Gartman No Longer Bullish After Seeing Barron's Cover

Tyler Durden's picture

On Saturday morning, we noted that in what has become an market-timing tradition, Barron's released its "Next Stop Dow 30,000" issue, which promptly raised red flags among traders that the market may have peaked.

Convictions that the next leg was lower were substantiated on Monday morning, when Dennis Gartman announced he was turning more bullish, saying "Our Propensity Is To Find Modest Long Exposure Today", because - well - stocks were higher... just hours before the biggest market drop of 2017.

So, in the aftermath of yesterday's drubbing, we were wondering if Gartman would flip-flop once again. We got the answer earlier this morning, when indeed the famous momentum chaser did just that. His excuse? Not getting the Barron's edition until late on Monday. No really: here is the "explanation in his latest letter"

We were concerned about the stock market when we opened the latest edition of Barron’s and saw the front page cover announcing DOW 30,000! In the past, it has always been magazine and/or newspaper headlines that marked the highs and lows of the equity markets. Hence, when we opened our mail yesterday morning [Ed. Note: We sometimes don’t receive Barron’s in our post-office box until Monday morning; the rest of the world receives it on Saturday. This was one of those days!] and saw the front cover we thought: Has it happened again? Has a nation-wide publication once again marked the highs?  Have we learned nothing at all from history?

 

The jubilation over Dow 20,000 was disturbing enough, but to have had Dow 30,000 touted on the front page of Barron’s revisited historical precedents that spoke very loudly to us. We would very much like to believe that the bull market shall continue and we would very much like to think that Dow 30,000 shall eventually be upon us, and we very, very much would like to believe that any further weakness in  stocks is to be bought, but at the moment we have very serious doubts to that effect…. Very, very serious doubts. Tops of consequence are made in this fashion, with front page articles touting new highs. Attention then must be paid:

And the climax:

In our retirement funds here at TGL we came into yesterday modestly… very, very modestly… long of equities for we were long of the shares of a high-yielding business development company listed on the NYSE that had been bought in order to capture the dividend as the stock went “ex-“ late last week. We’ve brought a stop up behind that position that shall take us out at break-even, including the dividend,  but we’ve no intention at this point of buying anything else and if we are taken out we’ll stand wholly aside and watch further developments.

It may be time to cover those shorts.

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Looney's picture

 

Gartman would sell more of his “newsletters” if he opined on his bodily functions only!   ;-)

Looney

evoila's picture

This guy flips positions faster than you would a pancake

StackShinyStuff's picture

Motherfucker. He did it again. 

ParkAveFlasher's picture

New Gartman trade:  Don't fade remark #1 - he's on to us! 

Wait for his double-back, then fade remark #2. 

"Rommel, you magnificent SOB, I read your book!"

jcaz's picture

Yep, he's figured out that he has to front-run himself- priceless.......

Zero_Ledge's picture

Barron's target is too low.  I suggest everyone read the book, "Dow 36,000".  (Publication date was 1999, so maybe it is out of print by now?)

 

Cognitive Dissonance's picture

Time to take Gartman's bacon out of the pan. It's well past done.

Ghost of PartysOver's picture

The last 8 years have been unprecedented and the next 8 years look to be unprecedented if the last week is any indication.  So historical methods, means and charts might be as useless as a Schumer tear drop.

Nobodys Home's picture

I Pooped Today! It was a short squeeze.

JRobby's picture

This fuck Gartman is in a coma.

Somebody had to read the cover of Barron's to him and suggest an answer.

Calidreaming's picture

Gartmen actually is right about this one for a change

abyssinian's picture

WTF?  Gartman just put in a bottome with this! Fuck! 

BorisTheBlade's picture

Even a broken clock is right twice a day.

NugginFuts's picture

broken clocks and guys named Gartman....

Otherwise, the Gartman Indicator is screaming BTFD!!!! Come on - when has it ever failed????

Calculus99's picture

Trump & Gartman are my 2 favourite American funny men right now.

Trump is great, don't get me wrong, he's no comedian, but much of what he does is hilarious. 

Gatrrman though is pure commedy and very profitable as well, just copper his trades.

Boris Badenov's picture

Barron's comes out on Saturdays, no?

mo mule's picture

The Fed's PPT is working overtime trying to stay ahead of Trump.  But they can't, Trump doesn't care about the markets, He's a real estate man, and to him it's just "the markets go where they want to go" and he does what he needs to so that he can get the job done and move on to the next deal. The markets are going down, and Trump doesn't care.....  strap yourself in......  lol

Bendromeda Strain's picture

Economically illiterate Obama and his "profit earnings ratio" knew that he could count on the Dow to BS America about the economy. Trump knows the truth that the rentier class makes money on both directions, and doesn't give a squat about America.

silverer's picture

Go Gartman! Entertainment almost equaling Trump! Almost. Well, sort of. Well, maybe not quite. But still better than most MSM bullshit. The guy can make you smile as long as you don't follow his investment advice.

Wahooo's picture

In order of hilarity:

1. Drumpf
2. Gartman
3. Duterte
4. Merkel
5. McCain

Davidduke2000's picture

This guy is the Rodney Dangerfield of the financial markets, he is a buffoon and shifts with the wind.  

Fed-up with being Sick and Tired's picture

Wrong choice:  Rodney was a success in his line of work.   He just never got any respect and there you go again!

Nobodys Home's picture

I got a phone call last night. A woman with a sexy voice said : "Come on over Nobody's Home." I went over. Nobody was Home!

RSDallas's picture

This means the DOW reaches 40,000!  

BabaLooey's picture

Another classic Barron's cover was in  late 1999, when they said Buffett was dead wrong for not including tech in his holdings....

How'd that work out?

Barrons's is super......for all sorts of reasons.

Fish wrapping paper....bird cage liner....emergency asshole wiper....window cleaner...dog training mats.....mechanic's blottings....

1,001 uses!

(just...not for the one intended)

 

BandGap's picture

This guy has to have a substance abuse problem. Or at least he should.

Yen Cross's picture

  Speechless~     and pleasantly long, the Gartman 3x inverse ETF. Ticker =BSBS

devo's picture

Dividend stocks are so expensive it makes more sense to buy bonds. Duh??

NoWayJose's picture

Agree. I couldn't find anything either. Even divvy stocks will go down in market correction. Why collect 3% only to get handed a 20% loss on the stock?

devo's picture

I guess the narrative is we're in p/e and dividend expansion. I don't see that happening...wishful thinking, imo.

NoWayJose's picture

Damn - I went to all cash so I could sit out the current turmoil - but if Gartman is going to "stand wholly aside and watch further developments" then I must be in the WRONG position!

devo's picture

But ZH is bearish, too, so it evens out.

Cutter's picture

Does Gartman actually make any money trading, or is all his money made through his newsletter?  The guy switches opinions with the wind, getting in and out of trades daily, that his trading costs have to be through the roof.  I get that he is featured a lot on ZH as a contra-indicator, but why does someone who makes no money get so much airtime in the financial press?

devo's picture

Because the press knows even less, and he acts like he knows what he's talking about.

Your Creator's picture

3 sheets to the wind.

CPL's picture

Dow 36000!  (By the time it gets there we'll be watching all the money bags eating cat food out of a can with a stick)

Nobodys Home's picture

While shopping with the gal, as a joke I said: "Hey babe, we could live cheaper eating this." checked out a can of .33 cat food. Ingredients had hardly any chemicals compared to most processed human food....no meat though...all meat by products...MMMMMM

Cult of Criminality's picture

Gartman, lol...

Now that IS funny.

Made me smile haha

Cult of Criminality's picture

Friskies....It`s whats for dinner.

shizzledizzle's picture

We need to develop Gartman index that plots his positions over time and provides an inverse. Back when he would hold his position for a week it was enough to do the exact opposite. Since he has taken to changing direction daily we need a more weighted measure.

Tlön Uqbar's picture
Tlön Uqbar (not verified) Jan 31, 2017 10:23 AM

Baron is a low rank of nobility. Barrons is published by the Dow Jones and Company, a subsidiary of News Corp.

Seriously, anyone who tells me they pull out because of a cover of a shit rag advertisement is a dumb fuck.

I don't care where he puts his stops. He sounds like a fucking reactionary supersticious dick smoker.

The cover of a magazine is not an excuse to not make money with other people's money. So suck a dick, Gartman.

BTW nice beard. You look like a fucking twat.

gm_general's picture

What did he do in reaction to the earlier equally ludicrous "Dow 20,000" Barron's cover? Enquiring minds don't recall any reaction.

Turin Turambar's picture

AAAARRRRRGGGGGHHHHHH!  I bought QQQ puts last Wednesday when Gartman went long and am up nicely since yesterday.  I really don't want to sell them, but ignore contra-Gartman at your own peril.  Contra-Gartman is 100% accurate.  It looks like there will be a rampapalooza after the fed meeting.  :-(

 

I'm honestly in a conundrum.  I really want to hold my puts, but I am totally expecting to get burned if I do.  :-(

shizzledizzle's picture

LOL, I bought some too.  Think I am going to hold for a while. wouldn't be surprised to see Gartman 180 in a couple days. 

Turin Turambar's picture

AAPL earnings are going to kicke my QQQ puts in the teeth today, so contra-Gartman maintains 100% accuracy.  :-(  I hope the fed announcement isn't a double whammy to my account balance.

Turin Turambar's picture

AAPL earnings are going to kick my QQQ puts in the teeth today, so contra-Gartman maintains 100% accuracy.  :-(  I hope the fed announcement isn't a double whammy to my account balance.

Anarchyteez's picture

He really makes it hard to do the opposite of what he suggests.