... Is that Gartman, after flipflopping to bullish yesterday just in time for the plunge, is again bearish.
We have reduced our position in the market in the only account we manage directly… our own retirement funds… to a long position in aluminium still hedged with out-of-the-money puts and some remaining derivative positions. The “news” out of Russia yesterday was sufficient to keep us on the sidelines on balance, wanting to be bullish but unwilling to commit funds when the news is this “un-or-im” balanced, for discretion is always being the far better part of trading valour.
Expect stocks to turn green any second.
Then again, since Gartman is always bullish and bearish at the same time to protect virtual investors from virtual losses incurred with virtual money, it is a little more complicated than that...
We stand by the statement made late last week and earlier this that support in the futures should be strong at or near the 1865-1875 level and we shall turn rather more openly bullish of shares when that level is put to test, perhaps as early as today but more likely sometime later this week. If that support is broken, then the real, very long term support shall not be evident until the S&P were to trade down to 1750.