Last Thursday, when the market seemed on the verge of breaking lower, we asked if Gartman gave the all clear to go right back into stocks with his assessment that "1890 On The S&P Shall Be Our Target [3]." As expected, stocks soared.
It is now time to cancel the "all clear" courtesy, once again, of Dennis Gartman:
As we have maintained since early last week, we’ve been neutral of stocks and we’ve now been wrong. At least we had the wisdom of age not to take seriously any bearish considerations and turn net negative of the market in general, but merely turning neutral is wrong and those who’ve simply chosen to sit tight, remaining fully invested, have prospered. With the S&P breaking to new highs, and with the trends in so many markets still upward, any periods of weakness are to be used to get longer of equities than we are. When we are wrong we admit it and we were wrong to move from merely “pleasantly” long to neutral. Our first step is then to become modestly long, and we shall.
Between the humor and timing the market's inflection points with uncanny perfection, this continues to be the best $29.95 newsletter money can buy.
