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Gartman: "It Is Time To Sell Crude Oil Once Again"
Back on October 7, WTI had just crossed $50 and Dennis Gartman infamously told CNBC's Fast Money that "this is the most bullish I've been on crude." So just over a month later, with flirting for the seond day in a row with a $30 handle, what does Gartman think now? Well, since the price chart of oil is from the top left to the bottom right, Gartman's assesment is simple: "It is time to sell crude oil once again"
NEW RECOMMENDATION: It is time to sell crude oil once again, and the risks are small while the potention seems large. Let’s sell a bit of both WTI and Brent crude, sufficient to be one unit in aggregate with nearby January WTI trading at or near to $41.85 and nearby Brent trading at or very near to $44.23. We’ll risk 2% on the position, so the stops shall be $42.10 and $45.11 respectively, and we’ll use our “hour or so” methodology; that is, we’d want to see crude trade through those levels “for an hour or so” before activiating the stops in question.
And visually:
Andy Hall's thank you note to Dennis is now in the mail .
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BULLISH!
Gawd dammit, time to cover my crude shorts. Gartman strikes again.
CNBS hired this guy for this gag, he is a wine sommelier in Manhattan and part time Broadway B rate actor...does a good job fooling people though.
explains all the call buying on USO yesterday
He's called out ZeroHedge in his publication once saying that he makes trade convictions and that "the folks at Zerohedge" don't.
Just because someone is being a reactive trader (idiot) doesn't mean everyone should, Den.
anyone know if there's a triple 3x-long crude ETF ?
uwti - 3X long crude
dwti - 3X short crude
I prefer the triple, double, 300%, hedged, long-short ETF, it's much less crude and more sophisticated.
How does this tool get so much airtime. It's not like he's right half the time. My grandma can make better predictions and she's dead.
Gartman or Cartman? Know which one I'd rather listen to.
"Respect my authoritah!!" ...hmm, that is kind of Gartman'esque isn't it?
"I'm going home, Assholes. Home, going, assholes. Home."
That's kind of Lassie-esque.
How did this guy get to where he is now?
Must be the beard
"Waiter, send me the sommelier". Blank look. "Ya know, the wine geezer".
I think it would benefit his audience if he had a weather vane attached to his head. We could at least know what the prevailing wind is without listening to him.
Eh, don't worry, if you lose money just set up a gofundme page.
That's Gartman...always willing to sell the bottom of the range.
Sell Crude: Maybe Gartman is right this one time.
Maybe he is psychic, and actually just seeing things two weeks ahead of time, without realizing it.
Don't worry, Gartman is still batting 100%, since he got stopped out on the 1 o'clock ramp to 42.76.
Fuck that guy and his bullshit calls.
Like I said this week in my comments, the game is rigged. The HFT dark pools will take it to 43 and possible ramp the to $45-46.
I said then put your shorts in. People voted me down. My laugh is last. I've already made lots playing and knowing their Spoofing game. I wrote that when we were kissing the $39 handle for the 3rd time.
I agree with you. They will wash out the shorts up there before taking it back down and to near I would say the $30 ish handle. Maybe a couple of washes both ways just to get everyones goat!
You got it Tonia. They let all the swarms of moths (shorts) come in close to the fire, then they throw the explosive gasoline on, burning em' up...
Even though I don't trade, I've noticed the same pattern.
Does he do this on purpose? Watch it go to $60 today!
If he says sell then it must be time to buy.
Time to take a long...
He's tully cutting edge. Ahead of his time. A visionary. A legend in his own time. A real renaissance man. I don't have enough superlatives to describe such a true gem of a human being. A leader in his field. A genius. A once in a generation hero...
Large potention.
What the fuck is "Potention" anyway? Apparently it comes in Large, so it must be available in Small, Medium, XL, etc. It's not that Canadian thing with french fries, cheese curds and gravy, is it? Or maybe it's a medical euphemism for an injury to the genitals suffered in overly-enthusiastic masturbation?
Just walk away from the coffee man. Maybe 2 pots is more than you needed this morning.
It is funny how this guy writes, like he's living a Shakespeare play. "I shall enter short here my good man by one unit if I may, better three hours too soon than a minute too late" That'll be $19.95 for the newsletter thanks.
Well... ;) If you reverse what he does then he actually is.
Has anyone made any actual money by doing the opposite of what Gartman says? I'd like to get a piece of that action.
I've just turned bullish!
Fucker! Gas here in upstate NY is closing in on 2.00 a gallon. I would love to see it hit $1.80, but Noooooooooooooooooooo! Gartman has to issue a sell signal, which means BUY.
Asshole.
Buy,buy,buy....everyone one is buying .... Sell ,sell sell.
Rodney dangerfield
sell LOW buy HIGH
the Gartman method
Gartman knows how to spoil a party.
Anyone else follow @gartmanreport on Twitter? Parody account and a pretty funny one.
"Folks, I've switched my stance on the market everyday now. Having trouble keeping up? me too"
What a wanker.
Buy that bitch until the bulls come home.
"It is time to sell crude oil once again, and the risks are small while the potention seems large." >> my god what a fool. Risk is huge also because of possible over the weekend adjustment and potential gain? Like... where he expect price to go <10$? Am I going to risk almost unrealistic 10-20$ with risk of potential unexpected spike of 100$+? This is already cheap like hell, buy and stack like gold you would folks!
WTI up already. Go Gartman Go!
I think there is an algo that is programmed to do the opposite what he says.
Seriously, if there isn't one, there should be. No sarc.
And, while he's at it, couldn't Gatrman just once say,
"I am uber-bearishly, unabshedly, shamelessly ultra-short on silver in dollar terms, yen terms, euro terms, leveraged with gains from all other trades, naked puts, no stops, looking for a bottom of $4 within a month. I sold all my underwear to buy silver shorts. I will be selling the rest of my extenive Jos. A. Bank Men's Whorehouse wardrobe to be truly, utterly, completely naked in what should become the trade of the century."
Really, pretty please, Dennis?
http://www.telegraph.co.uk/finance/oilprices/12006554/Goldman-eyes-20-oi...
I wish he'd say something useful like..the Browns will never winn the Super Bowl..at least that way Id know to bet the house on them
I long ago came to the conclusion that the reason Gartman exists is so that Cramer can have someone to look down on.
Back a few months before the RSS, when UWTI was trading $2-3, I made some coin off that bitch. I called her UWTI the Cutie and she was my bottom hoe for a while there. Now it's NUGT.
Is Gartman really a moron? Or it is simply a feint? Maybe whilst you are laughing at him,
he is laughing all the way to the bank because he actually bets OPPOSITE of what he claims.
Just like Cramit front runs his recs and starts to sell after you start to buy them.
"Did I hear you say that there must be a catch?
Will you walk away from a fool and his money?"
https://www.youtube.com/watch?v=N3TOcw7taBo
oil is not trading very well. the target is obvious, new yearly lows. They are about 4 months old, and there is a lot of buying coming in to cover that low. If it breaks, it is another knife in the gut of those ppl who keep buyng and storing thinking they are going to sell it for $100 6-12 months from now. The main thing all commods have going for them is the money supply. The money supply is still 4x greater than it was in 2009 the last time commods were down here. Unless there is a substantial crash in money supply, I don't see how FRN denominted prices are supposed to sit down here like this, except long enough to bludgeon longs, and then run away with their money. The long is the right trade, but the market is going to burn you out before it moves, which means you have to be very patient and sit forever waiting for oil to come off the lows
long CVX, cuz when dey make da solah powah, dey done fo'get to take in wut happun in d' night...