Last Friday morning, my heart sank when I read Gartman had flip-flopped to bearish in “catholic terms” (whatever that means), and his actionable suggestion was to short the S&P futures.
As required by federal statute, the market immediately exploded higher, and I was worried just how long it would keep going (well, more specifically, I was wondering when Gartman would flip-flop again, allowing us bears a chance at making money once more).
As I watched the ES continue to ascend Sunday afternoon, roaring into a double-digit gain, it confirmed my suspicions that not only does God exist, but that he really, really has it in for Gartman, since the financial markets move in exactly the opposite direction of his prognostications. What I didn’t realize, however, was that Gartman on Friday had specifically cited 1.5% as a stop-loss level. Had I know that, I would have been able to anticipate a turnaround, to wit:
I honestly have better things to do with my time than stay on top of everything this man says, but good Lord, this is getting simply eerie. If the results weren’t so consistent, I wouldn’t be so fascinated by it. An explosive move in the ES reversed in the middle of the night on a freakin’ dime.
For the name of all that is holy, Dennis, go pleasantly bullish, and stay that way through the FOMC! I need every bit of help I can get!