Just like an atomic clock which is
wrong right all the time, Dennis Gartman never fails to disappoint.
Yesterday morning, for the benefit of "those curious just what prompted stocks to soar today, besides the now traditional and thoroughly unjustified "trade optimism" barrage of headlines" we presented one possible explanation "Dennis Gartman is out with his latest investment recommendation to short the S&P."
NEW RECOMMENDATION: The chaos of last evening shows us just how vulnerable equites [sic] are at this point and so we are sellers today of the December S&P and December EUR STOXX 50 with the former at or near to $2916 and with the latter at or near to 3456. We’ll “do” one unit of each and will risk 2% on each position and no more than that. If/when the December S&P falls below 2875, we’ll add to that trade and if/when the December EURO STOXX 50 falls below 3300 we’ll do the same.
To this we said that "This effectively assures that 2,974 on the S&P is in the bag" (we also said that we had "some bad news for gold bulls" as Gartman was buying more gold and sure enough, gold is tumbling today).
We didn't have long to wait, and less than a day later, 2,974 was indeed "in the bag" as Gartman's stop level was hit and the "world-renowned commodity guru" was stopped out.
And now that Gartman is once again no longer in the market, bears can rejoice.