Dennis Gartman Turns Bearish And Futures Hit Overnight Highs

Tyler Durden's picture

For a brief period, it almost seemed as if we are back to a normal market: bad news for the global economy (and there has been more than enough in the past 2 days out of China) were bad news for risk and stocks. And then, the clockwork USDJPY/XIV levitation started. Why? Who knows, ask the central banks participating in the CME's E-mini trading "incentivization" program, or the BOJ's USDJPY buying team, or the BIS' Benoit Gilson who made his market on gold just as it was about to take out the 200 DMA.

But one thing that nobody can ignore was the latest Gartman letter, in which the virtually daytrading comedian who two days ago turned bearish on oil after just days earlier turning "the most bullish he's ever been" and just after oil tumbled, said that he now retracts his call for an equity meltup made also just a few days prior.

To wit:

All the markets that comprise our International Index have fallen, a very rare occurrence indeed. In fact, when this sort of thing happens following bullish moves it has almost always signaled the end of the bull-run. Couple this unanimity of price movement with the “reversals” noted above and we have a situation that  concerns us greatly. Indeed it concerns us enough to exit our long positions entirely upon receipt of this commentary… positions that only a day or two ago seemed to us to be insulated from random noise, able to withstand a day or two of normal consolidation, but unable now to withstand the technical deterioration that has taken place as swiftly as it has. Certainly we do not like switching positions this quickly, for we appear to be flippant and foolhardy, but history tells us that we have no choice.

Adding "THE RUSSEL “REVERSES” AGAIN!: And We Paid Heed: We turned bullish of stocks when this index and others “reversed” to the upside following the Employment Situation Report two weeks ago, but the trend line weighed heavily and the Index “reversed” to the downside yesterday… to our chagrin."

Contract the above, with the following just from October 9:

The “Melt?up” Begins: The reversal to the upside that took place last Friday was the ignition point for the bull run, but now the fact that this trend line is being taken out from below shall simply add fuel to the already heated fire. Let the “Melt?Up” begin.

Bears have been duly warned.

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Four chan's picture

speaking of, gartman couldn't pick underwear out his own arse.

clooney_art's picture

Gartman will turn bullish once his meds are refilled up by his neighborhood Wallgreens.

quintago's picture

stop posting this crap, nobody cares about Gartman. 

Normalcy Bias's picture

I'm starting to like this clown. His calls are reliably wrong, and he changes sides on a daily basis. Entertaining as hell...

Hype Alert's picture

He'll be bullish before they open the "news"letter.

BullyBearish's picture

Don't fade the Fartman, just use him as a "Lagging" indicktator...

abyssinian's picture

Quickly, short the S&P in moron terms, and long the tech stocks in retard terms then maybe buy some gold in Martian terms.  Thanks Gartman for your advice in Alien terms. 

Not if_ But When's picture

His utterances once again will make my newly launched namtraG Fund skyrocket.  ( currently closed to new investors due to overwhelming demand to buy in.  It's not easy to manage such an exceedingly large amount of money ).

Dr. Engali's picture

This line cracks me up:

 

 "Certainly we do not like switching positions this quickly, for we appear to be flippant and foolhardy, but history tells us that we have no choice."

Dude you flip more than the combined total of all the new burger flippers in the rip roaring Obama eCONomy.

Groundhog Day's picture

Gartman and Cramer going bearish at the same time?  I feel a massive rally brewing

spanish inquisition's picture

I read that as history tells him to be flippant and foolhardy while trading.

It's the most acccurate he has been....

redd_green's picture

Doesn't Gartman make boatloads of money selling some kind of "buy this now" newsletter?  So, why are we listening to him now?

Dr. Engali's picture

You can't ask for a better contrarian indicator than Fartman. 

firstdivision's picture

If you could make a profit 98% of the time betting against someone's recommendations in a shitty newsletter, wouldn't you subscribe to it?

Lesbian Schoolgirls's picture
Lesbian Schoolgirls (not verified) Oct 14, 2015 7:37 AM

He must have Tourette's, there's just no other explanation.

Ben Bermonkey's picture

I do not understand how you can be so negative on Mr Fartman's comments all days.

I use his farts for my investing style.

Very successful indeed.

**********pffffffffhhhhhhhhhhhhhh

igitt, ugly

Ben Bermonkey's picture

The world renowed "Fartman's Newsletter service"

haha

financial gart-farting since 1981: a financial fart a day keeps the doctor away

taketheredpill's picture

You realize that since he isn't actually managing money this shit can go on forever...which means that eventually he sill get one call right.

 

RadioFlyer's picture
RadioFlyer (not verified) Oct 14, 2015 7:47 AM

Kind of off topic, but anyone notice that Brazil Bovespa doesn't appear to be reporting in today?  I don't see a holiday.  It dropped 4% yesterday.

monopoly's picture

How can you not love this guy. Yes, he is a fool and knows little to nothing. But he is probably a great grandfather. He just needs to go home and play with the grandkids. And stay home.

loregnum's picture

I like him saying he doesn't like flipping so quickly when he does it what, every 2-5 days? This guy is the ultimate troll (well, second next to should have been aborted Skip Bayless) and he probably gets a good laugh at it all.

horot's picture

Dennis Gartman is an inverted wonders of the stock market. That guy reverse-accuracy never cease to amaze me. LOL!

venturen's picture

Once it become known he is a contarian idicator they will use the double secret agent ploy...and his laughable wrong prediction will become a right prediction for the wrong reason! Because....really with a FED(&other Central Banks) manipulating the market with unlimited money....why does anything have to make sense?

RabbitChow's picture

Is this guy a student of Cramer?

scubapro's picture

 

 

sounds like hes been a bit whipsawed as of late.....but even a blind squirrel gets a nut once in a while....

inosent's picture

"but even a blind squirrel gets a nut once in a while" hahaha, very funny

JamaicaJim's picture

Dennis The Fart Bag Cartman.......this fucker is comedy gold. The fuck ought to do a stand up on Saturday Night Liberal, and spew his prognosications all over the unwashed.....easily funnier than the shit they serve up

Md4's picture

Who the hell is this "we" in his forecast scribblings?

How many Gartmans are there...?

m

Mike Masr's picture

Obummer told all the sheeple on 60 Minutes last Sunday that the economy was doing great. So everyone needs to forget Gartman, go long, and stick their heads back into the sand!

Sparehead's picture

So who makes the better market emotion barometer, this guy or Cramer?

Crocodile's picture

Progressivism is digression in motion.

 

Liberalism is a mental disease.

 

Feminism is another Liberal & Progressive ideological failure and therefore is a mental disease specific to foolish women and a real family killer.

 

Political Correctness is the evidence of the insanity of any nation that practices it.

 

The US is all of the above and we are a godless society under the judgment of Almighty God and we ain't seen nothing yet; this is the BEGINNING of birth pains, which means is gets a lot more painful and with greater amplitude and frequency.

weigh-a-pie's picture

Bollocks - this is utter pish, and you sound like a total wanker deported from the middle ages.

There is no god. There is only people, and you sound like a wanker.