A few weeks ago, after Gartman got "scared [4]" of the market and "got out of stocks" only to see a sharp reversal, Gartman turned "pleasantly bullish [5]" on stocks... only to see the market close the week red. Overnight, Gartman may have set the market direction once again with the following update:
We turned “pleasantly” bullish of shares several weeks ago when the S&P tested 1805-1810 and it has rushed higher since, although global shares have not followed the US higher with the same sense of urgency. Now, however, 1875-1885 has proven to be formidable resistance and our bullish enthusiasm has to be reduced once again.
And sure enough, stocks surge, in HFT momentum chasing algo terms.
