Gartman: "We Are A Bit Uneasy This Morning Being Short"

Tyler Durden's picture

Just two weeks after he staked his reputation that "The Bull Market Has Come To An End", "world-renowned" commodity guru Dennis Gartman is getting nervous, and as he writes in his latest daily letter, "we
are a bit uneasy this morning being short."

Here is how Gartman is slowly but surely pivoting away from his "red-line" bearish call on stocks:

STOCKS HAVE RISEN A BIT SINCE YESTERDAY with our International Index having gained a marginal 19 points, with stocks in Asia moving sharply higher while stocks in Europe were weak. However, the markets in Asia are responding to what we perceive to be the best speech given yet by Mr. Trump last evening in which he made clear that the US will not stand down from its obligations abroad.

 

Heretofore, President Trump… influenced of course by the manifestly anti-globalist philosophies of Mr. Bannon… seemed intent upon reducing the US position of global authority, but last evening that philosophy was abandoned, and with that the Asia stock markets and the US stock index futures turned briskly higher.

 

Also, we note that the Fear & Greed Index here in the US made its way toward and below the all-important 20 level, having fallen to 15 as of the close yesterday and almost certainly to turn higher today given the strength in the stock index futures as we write. Previously, any time this index fell below 20 and turned higher, stocks which had been under pressure swiftly turned for the better and although the world’s stock market histories do not always follow the precise paths each time, they do have great and constant similarities.

And the resultant trade adjustment:

2. Short of Two Units of the NASDAQ 100; Long of Two Units of the S&P:

We began the trade Tuesday, August 1st with the ratio at 2.37:1 and we added to the position on Friday, August 11th with the ratio at precisely the same level. It closed last evening at 2.38:1.

 

We’ve reduced our “risk” point to 2.42:1 on a closing basis in New York and we’ll look for the ratio to make its way down to 2.15:1… noting that each 0.1% is a material shift in price, but we are a bit uneasy this morning being short.

It would appear that the bull market is back on again, as for Gartman's stake reputation, well... he puts it best: 

We are out of the office today, on the road home from Cookeville, Tennessee where we witnessed the Eclipse yesterday… however, we were actually about 5 miles from the perfect dead center of the event, but what we saw was spectacular! We’ll be back in the office late this afternoon for we are driving back home rather than flying.

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FullHedge1's picture

Why does this clown get any attention?

Looney's picture

 

There are two sides to each trade – the Right Side and the Gartman Side.  ;-)

Looney

Looney's picture

 

Dennis is always wrong.

He is so wrong, even the Broken Clock in his office is never right.

He is so wrong, the Little Cuckoo hung itself from that broken clock a long time ago.   ;-)

Looney

Muddy1's picture

He was wrong so often, and wrong in big ways, that he was fired from his previous job as a weatherman.

 

Looney's picture

 

He is so wrong, even a Blind Squirrel can’t find his nuts.  ;-)

Looney

Honey-Badger's picture

Careful here, he is still short so don't go short until he goes long.

Creative_Destruct's picture

This is sooooooo old.

When will this Gartman jack-wad STFU?

 

yogibear's picture

Pretty soon. When Gartman says he's bullish and going long, short.

eclectic syncretist's picture

This guy is just another Cramer, a shill whose job is to pump up sucker day traders and keep order flow as brisk as possible. They focus solely on the short-term fluctuations of the market, and promote strategies that constantly lose because when a person adopts them they can't see the forest for the trees. In any case, you can rest assured that if Gartman is managing any sizable amount of money he isn't trading it all in and out in the schizophrenic way he talks in front of a camera. If he did he wouldn't be managing anything after a year or so.

BandGap's picture

Everyone loves an idiot. And someone keeps paying him.

He always looks like he just walked out of the Moose Lodge in Scranton at 9AM.

Youri Carma's picture

Because he's our favoured contrarion indicator who keeps on giving.

buzzsaw99's picture

gartman 4 prez.  /lulz

thinkmoretalkless's picture

That's more like it...follow your instincts

Son of Captain Nemo's picture

No worries Dennis. Nothing QE00 won't fix!

No "tapering" EVER required!!!

ombudsmanrules's picture

Why does this idiot assume the royal plural?  "We are out of our minds!"

flacon's picture

Heretofore we concur with said statement. 

Basically it's a way to make the masses think he's somehow smart. 

buzzsaw99's picture

denny better hang on to his little gonads and strife.

Chippewa Partners's picture

Was Dennis in charge of opium production in Afghanistan? 

RagaMuffin's picture

FWIW Cookeville has a nice liqour store    ;-)

equity_momo's picture

So he is still short on a VAR adjusted basis?   Looks like Nasdaq to push higher and leave S&P behind for a day or two.

 

(Nasdaq opens +60bp , S&P 40bp for a net loss of 20bp Dennis. Well played)

buzzsaw99's picture

was it over when the germans bombed pearl harbor?  [/bluto]

The Cooler King's picture

Was it over when Gartman bombed Pearl Harbor?

Alchemedes's picture

In an hour or two he is going to be more uneasy.  Then at the top of the bounce, which will be vigorous, he will reverse and go long and then feel completely nauseous rather than just uneasy, as the elevator cable breaks ...  such a piece of work Gartman is: the world-renowned momentum trader caught continually on the wrong side because he really doesn’t know jack about market cycles, internal dynamics, or price analysis. How he gets interviewed on business news networks is beyond me. Maybe his pompous language and prognostications are secretly comic relief for the talking heads?  But I wonder how much money he loses for his clients.

c2nnib2l's picture

10 pips more and I'm shorting DOW & SP 

shizzledizzle's picture

Enjoy getting your face ripped off!

Harry Lightning's picture

Gartman feels uncomfortable about being short equities ? Are you sure ?

Good...hold my beer...finally I can short this fucking stock market and make some money on it.

shizzledizzle's picture

Careful, he hasn't capitulated yet. 

silverer's picture

If you can really hit the timing right, you won't be Harry. You'll be Rich.

Harry Lightning's picture

The best timing trades I have ever seen were to fade Gartman. There are a class of traders called market timers, and a new class called Gartman Timers. 

two hoots's picture

Starting to believe this market drama is  in line with all the other drama (trump, anti this and that) and everyone, even the so-called smart ones, are overreacting and fitting in to these new bandwagen expectations.   If you don't join in the drum pounding, you ain't in the club?

khakuda's picture

Money is WAY too easy to be short.  It's the easiest it has been in modern history.

silverer's picture

Oh, hey! I didn't see that rain on the radar!

Yellow_Snow's picture

Well, now you know why he likes 'flip-flops' so much...

xxxbean's picture

"Being a bit uneasy - we will be long of diaper and wet-naps"

medium giraffe's picture

2400 didn't break huh?

alangreedspank's picture

NASDAQ up 16% YTD, why the fuck would you short something on a bullish trend ?

wacky47's picture

To quote Bugs Bunny...."what a maroon!".

evokanivo's picture

look out belooooooooooowwwwwww!

0valueleft's picture

Dead cat confirmed.

BlueHorseShoeLovesDT's picture

If your world is CNBS, I guess he could be "world renowned"

Storm-Clouds's picture

The dead don't care....

This is just too easy!

Gartman? The Eclipse?

Yeah the dead don't care....

Alchemedes's picture

Gartman’s Song

Oh, I’m feeling uneasy, Oh I’m feeling queasy,

 

The market is going up and I am betting down!

Oh, I’m feeling uneasy, Oh I’m feeling queasy,

I must cover before I drown!

Oh, I’m feeling uneasy, Oh I’m feeling queasy,

I think I should go the other way!

Oh no! Now I am feeling seasick, the market is just much too quick

I am long now and the market falls away!

Oh, I’m feeling uneasy, Oh I’m feeling queasy,

I’m think I need to change my play

 

(repeat ad infinitum)

Yen Cross's picture

  I was going to comment, but I can't stop laughing at fellow Z/H-ers previous witty comments.

issimo's picture

I think the Ringling Barnum and Bailey Cuircus closed.  It couldn't compete with Gartman for thrills and spills!  Is Disney World next?

gm_general's picture

I wonder what Bizarro Gartman's life is like - he must be a trillionaire.

Ink Pusher's picture

Meanwhile back on the plausible deniability charts,the  oil & gas markets are so fucked that they make any crackwhore wandering the streets of NYC appear to be chaste and cultured.