"Run For Cover If You’re Short" Gartman Pleads One Day After Saying "2,025 Is A Given"
By Tyler Durden
For today’s dose of pre-market entertainment, we go once again to Dennis Gartman, who clearly perturbed by the violent turnaround in global stocks yesterday appeared on CNBC where the “closely followed market-watcher” said the early week’s market gains could continue for the next couple of weeks.
“Historically when that happens, we carry through. So I think you’re likely to trade better — maybe not today, particularly — but I bet by Friday we’re higher and I bet by next week we’re higher again,” Gartman told CNBC in London.
“Anybody who’s short – and there are a lot of smart people who are in fact heavily short – they have to run for cover, and I think it could get ugly.“
Gartman comically added that he reversed his short and turned long on the Euro STOXX 50 following Tuesday’s rally, confirming his infamous “retirement fund” is nothing but a momentum chasing pile of virtual cash.
“When the Euro STOXX 50 reversed to the upside, after having opened lower and then gotten higher on the day, I said to myself, ‘this is turning better, something’s taking place,'” Gartman told CNBC.
“Perhaps it was the agreement that was reached between the EU (European Union) fiscal authorities and Greece… that seemed to me to be the turning point and once you got higher on the day, it’s as if the shorts, I being included, had to rush to get long and I actually ended the day long here, which is unusual for me to turn my position that quickly,” he said.
As a reminder, this is what the “closely followed market-watcher” said exactly 24 hours ago:
In our retirement account here at TGL we have simplified our position taking in the equity market: we have only a position in derivatives on the short side, and although it is not a material position it is one-sided. We’ve cast our long positions aside. We’ve simplified; we’ve gotten smaller; but we are bearishly inclined, and we are intent upon adding to those bearishly inclined positions the very moment in the futures markets that 17,400 is given in the Dow futures; the moment that 2025 is “given” in the S&P futures; the moment that 4290 is “given” in the NASDAQ futures and the moment that 1085 is “given” in the Russell. These will all happen almost simultaneously. Our antennae are up; so too should everyone’s be.
So many givens… so little time. And some more amusement from his latest note:
We begin then by noting firstly that we were obviously uncommonly wrong in being even modestly net short of equities coming into yesterday’s trading session. That became abundantly and swiftly clear to us about one hour after we had sent yesterday’s TGL to our clients around the world as the EUR STOXX 50 and the DAX indices both had opened lower; turned higher on the day and were taking out the previous day’s highs in what seemed to be only a matter of a very few moments... Indeed, we cannot recall having seen a more …read more
Source: "Run For Cover If You’re Short" Gartman Pleads One Day After Saying "2,025 Is A Given"
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