I’m sorry to keep harping on the Gartman topic, but the more I explore this, the more fascinated I get. I’m seriously wondering if I’m wasting my time with all these charts. It seems so much easier to just watch for Gartman Pivot Points.
Out of curiousity, I went to Google and typed “gartman letter” to see what the results would be. The first few results were links to his site, but the first non-native link was this recommendation from May 12 of this year. (For some reason, he’s always interviewed by Melissa Lee, who consistently has this exact expression, and he’s always got a goofy pocket handkerchief; see below.)
The Tao of Steve
In the movie “The Tao of Steve” (2000), the lead character associates the name “Steve” with cool, charismatic men such as the actor Steve McQueen. Apple (AAPL) co-founder and CEO Steve Jobs was famously cool and charismatic, and when he passed away three years ago, investors wondered what impact that would have on the company. As we now know, Apple rocketed to new highs over the next few years. The company had a product pipleline in place, and a wide moat: the convenience of upgrading to a new iPhone, for example, and keeping all of your data and apps, was and still is a powerful inducement to remain an Apple customer. Reactions to Apple’s San Francisco product launch event on Wednesday, however, suggest that Apple may have finally ran out of the residual Steve Jobs cool factor.
(UPDATE: I wrote this post during Labor Day, the holiday; more proof of Gartman’s power can be seen here, which happened after I wrote the post, when Gartman went strongly bearish; all the markets, of course, exploded higher immediately thereafter. It was a heartbreaker to see his bearishness in the wee hours this morning; I knew what would happen next.)
Many have made much chatter (and a fair bit of profit) about the powerful contra-indicative force Gartman’s words have vis a vis whatever market he happens to be examining. I’ve written about it myself in places like here and here, and of course ZH has had an abundance of articles and tweets that effectively provide, free of charge, one of the most powerful trading indicators man has yet devised.
I gotta tell ya, this sort of thing turns my stomach: