It just never, ever fails. From this morning's Gartman letter:
SHARE PRICES AROUND THE WORLD ARE STRONGER and the news from Scotland should serve to keep the global bull market intact for markets do indeed disdain confusion and the confusion over the UK’s future has been relieved. All things being otherwise equal, this is supportive of shares generally.
Stare then... do not merely look; stare!... at the chart of the S&P at the bottom left of p.1 and try if you will to see anything bearish in that chart.
The “channel” defining the trend is stunningly well defined; the lows have held time after time after time, and hoping to be as clinically honest as we can be, presently we are but in the middle of this upward sloping channel. Certainly it may end at any time and many have argued that it has time after time in the past, but the trend obtains; the bears are proven wrong and every time we move from bullish to neutral we pay a price for having done so. There is a lesson to be learned here; would that we had learned it.
Long of One Unit of the US equity market:
To make if official, we were buyers of “aluminium” yesterday, to align our recommendations with those equity positions we have in our retirement fund. We do not name individual equities in TGL, but everyone knows which company here in America we mean. As long as the lows made earlier this week hold we’ll be a buyer and try our best to remain long, with out-of-the-money calls sold against it as a yield enhancement.
In short: best $29.95 one could ever spend.
