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And Now A Warning For The Bulls: Gartman Is A "Buyer Of Any Intra-And Inter Day Weakness"
The long awaited moment has arrived.
It was precisely one week ago, when we said "Bears have been duly warned", after we revealed that Gartman just went bearish. Recall that in this broken, hilarious "market", completing the trifecta of the only catalysts that matter, in addition to daily central bank intervention and stock buybacks of course, is fading Gartman's daily flipflopping.
This is what he said in his note to "clients" on the morning of October 14:
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.
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."
Incidentally, this bearish reversal followed just 5 days after the following prognostication: "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."
Here is what happened next:
Since then we eagerly cautioned anyone who cared to listen not to turn "bearish of stocks in any terms" until Gartman flopped again, as was inevitable.
That just happened. To wit from the latest Gartman letter to "subscribers":
We are still of the opinion that the “bear market” that began in late May ran its course, when stocks at their worst were down just a bit more than 19%. We look for stock prices still to move higher, and to finish the year higher, but likely not materially so. As such, we are buyers of any intra-and inter day weakness on balance for that is what one is to do in a bull market."
What indeed is one to do in a bull market (that supposedly ended one week ago), than to listen to the most accurate, if inversely, forecaster the world may have ever seen.
Bulls: you have been warned.
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I think you should combine the Tranny and Gartman articles!
I think Gartman is a "tranny" ... he might even be Janet Yellen.
Thanks for the heads up. Tylers
Then I willl issue a 3 day CRASH warning
I get tired of this bloviating "we" bullshit. Like there is some conference room somewhere with full consensus.
my reverse-gartman meter says GET OUT NOW!
it is amazing how accurate the gartman inverse fund has been. Must suck, and be very cornfusing, to be a gartman letter subscriber.
Gartman flip flops more than a fish out of water. By sheer probability, he will be right some day.
Is he a Kerry fish??
Thank you Gartman! Now I feel confident about my short position via SPXS.
I trade this too. Long SPXS and long SCO... Thank god Gartman flipped.
In this case, with the phrase "buyer of weakness", "weakness" refers to the buyer, not the market.
I still don't know what this guy's first language is, but English definitely it is not. Who the fuck says "long of equities" besides Gartman?
And, naturally, the /TF goes into an instant free-fall.
To reference the Greater Fool Theory of the Stock Market, I am very happy that Mr. Gartman (and I would assume others like him) are around. Truly.
Normal Person: "I'm bullish"
Gartman: "...we are buyers of any intra-and inter day weakness on balance for that is what one is to do in a bull market."
"any intra-and inter day weakness" ~ as if there is there some other temporal form of weakness? perhaps i'm just too `short of credentials' to parse his pendantic, oblique mode of speech.
Showing off his Fedspeak skillz. Maybe hoping to get tapped.
I was wondering why the jump in interest again in my super-successful namtraG Fund. Now I know why.
Why would anyone fade the fed after 6 years of the same crap? The Fed is in so freaking deep now, this current hyper loose money policy will never change. you must buy the dips, and if you lose, you must wait and buy again. And if the market really falls out of bed, the Fed will with 100% certainty, step in and bail it out with some other bullshit program. In the world today, political expedience trumps doing the right thing especially when big corporate donor money and the 401k's of millions of registered voters are at stake.
Sadly, it is tools of the Fed, such as you, undercover brother, shy of a full deck and without an original thought to call your own, that worship an idol of men. But these 'men' are not men at all. They are full retard Pinko Fascist Commies who care not for humankind. Woe to you who are not bright enough to see the light. Like a sheep to slaughter you will follow the dictates of others and not know where you go all the while believing that your 'leaders' are looking out for your best interest. Keep supporting the evil that is the Cetral Bank and their proxies, the corporations and politicians. Fool.
Does he fade himself? I mean, how can he still have money? I just...don't...get...it. I mean, what? HOW? I've never seen some one be so consistently wrong. Every time.
Remember, he's not playing with actual money. It's all an imaginary portfolio. No bullshit, he'll even remind you of that.
I think what he's saying now is buy the dips all the way down.
Markets have been putting in a big top for over a year and I'm massively bearish, as usual, but holding only a light position.
For traders (gamblers) only:
I am short stocks but I hedged it by shorting a little bit of paper gold. Note: Physical gold is always my largest position after cash, so this is not a bearish call on the gold market. Stocks are positively correlated with dollar strength and gold is negatively correlated with dollar strength. If stocks really crash, though, gold will probably be taken down, too, because people will panic into cash and rally the dollar.
My game plan :
Stocks rally, add to stock shorts and trim the gold hedge.
Stocks sell off with interest rates and gold rising? Add to the short gold hedge (my physical gold goes nowhere, not selling that ever unless I'm broke).
Stocks dip, bonds rally? Take partial profits on stock shorts, go short bonds.
Stocks crash, gold crashes, bonds rally hard? Cover stock/gold shorts, go short bonds and get heavily long paper gold for a trade.
If there's nothing to do, do nothing.
Yesterday, did nothing. Today, looks like another nothing day, so far.
Notice what is missing: I do not expect to be going long the stock market again in this lifetime.
Trimming gold hedge...was not looking for a gold slam this morning. Support is $1150. Hmm, stocks are weaker than I'd expect, too, given the gold. If stocks rally on the open tomorrow morning, I'll be selling them, for sure.
I am confused by your supposition: "Stocks are positively correlated with dollar strength".
Isn't just the opposite true 2009 -2014? So what is behind that fundamentally?
Oh. Not so much fundamentals, but rather, fraud. I get it.
He doesn't want to appear flippant and foolhardy...he just is.
He expects dips, I don't.
There's a serious shortsqueeze developping in the next 3 weeks.
Shorts will soon see their biggest fear happening and for most it's to late already.
The retaillers are being fleeced once again. And once the debt ceiling will be passed YET AGAIN, another rally will get feet.
So don't just read stuff that gives you hope when you're short. Think about the stuff you don't want to hear.