One week after Gartman was convinced [3]there is 200 points of downside to the S&P and predicted a target of 1725-1750, only to be promptly stopped out 24 hours later, he has as of this morning turned "net long of equities."
There was massive confusion in the US equity market yesterday following the Fed “Nativist nondecision” on the Fed funds rate, for the market initially soared; then plunged; then soared again and the plunged, ending the day lower, but ending the day well below the day’s highs. For the year-to-date, as a result, our International Index has lost 338 “points” or 3.4% while the S&P is down 70 “points” or 3.4% also.
We are, here at TGL in our retirement fund, long of Apple and long of a “tanker’s” shares, whilst we are “short” of derivatives in sufficient quantity to be modestly net long of equities ...
As of this moment futures are now down 21 points.
