It was just last Tuesday, when the market was poised for continued deterioration, that the long-awaited savior for the bulls emerged when Gartman turned mega-bearish again, warnings that a "Bear Market Will Take S&P To 1420-1550." Specifically, everyone favorite comic flip-flopper said "there are still many who deny that this is a bear market, but it is that and we fear that it has a good distance to the downside yet to travel. Merely to get to “The Box” shall take the S&P to 1420-1550! Rallies are to be sold; weakness is not to be bought."
This announcement proceeded to unleash one of the biggest market rallies in recent months,
It appears that all that is now over, and overnight, the bear market has been called off when Gartman flopped yet again, this time with his latest "bold" call, and has, once again, turned "bullish of stocks" calling that end of the "bearish run in global stocks." To wit:
SHARE PRICES TURNED VIOLENTLY AND SHARPLY HIGHER FRIDAY here in the US, in Canada and in Europe, and they have continued to strengthen in Asian share dealing. Further as believers in and followers of “Reversal” days on the charts we are this morning making the bold… indeed, for us, the very bold … statement that the bearish run in global stocks is over; that the bearish run to the downside in US shares is over and that we are henceforth to err bullishly of shares, diametrically opposed to the position we have had for the past several months wherein we erred steadily… almost relentlessly… bearishly. We made the change from manifestly bearish of commodity prices to one that was incipiently bullish of them several weeks ago, and we made the shift from having been even more manifestly bearish of crude oil for the past many months to one incipiently bullish instead, and we are now finishing the trifecta as we turn bullish of stocks.
You know what to do.