After three days of perfectly fading every single Dennis Gartman move, the market was just waiting for the last "positioning" of G-man's virtual 401(k) portfolio. And moments ago, it got just that with the bolded sentence below possibly explaining the early euphoria in the "market."
We reduced our derivatives position even further, selling just-barely-out-of-the-money calls against our newly established aluminium position. Hence one half hour into the market we were marginally net long… and then panic hit!
We will likely take no further action in our own account today, for we are now, as noted above, marginally net short… and we do indeed mean marginally…
So will it be 4 out of 4? Remember: Fridays are strategic "must close green" days for the Fed - one must have a "wealth effect" tail wind from the S&P to spend, spend, spend during the days off and boost the GDP.
As of this writing, the e-mini is up 20 points from overnight lows.
