Just two weeks after he staked his reputation that “The Bull Market Has Come To An End“, “world-renowned” commodity guru Dennis Gartman is getting nervous, and as he writes in his latest daily letter, “we
are a bit uneasy this morning being short.“
Here is how Gartman is slowly but surely pivoting away from his “red-line” bearish call on stocks:
STOCKS HAVE RISEN A BIT SINCE YESTERDAY with our International Index having gained a marginal 19 points, with stocks in Asia moving sharply higher while stocks in Europe were weak. However, the markets in Asia are responding to what we perceive to be the best speech given yet by Mr. Trump last evening in which he made clear that the US will not stand down from its obligations abroad.
Heretofore, President Trump… influenced of course by the manifestly anti-globalist philosophies of Mr. Bannon… seemed intent upon reducing the US position of global authority, but last evening that philosophy was abandoned, and with that the Asia stock markets and the US stock index futures turned briskly higher.
Also, we note that the Fear & Greed Index here in the US made its way toward and below the all-important 20 level, having fallen to 15 as of the close yesterday and almost certainly to turn higher today given the strength in the stock index futures as we write. Previously, any time this index fell below 20 and turned higher, stocks which had been under pressure swiftly turned for the better and although the world’s stock market histories do not always follow the precise paths each time, they do have great and constant similarities.
And the resultant trade adjustment:
2. Short of Two Units of the NASDAQ 100; Long of Two Units of the S&P:
We began the trade Tuesday, August 1st with the ratio at 2.37:1 and we added to the position on Friday, August 11th with the ratio at precisely the same level. It closed last evening at 2.38:1.
We’ve reduced our “risk” point to 2.42:1 on a closing basis in New York and we’ll look for the ratio to make its way down to 2.15:1… noting that each 0.1% is a material shift in price, but we are a bit uneasy this morning being short.
It would appear that the bull market is back on again, as for Gartman’s stake reputation, well… he puts it best:
We are out of the office today, on the road home from Cookeville, Tennessee where we witnessed the Eclipse yesterday… however, we were actually about 5 miles from the perfect dead center of the event, but what we saw was spectacular! We’ll be back in the office late this afternoon for we are driving back home rather than flying.
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