Gartman Now Says Crude Has Bottomed Hours After Warning Of "Egregiously Lower" Prices And "Panic Selling" To $15
It was less than a day ago when Gartman, in his latest appearance on the nepotism-challenged CNBC, said that not only is the bottom for oil not in yet, but that a selling "panic" could push it down as low as $15: after all with Standard Chartered coming out with a $10 forecast, it was suddenly cool to have dire predictions about the black gold's downside risk.
This is what he said:
"The dollar is the predominant deciding factor at this point, and as long as the dollar continues to go higher, and it does, the pressure will remain on the crude oil market. I really thought that $32 might hold. I actually thought that would be the furthest that we could extend it down to, but we're getting a panic situation. And in panic you can get an egregiously lower price," he said.
According to Gartman, the bottom is not in for oil: It could fall much further. "Egregiously lower — $15, $16, $17, $18 per barrel on the front month for a day or two but it won't last long down there," he said.
Perhaps because the video was record around lunch time, before oil dipped below $30 and then rebounded, and perhaps because just a few hours later Jeff Gundlach said oil has bottomed, the halflife on this particular Gartman call was record short.
This is what he said in his latest overnight letter:
CRUDE OIL PRICES, FINALLY, HAVE STABILISED and we shall go our far upon a limb here this morning suggesting very strongly that when nearby February WTI traded to $29.93 at its low yesterday amidst a great deal of very vocal consternation on the national business television channels that crude had “TRADED BELOW $30 PER BARRELL” that that was what we in the past had referred to as the “obscene number” and may well have been the low.
This, of course, comes from the world-renowned commodities expert who trades oil as follows:
So while oil may have much more downside once again, the other question is what happens to stocks? After all in yesterday's comment in which Gartman said he was preparing to "short this bear market" more, we warned "shorters may want to take today off" ahead of the late day spike. What does Gartman think now?
Our International Index has risen 89 “points” in the past twenty four hours, taking it 1% higher in the process and reviving hopes on the part of the equity market bulls that the weakness has run its course. It has not and we wish to be quite clear about that. For the year-to-date, our International Index is down nearly 750 “points and from its high last May it is down nearly 2350 “points” or 7.8% and 21.0% respectively. These are not insignificant numbers. Indeed they are manifestly bearish numbers and we must needs trade bearishly as a result, and for now we await the rise toward 1985 for the S&P as noted just above into which we have every intention of becoming rather aggressively net short of the market. We have the ability… and the opportunity… at this point to be patient, awaiting our target and waiting for the proper time.
His conclusion:
Victory usually goes to the patient.
By patient we suppose he means to those who now flipflop twice in less than 24 hours?
(3 votes)
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This guy is the world's worst comedian.
Could this guy possibly be making money the last year? How does his fund survive?
I think of him as an actor as opposed to a fund manager. Maybe I'm wrong and he actually does have capital and a fund...
The man has a right to change his mind.....constantly.
I think he is actually long and short at the same time.
It's OK, he's jewish and has been persecuted for 4000 years.
Short of some evolving crisis, no one, not even the Federal Reserve Gang, gets more roil on a consistant basis.
He sells the newspapers.
The Fartman...twisting in his own wind
At this point, I wouldn't be surprised if we eventually learn that he's totally insane and the 'funds' he manage exist only in his imagination.
He manages his retirement account and writes a newsletter about it if I'm not mistaken.
I still can't figure out who at CNBC says, "oh, lets get Gartman on today, he should have some good insights."
ALL fund mangers (like politicians and Fortune 500 CEOs) are actors and salesmen.
Invest accordingly.
he thrives because, believe it or not, there's people stoopider (incorrect spelling on purpose) than him
Could this guy possibly be making money the last year? How does his fund survive?
Fees baby.
Gartman is the daily white noise that you need to block out. Much like facebook and twitter.
This guy is a weathervane.....
How does he stay in business?
This just in - Gartman changes his call. He found a trqade pair short Pork Bellies and Long olive oil.
This just in - Gartman reverses his Trade Pair.
This just in - Gartmen made a mistake, he's long PRK not Pork.
This just in - Gartman changes short PRK to long PRK
This just in - Gartman mistake, He meant changing short PRK to Long PRK
i don't know how he ever makes any money he never holds a position for more than two seconds. mr. flippidy floppidy.
soft dollar agreements with all the brokers that he places all those trades through? haha.
this dude is more anxiety ridden than my 14 year old dog who keeps going in and out of the doggie door every 5 minutes, binge drinking water, then pissing lake michigan on the kitchen tile
time to stock up on SCO.
What's a Gartman? Animal, mineral, VEGETABLE?...
Cartman's gay uncle.
Respect My Authority!
Dupe
OK, so we A. go down from here or B. go up hard and fast and never look back!
How does Gartman get in TV being wrong all the time?
Then CNBC does a special segment on Peter Schiff being wrong (which he wasn't)
Lol
his daughter works there
And they shit on Peter every time he's on. The same CNBC douche seems to be on when he appears trying to get him to admit he was wrong and how dangerous he is because he doesn't admit it. Who holds Gartmans feet to the fire?
If you never have a stance, you are never wrong.
Perhaps he's learned the 'every side of an issue' gamut from watching politicians.
I warned of $15 oil BEFORE I warned against it!
Yep.
Gartman has ALL the soundbites ready to go now.
God damn pig devil.
An embarrassment to paper shuffling trader monkeys everywhere!
Maybe he is competing with Cramer for Prognosticator of the Year award.
How on earth can he say they have stabilised? Its WAY too early to make that call. All through this move i have watch 2 or 3 or more % rips, but with in a few days its lower yet again. Anyone calling the bottom here is just guessing, yes even gundlach, though why anyone cares about what he thinks on oil is beyond me. and anyway, a 3% rip here is meaningless, thats not even a buck in price terms.
Good luck catching that knife.
Seriously! This is on it's way down to the mid $20's or I'll buy everyone here a beer.
"CRUDE OIL PRICES, FINALLY, HAVE STABILISED and we shall go our far upon a limb here...."
Really, we keep saying the same thing guys HIRE A PROOF READER. Specifically one who speaks English as his first language.
Rock on Gartman. Keep those Onion articles coming!
If you're swinging between 200% swings in your oil price prediction on a daily basis, just go ahead and STFU.
Just goes to show, how much profit can be made from a Barrel of Oil. And they still must be making some profit.
Tex told me, early 80's, he could drill a well in Saudi Arabia to 1500', have it completed and producing in 5 days at 25,000 bpd for $25,000. Yes, I'd say somebody could still afford a maserati or two, 9 female swedish sex slave, male and female, 4 mosques 12 flight schools in the US of A.
I looked in my hgt algorthym laser receptive crystal ball, aha, there was a picture of hot dogs and frosted mug of adult beverage. Investment response: buy charcol and limon.
Phartman gets $200.00 for going on T.V. and dazzling everyone with his unmatched "maket" predictions.
Other than that I have no idea how he generates any income.
Wonder how many subscribe to his newsletter? 3,6,9?
Gartman is the market equivalent of Bagdad Bob...
BUY SELL BUY SELL BUY SELL BUY SELL! Oh wait, we were wrong....
Why does Gartman use the royal 'We' all the time? Maybe this explains the split personality...
He has a muppet in his pocket...(his only subscriber).