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Bulls Have One Last Trump Card Up Their Sleeve...
Curious who else got slammed in Friday's junk bond debacle? The answer - everyone's favorite CNBC commentator, "world renowned commodity trader" Dennis Gartman. From his latest letter:
Our bond fund took a sizeable “hit” on Friday following the news of the refusal on the part of the Third Avenue fund to allow for immediate redemptions where those unable to sell their positions in Third Avenue sold what they could and where they could to gain access to liquidity. There are times, amidst panic, when such illogical-in-the-long-run selling takes place and this one such time. As Lord Keynes reminded us, “The market can remain illogical far longer than we can remain solvent:”
That said, with US futures snapping what appeared to be the now conventional overnight low volume levitation and sliding to fresh lows as both crude and natgas plunged to fresh multi-year lows, bulls may have one final trump card up their sleeve: Gartman is now actively adding to shorts.
SHARE PRICES HAVE FALLEN VERY, VERY SHARPLY since we marked them here on Friday and as our old friend Doug Kass likes to say, “Risk happens fast.” Risk has indeed happened very fast as one major trend line after another in one market after another has been broken through materially and importantly. Nine of the ten markets comprising our International Index have fallen and only the market on the mainland in China has risen, with eight of those nine having fallen by more than 1% and with two of those nine having fallen by more than 1%. Our Index has lost 153 “points” since Friday or 1.6% and for the year-to-date, stocks in global terms are now down 481 “points or 4.9%, while the S&P is 48 “points” or 2.3%.
On Friday we said that we were considering adding short hedges to our retirement funds in order to protect against the downside, but we failed to act; that is we did not make that an “official” recommendation and indeed we did not take any such action on our own. Clearly we should have. Clearly things were coming apart at the edges of the markets and clearly, in retrospect, we should have taken action. We’ll do so today on any minor intra-day strength that might evolve and as we write stock index futures are trading 12-13 “Big Figures” higher and that might serve as enough intra-day strength into which to sell.
It not quite clear just how this works considering one of Gartman's recommended trades remains to be "Long of One Unit of the S&P/short of One Unit of the EUR Stoxx 50", but we'll let that slide.
As we have said before, perhaps instead of hiking, the Fed should just urge Gartman to remain bearish in order for Yellen to comfortably achieve her "rising equity market prices" mandate.
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Depends on whose cock you are sucking.
"Long of One Unit of the S&P/short of One Unit of the EUR Stoxx 50"
And people let this man invest for them.
Fartman!
this guy is back at trading other people's money? hasn't he already blown up a "fund"? wtf?
People give this guy money to manage?
Remember most people are complete idiots
Selling is "illogical"?
So how does this guy make money?
by Stealing client's money of course
er, stealing suckers money.
Can stand this pompous prick but I also can't help myself reading every article about him. He talks about a bond fund like it's something other than a portion of his 401k. 'One unit', what a joke. He thinks he's Richard Dennis who always talked in units but the only thing Gartman shares with him is a name.
https://en.wikipedia.org/wiki/Richard_Dennis
Gartman has been assigned the Aunt Millie accounts:
http://winteractionables.com/?p=28605
Gartman is living proof of the Peter Principle. Just guessing, but only on Wall Street or in big, publicly-traded companies can people such as this be paid outrageous sums of money for being so utterly wrong so often.
I urge everyone with at least a few brain cells remaining from the mind-fucking we've been the recipient of over the past seven years to print out a picture of dear Dennis as a constant reminder of how greatly America has failed current and future generations.
Perhaps we could use his image for upcoming two minute hates.
Clearly we should have. Clearly things were coming apart at the edges of the markets and clearly, in retrospect, we should have taken action.
Clearly, Gartman must spend much of his (or should that be "their" since "he" so often refers to himself as "we") time with his thumb(s) up his ass(es).
There's only PsyOp & Ponzi.
I feel the need to correct the ZH haeadline
From:
Gartman: "Our Bond Fund Took A Sizeable 'Hit' On Friday"To:
Gartman: "We Dropped Our Wallet Into The Toilet After Taking A Sizeable Shit On Friday."
#GartmanShitsFTW
Why can't he ever use normal English at any time ever? Everyone else on the planet would simply type, "our bond fund took a sizable hit.....". But HE has to put the word "hit" in quotes, as if it were some totally peculiar expression.
Jesus.
Seems as though the only " Hits" they re taking of are the Acid type. They sure do act like they're on it.
https://www.youtube.com/watch?v=Zzrh5GftgzM
Because he's a special kind of educated gentleman.
Little yellow bus special.
And when weill Gatman be returning INVESTOR monies?
His deli ticket number is right after Corzine's...
And I'm sure it's a Kosher deli
FED meeting and option expiration week. Get ready for another monster short-covering squeeze.
“Risk happens fast.”
Wrong. Risk happens (the estimate is refined) very very slowly. It is what risk statistically predicts that does the happening ... and that happens fast.
agreud. risk can sit there quiety for years. what happens fast are the consequences, and the accompanying panics.
"...Lord Keynes... 'Nuff said.
This publication is proprietary and limited to the sole use of The Gartman Letter, L.C. clients and trial subscribers. Each reproduction of any part of this publication or its contents must contain notice of The Gartman Letter, L.C.'s copyright. Pursuant to U.S. Copyright law, damages for liability or infringing a copyright may amount to $30,000 per infringement and, in the case of willful infringement; the amount may be up to $150,000 per infringement, in addition to the recovery of costs and attorneys' fees. This agreement shall be governed and construed in accordance with U.S. Copyright law and with the laws of the Commonwealth of Virginia. The federal court for the Eastern District of Virginia, Norfolk Division, or the courts of the Commonwealth of Virginia, City of Norfolk, shall have shall have jurisdiction to hear any dispute under this Agreement.
Why would anyone want to infringe upon this joke?
Wait till this Friday Gartman. As they say down south " You aint see nothin yet".
Hit a, hit a, hit a Gartman.
Https://www.youtube.com/watch?v=qNZy5Ruul1c
i dont think he understands the meaning of the words he uses. esp 'risk'. the whole industry miususes risk. risk is potentiality...it remains near constant in the short term....people choose to see it or not and measure it in different ways.
sharp price delcines?? he hasnt seen anything yet. thats the problem at this point in the cycle, 200 points down is a catastrophe, and peple talk about volatility and major setbacks etc. when the bear unfolds and prices move fast and contintue down, 4% in 3 weeks will be a relief.
a simple review of past bear mkts one can easily see 2-3 week peiords of 10-15% declines, 7% rallies, 15% declines....short term memory issues and/or confirmation bias--looking for the info you want to see
Yeah. Driving drunk after dark with no headlights is business as usual. Hitting a tree is risky.
As Lord Keynes reminded us, “The market can remain illogical far longer than we can remain solvent:”
Actually, today's market can remain highly manipulated far longer than we can remain solvent.
The reason? People within our government have become the bullies, rather than protecting us from the bullies. They ain't earning their wages from the taxes we pay.
Get your money out while you still can !!
Don't be a fool !!
When one of those 2/20 guys or anyone else offers to manage your money RUN.
So...I need to find some junk bonds to buy.
History is a cruel mistress. That is why everyone ignores it?