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Gartman: “We Shall Sell The S&P Short This Morning “

Courtesy of ZeroHedge. View original post here.

While correlation does not equal causation, first thing yesterday morning, just as the Dow Jones was reversing all of its overnight losses, and was set to surge by over 500 points at one point, we previewed one notably “correlating” catalyst: Dennis Gartman announced “we are net short via derivatives.”

Gartman: “we are net “short” of the market via derivatives in sufficient size to have taken us to a net short position”

— zerohedge (@zerohedge) March 5, 2018

So after yesterday’s furious ramp, has Gartman covered his short? With condolences to the bears, the answer is no, and in fact it’s worse: Gartman is no longer short simply via derivatives (which we assume means pair trade puts), but is now outright short the S&P again.

NEW RECOMMENDATION: We have waited for strength into which to sell equities short and we got that strength yesterday when the President ‘Hinted” that he might actually move to exempt Canada and Mexico from steel and aluminium tariffs if they acquiesce on some demands to renegotiate the NAFTA. But again, the rally was on reduced volume compared to the volumes that came into the markets last week on weakness. This is how a bear market acts; now how bull markets act. We shall sell the S&P short this morning upon receipt of this commentary and the nearby S&P future is trading 2724.50 as we write. A 2% risk is more than sufficient at this point.

As a reminder, the last time Gartman went short – just a few weeks ago – he was promptly stopped out just days later. At this point, bears may be wise to wait the S&P to rise 2% before shorting.


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