One day after we first reported the bizarre news that "world-renowned commodities guru" Dennis Gartman had blown up his retirement account by investing in alleged cryptofraud Riot Blockchain (no, really), a far more important moment of reckoning is upon us: whether or not Gartman will finally be stopped out of his short, which was put on at the market lows on the Friday after the Feb 5 crash, allowing the market to resume its slide. As Gartman admits: "we are within a hair’s breadth of doing precisely that. Today shall be the “make-or-break” day for our position."
Here is Gartman:
We are net short of a small sum of stocks... a single “unit” comprised of the US, the German and the Japanese stock markets in aggregate but for the moment we are wrong in being so. And how do we know we are wrong? We know this because our position is losing money and nothing proves “wrong- ness” quite as clearly and quite as properly as losing money. However, as we said when we initiated the short position, we shall remain short until our International Index trades above 12,253 and we are within a hair’s breadth of doing precisely that. Today shall be the “make-or-break” day for our position. We await today’s outcome.
So does everyone else.
Finally, for those who missed it last night, here it is again:
Regarding our retirement account, we are still smarting from the brutal loss suffered by a position we had taken in the block chain on Friday of last week and more importantly we are smarting from having broken our own primary rule of trading to never, ever add to a losing position. We broke that rule and our losses were magnified. That said, we are long of banking shares; we are long of two monthly dividend paying shares and we are “short” of the market via derivatives once again; but our confidence has been shaken as has our level of disappointment in ourself for having broken Rule #1.
One really couldn't make this up.