to stop them from creating/providing the funds to central banks that will allow them to buy up every single share in the markets?
Guillotines.
One of the oldest mechanisms that exist- pitchforks. Other than that, nothing.
It's almost as though this MF'r is The Wizard of Oz, and he fades his own pronouncements in advance
His predictions are uncannily shitty, but he'll be bullish tomorrow, and the mkt will tank. LOL
monkey with a dartboard level analysis.
What do you have against monkeys?
They be stealing my rims, nigga!
http://www.youtube.com/watch?v=SeXqNcFYVLg
THIS ASSHOLE NEEDS TO BE SILENCED ALONG WITH EVERY FUCKING BANKER
Is Gartman share same family tree with cramer ? Do they share same ancestors in a way ?
why do they talk to this guy anyway,, who is he?
Apparently, he's such a successful investment mgr that he has the time to show up day after day for the ~$500 appearance fee.
A few years from now, you'll probably be able to find him at Denny's Used Cars.
This guy really is Mr. Opposite. Amazing.
So who will launch the Inverse Gartman Fund?
Slow news day. Scooby is bored!
Here, have a Scooby Snack and post tripe on Farcebook where it belongs.
TYLER[S] - STOP NOW! YOU ARE NOW INSULTING ME! THE NOTION THAT "ONE" SINGLE VOICE [GARTMAN] "MOVES" THE EQUITY MARKETS AROUND THE "ENTIRE GLOBE" IS RIDICULOUS AND WRONG!
STOP INSULTING ME AND THE INTELLIGENCE OF THE VAST NUMBER OF ZEROHEDGERS THAT THINK LIKEWISE.
YOU HAVE OVER EXTENDED THE "GARTMAN" HUMOUR!
The Gartman trade has worked perfectly ... since Lehman.
Take a break man; take a pill; have a drink. We love the humour in an otherwise hard, everything we ever cherished about America, way, that has been turned upside down, and is leading to ruin, our ruin and our children's desperation - all to enrich the .01%. Making fun of Gartman is one of the few pleasures we have left. I admire the man - for contrary reasons. At least he offers an opinion. Always wrtong, never in doubt. Who cares about his recent track record. We need the farce. Cause we don't have any place to put our hard earned dough to make an even small amount to live on. And for that it is either take a gun to them or laugh at the absurdity of it all - all we were told for decades has been stolen from us.
<< Gartman's ineptitude drives perfect -100% call accuracy.
<< Perfect -100%call accuracies are highly improbable. Gartman is a conscious troll.
If he's a troll his genius rivals Shakespeare.
doggis,please stop shouting. It is "fight club" not shrill volume driven verbal assaults.... Happy Face, have a Happy Meal.
an expert on both red winter wheat farming and US equities, very cramer-esque!!
how are these fucking clowns still giving advice to anyone?
Even a stopped out Gartman is right once a year ... or perhaps decade.
Now Gartman has me nervous, cause I shorted RUT early today, it had the look of a potential gap open rollover, but so many elements are battling: new quarter early allocations, Pre-Yellen honey-suckers, bad news QE-groupies, all against the "we must demonstrably violate the lows" crowd. Tight stop, not willing to give much here, a hunch play
Just closed short out at the pivot, could go a little further, but given I had gains going against both an upcoming Yellen speech and the counter-Gartman move, I don't want to push my luck :) Good luck to the other traders out there
Good work, kudos to you.
it is uncanny what a fucking mush this guy is. I actually laughed out loud at the title.
So, maybe he is right on this call. Sure wish he'd cover.
Just stopped by to say thanks Dennis for yesterday's Gartrarian call...waddya like tomorrow? :)
Morning woodie already drooping....time for some more free money chatter I guess.
That's the problem with articles like this. Extremely time sensitive.
Standard Disclaimer: I may have to drag out William J. O'Neill quotes if this nonsense doesn't stop.
I'll toss this one out, since over the last month or so it's become the state of the market.
"In bear markets, stocks usually open strong and close weak. In bull markets, they tend to open weak and close strong." - William J. O'Neill.
Honey what do you want for breakfast?
I wish to have eggs and shall take them scrambled.
When Gartman finally decides to fade himself his head will unfortunately explode.
I wonder if even Gartman's reflection listens to him
Gartman is a very exteneded Jeff Macke moment, still playing out.
https://www.youtube.com/watch?v=79HLnTPxMho
Be nice to Gartman, he is the resident Zero Hedge "Kick-dog-bitch."
We need him to piss on himself when things get too fucking serious around here.
The Source.