Because humor like this clearly costs money. As always, from the one and only Dennis Gartman.
The well-defined upward sloping trend channel continues to remain fully intact and until that trend line is broken we have to once again err upon the side of being bullish of shares generally... Support levels have held and trends from the lower left to the upper right obtain. One may wish to join the bearish camp, but one would be wrong.
Stocks suffer biggest drop in 2 months shortly thereafter.
If the Russell were to hold today and turn higher, then we might very seriously consider covering a portion of our derivatives; otherwise, we shall sit tight, remaining market neutral and fearing that indeed the bear market has begun and that rallies henceforth are to be sold rather than weakness bought.
Stocks surge by most in years shortly thereafter.
And then, first thing today:
Down 35 points one day; up 35 points the next! The Bulls were taken out and shot Tuesday; the Bears were shot yesterday and all we know for certain is that the upward sloping trend still holds and that weakness is to be bought with the Fed still behind the market.
As of this writing, stocks have wiped out half of yesterday's gains. And then this:
NEW RECOMMENDATION: We wish to return to the trade we were once involved in for a rather long while: long of the English speaking currencies/short of the Yen and we shall do so upon receipt of this commentary, buying US dollars, Canadian dollars, Aussie dollars, New Zealand dollars and Sterling relative to the Yen with two units of the latter vs. the proper dollar weighted sum of the other currencies. We shall have a stop on the trade in tomorrow’s TGL, but for now a loss of 1% would be sufficiently large.
It sure would, and with the Yen in dollar terms jumping to the highest level since September 16 this morning, the stop would have certainly been hit.
But the punchline:
Finally for those who care, we are up 7.1%, year-to-date, in our retirement funds here at TGL as of last night’s close.
Because virtually momentum trading one's 401(k) is the new killing it.