On the one hand well, it’s Gartman and he is chasing the stock market to a rampaging bullish stance. On the other hand it is the mainstream financial media and they are for once calling this mega contrary indicator for what he is.
So what outweighs what here? The MSM’s penchant for being wrong at most important turning points or Gartman’s legacy of seemingly being wrong at every important turning point?
Thanks to a subscriber who sent me the link above. My jaw dropped when I read it. It looked like shooting bullfrogs in a barrel until I realized the MSM was having a little fun at Gartman’s expense.
Excerpts from Gartman’s latest missive, were posted Wednesday on Zero Hedge. They laid out a scenario in which the blue chips break out to record highs.
“If these past 6 ½ months are indeed going to prove to have been a consolidation phase,” Gartman was quoted as saying, “then huge gains, perhaps sufficient to carry the Dow DJIA, +0.34% to 30,000+ … as exaggerated and as stunning as that may sound… is technically possible.”
And it’s not just here in the U.S. markets. Gartman says “this is a global event that is taking place: a possible global consolidation that is now breaking out to the upside. Certainly, it is possible.”
Zero Hedge noted it wasn’t long ago Gartman sounded a lot more bearish than he does now. And by “not long ago,” we’re talking earlier this month when he advised readers that “this is now a bear market; trade then accordingly.”
With that, expect more tweets like this:
I think the media’s nearly unblemished record of contrary indication may be about to end because I think that “Commodity King” Gartman is the undisputed champion in that regard until proven otherwise.
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