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Gartman: "It Is Time To Sell Crude Oil Once Again"

Tyler Durden's picture




 

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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Fri, 11/20/2015 - 10:02 | 6817382 medium giraffe
medium giraffe's picture

BULLISH!

Fri, 11/20/2015 - 10:04 | 6817389 TheBoyPlunger
TheBoyPlunger's picture

Gawd dammit, time to cover my crude shorts. Gartman strikes again.

Fri, 11/20/2015 - 10:08 | 6817415 TahoeBilly2012
TahoeBilly2012's picture

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.

Fri, 11/20/2015 - 10:12 | 6817429 Xibalba
Xibalba's picture

explains all the call buying on USO yesterday

Fri, 11/20/2015 - 10:16 | 6817433 The Juggernaut
The Juggernaut's picture

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.

Fri, 11/20/2015 - 10:17 | 6817450 Tonald J Drump
Tonald J Drump's picture

anyone know if there's a triple 3x-long crude ETF ?

Fri, 11/20/2015 - 10:29 | 6817501 TheRealDrBill
TheRealDrBill's picture

uwti - 3X long crude

dwti - 3X short crude

Fri, 11/20/2015 - 10:35 | 6817526 Your guess is a...
Your guess is as good as mine's picture

I prefer the triple, double, 300%, hedged, long-short ETF, it's much less crude and more sophisticated.

Fri, 11/20/2015 - 10:46 | 6817593 Jtrillian
Jtrillian's picture

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.

Fri, 11/20/2015 - 10:58 | 6817642 thesonandheir
thesonandheir's picture

Gartman or Cartman? Know which one I'd rather listen to.

Fri, 11/20/2015 - 14:42 | 6818655 Soph
Soph's picture

"Respect my authoritah!!" ...hmm, that is kind of Gartman'esque isn't it?

Sat, 11/21/2015 - 02:47 | 6820585 Your guess is a...
Your guess is as good as mine's picture

"I'm going home, Assholes. Home, going, assholes. Home."

 

That's kind of Lassie-esque.

Fri, 11/20/2015 - 10:14 | 6817432 The Juggernaut
The Juggernaut's picture

How did this guy get to where he is now?

Fri, 11/20/2015 - 10:23 | 6817479 Temporalist
Temporalist's picture

Must be the beard

Fri, 11/20/2015 - 11:18 | 6817725 bullchit
bullchit's picture

"Waiter, send me the sommelier". Blank look. "Ya know, the wine geezer".

 

Fri, 11/20/2015 - 10:08 | 6817417 SoilMyselfRotten
SoilMyselfRotten's picture

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.

Fri, 11/20/2015 - 10:18 | 6817454 maxamus
maxamus's picture

Eh, don't worry, if you lose money just set up a gofundme page.

Fri, 11/20/2015 - 10:13 | 6817435 RockRiver
RockRiver's picture

That's Gartman...always willing to sell the bottom of the range.

Fri, 11/20/2015 - 10:15 | 6817445 slaughterer
slaughterer's picture

Sell Crude: Maybe Gartman is right this one time.  

Fri, 11/20/2015 - 10:47 | 6817596 astoriajoe
astoriajoe's picture

Maybe he is psychic, and actually just seeing things two weeks ahead of time, without realizing it. 

Fri, 11/20/2015 - 22:49 | 6820184 bcroz
bcroz's picture

Don't worry, Gartman is still batting 100%, since he got stopped out on the 1 o'clock ramp to 42.76.

Fri, 11/20/2015 - 10:06 | 6817394 FreeShitter
FreeShitter's picture

Fuck that guy and his bullshit calls.

Fri, 11/20/2015 - 10:06 | 6817396 Francis Marx
Francis Marx's picture

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.

Fri, 11/20/2015 - 10:10 | 6817423 antonina2
antonina2's picture

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!  

Fri, 11/20/2015 - 10:15 | 6817442 Francis Marx
Francis Marx's picture

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...

Fri, 11/20/2015 - 10:49 | 6817604 Yttrium Gold Ni...
Yttrium Gold Nitrogen's picture

Even though I don't trade, I've noticed the same pattern.

Fri, 11/20/2015 - 10:07 | 6817404 antonina2
antonina2's picture

Does he do this on purpose?  Watch it go to $60 today!

Fri, 11/20/2015 - 10:08 | 6817406 Agstacker
Agstacker's picture

If he says sell then it must be time to buy.

Fri, 11/20/2015 - 10:09 | 6817419 Bill of Rights
Bill of Rights's picture

Time to take a long...

Fri, 11/20/2015 - 10:10 | 6817424 Temporalist
Temporalist's picture

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...

Fri, 11/20/2015 - 10:29 | 6817500 Kilgore Trout
Kilgore Trout's picture

Large potention.

Fri, 11/20/2015 - 10:44 | 6817573 swmnguy
swmnguy's picture

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?

Fri, 11/20/2015 - 14:42 | 6818631 Banker Buster
Banker Buster's picture

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.

Fri, 11/20/2015 - 10:50 | 6817611 Raul44
Raul44's picture

Well... ;) If you reverse what he does then he actually is.

Fri, 11/20/2015 - 10:11 | 6817425 MrBoompi
MrBoompi's picture

Has anyone made any actual money by doing the opposite of what Gartman says?  I'd like to get a piece of that action.

Fri, 11/20/2015 - 10:12 | 6817428 Squids_In
Squids_In's picture

I've just turned bullish!

Fri, 11/20/2015 - 10:14 | 6817443 FreeNewEnergy
FreeNewEnergy's picture

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.

Fri, 11/20/2015 - 10:17 | 6817451 jesse livermoore
jesse livermoore's picture

Buy,buy,buy....everyone one is buying .... Sell ,sell sell.
Rodney dangerfield

Fri, 11/20/2015 - 10:23 | 6817476 semperfi
semperfi's picture

sell LOW  buy  HIGH 

the Gartman method

Fri, 11/20/2015 - 10:30 | 6817506 Yttrium Gold Ni...
Yttrium Gold Nitrogen's picture

Gartman knows how to spoil a party.

Fri, 11/20/2015 - 10:35 | 6817524 Dan The Man
Dan The Man's picture

Anyone else follow  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"

 

Fri, 11/20/2015 - 10:35 | 6817530 Your guess is a...
Your guess is as good as mine's picture

What a wanker.

Fri, 11/20/2015 - 10:35 | 6817532 spekulatn
spekulatn's picture

Buy that bitch until the bulls come home.

Fri, 11/20/2015 - 10:47 | 6817594 Raul44
Raul44's picture

"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!

Fri, 11/20/2015 - 10:49 | 6817601 medium giraffe
medium giraffe's picture

WTI up already. Go Gartman Go!

Fri, 11/20/2015 - 10:49 | 6817605 One And Only
One And Only's picture

I think there is an algo that is programmed to do the opposite what he says.

Fri, 11/20/2015 - 11:01 | 6817656 FreeNewEnergy
FreeNewEnergy's picture

Seriously, if there isn't one, there should be. No sarc.

Fri, 11/20/2015 - 11:07 | 6817670 FreeNewEnergy
FreeNewEnergy's picture

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?

Fri, 11/20/2015 - 11:48 | 6817854 Quirkel
Quirkel's picture

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

 

Fri, 11/20/2015 - 12:00 | 6817904 Downtoolong
Downtoolong's picture

 

I long ago came to the conclusion that the reason Gartman exists is so that Cramer can have someone to look down on.

 

Fri, 11/20/2015 - 12:03 | 6817922 Hongcha
Hongcha's picture

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. 

Fri, 11/20/2015 - 12:41 | 6818102 MadVladtheconquerer
MadVladtheconquerer's picture

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

Fri, 11/20/2015 - 12:58 | 6818174 inosent
inosent's picture

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

Fri, 11/20/2015 - 14:21 | 6818577 EBT excepted
EBT excepted's picture

long CVX, cuz when dey make da solah powah, dey done fo'get to take in wut happun in d' night...

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