Once again proving, "you get what you pay for," world-renowned Dennis Gartman unleashes his own brand of indecipherable nonsense advice to stock traders this morning...
If stocks open higher this morning - and please remember that today is a holiday in so many places around the world beginning in Asia and continuing into Europe, although the markets in North America are open for we do not celebrate May Day here in the US or Canada, despite the left-ward lean in recent year in the Administration - we would expect that strength to perhaps hold and perhaps even to increase as the day progresses,
but certainly we’d not be a buyer of that strength
and perhaps even more certainly if we were long we’d be using any strength to reduce that size of that long position.
For the next few days and perhaps even for the next few weeks, strength is to be sold into; weakness is not to be bought
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And just in case we get a rip-roaring Friday short squeeze higher... here is the reason (from Gartman's CNBC appearance last night)... [3]
"It's not going to get ugly bad; it's not going to get ugly for a long period of time. I think it's going to get ugly swiftly and I think it's going to make a lot of people very nervous,"
BUT
"It's still a bull market and as I've always said, in a bull market there's only three things you can do: be really long, be pleasantly long or be neutral. I think it's time to be neutral."
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Got it? Trade accordingly
