When we reported yesterday, in our daily novelty humor post about the relentless flipflopping of “world-renowned” commodity guru…
… and CNBC Fast Money staple Dennis Gartman, that the newsletter seller said he was “quietly, but steadily, in our own account… our retirement funds here at TGL and the only money we manage but money that is really rather important to us, obviously!… we are turning bearish of equities“, we warned “beware the squeeze.”
The market proceeded to explode higher.
Many have asked us if, as a result of yesterday’s monkeyhammering, Gartman has now flipflopped back to bullish, something which would prompt a flood back into bearish positions. Well, here is the answer, straight from the horse’s mouth, because frankly we have no idea what something like “catholic global terms” means.
SHARE PRICES ARE HIGHER IN BROAD GLOBAL TERMS as our International Index has risen 44 “points” or 0.5% over the course of the past twenty four hours, as eight of the nine markets comprising our Index that were open have risen while only one… the market in France…was lower. We shall make no excuses: we utterly and completely and totally and 100% missed yesterday’s rally, expecting Friday’s weakness in the US and the global markets to carry through with further weakness yesterday. We fully, completely and totally expected the modest support on the charts that we thought might exist just below Friday’s close to be taken out to the downside, and we were fully, completely and totally wrong. There is no reason to mince words; there are no excuses to be made, nor should there be. We were wrong… obviously and utterly and we shall do well and our best to simply acknowledge that fact.
Does this mean then that we shall turn bullish of equities? Shall we cast aside our beliefs that the highs made one year ago in broad, catholic terms are suddenly to be thought of as within reach and likely to be taken out? Of course not. We are still of a mind that those highs are inviolate; that the fact that equites in broad, catholic global terms remain in a bear market and that we are to trade quietly but accordingly, erring modestly bearishly of equities in those same terms; but… and this is a large and very important but… US stocks remain the best of the lot and if we are to err bearishly we should be erring so via derivatives that are global in orientation, not in US based derivatives.
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For the year-to-date, we are up 3.9%, having given back sizeable profits over the course of the past two weeks. We are still profitable, but certainly our sums of out-performance over our International Index and the S&P have narrowed appreciably:
And there you have it: Gartman remains globally short of stocks, in catholic terms. Trade accordingly.
via http://ift.tt/1XiLykL Tyler Durden