A Warning For The Bulls: Gartman Flops To "Net Bullish" 24 Hours Day After "Reducing Longs"
By Tyler Durden
There was some confusion why the S&P 500 just had to close in the green yesterday. The answer was simple: as we reported first thing yesterday morning just two days after “world renowned” CNBC contributor Dennis Gartman said he was “covering shorts” because he was “stunningly, shockingly, stupidly wrong” he flopped and was reducing his longs. Ergo, green close. It also meant that there was virtually unlimited upside before the market. We are, however, delighted to announce that just one day after being spooked on the bearish side, the Gartman Letter author is now back to “very, very marginally net long of equities in our retirement fund here at TGL.”
This coming from the gentleman who yesterday said that “we are obviously not about to change our position here, having been long of gold in EUR and Yen denominated terms for years in the case of the later and for nearly a year in the case of the former, putting to bed, we hope, the reports amongst the blogs that we change our tune rather often. Clearly we do not.”
If you are not smiling yet, you will be after this brief recap of Gartman’s most recent virtual retirement money “calls”:
Friday, February 26: Gartman covers his shorts, turns bullish.
We have been short one unit of equities in rather global terms, by being short one third of a unit of US equities; one third of a unit of the EUR STOXX 50 and one third of a unit of the Nikkei. The trade started off properly and almost immediately we were profitable; however we are now almost at a small loss on the trade… We wish to cover the position immediately upon receipt of this commentary, taking a very small profit and refraining from taking a loss and living to fight another day and in the end succeed.
Tuesday, March 1: Gartman is “selling the market short again.”
We are selling the markets short once again, having been short recently and having covered that short only a “short” while ago. But we are sellers once again this morning, noting that as the global markets have rallied they have done so on lesser volume on balance. Volume should follow the trend and the trend and volume are pointing lower, not higher.
Wednesday, March 2: Gartman says “we were stunningly, shockingly, stupidly wrong” as he covers shorts, goes long… again.
In our retirement funds here at TGL we moved swiftly to cover our short positions and we moved just as swiftly to buy what we could, when we could and where we could. We covered our derivatives positions and we urge everyone to do the same… immediately. We held on to our long positions in tanker stocks and we actually bought some of the oldest of the old guard dividend paying stocks mid-day just because …read more
Source: A Warning For The Bulls: Gartman Flops To "Net Bullish" 24 Hours Day After "Reducing Longs"
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