If you enjoy the content at iBankCoin, please follow us on TwitterYesterday stock prices here in the States did little other than mark time, and following the material selling earlier this week the fact that the best that the market could do was this is ominous indeed. We used the term “bear market” yesterday in our commentary for the first time in a very, very long while and we used it with intent, for in the past we’ve often said that we had turned “neutral” of stocks noting that in a bull market the most bearish position one can have is neutral.
This stems from our simple, but effective, notion that in a bull market there are only three positions one can and should have: Aggressively long; modestly long or neutral. But this is no longer a bull market. This is now a fully-fledged bear market and we do not say that readily, nor lightly. Nonetheless, given that our International Index made its high late last May at 11,186 and is now 1,888 points or 16.9% below that level and has been down for just over seven months, it is time to face this harsh reality.
This is a bear market. Trend lines that have held in the past are failing. Lower lows and lower highs are more and more common. Fewer and fewer stocks are trading within 2-5% of their highs and more are trading 15-20% below those highs and the Advance/Decline lines here and abroad are collectively weak and weakening.
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We are, for the first time in years suggesting… indeed, we are stating it rather clearly… our belief that the global bull market that began in the spring of ’09 ended, in retrospect, in the very first days of summer of last year. We shall, henceforth, look to err bearishly of equities, holding long positions in some equities, but erring on balance to the short side of the global equity market.
Buy Stocks with both hands !!!
Hey, blind squirrels and all that.
holy shit based on this we should have a full blown out rally in a short time ..
besides this the market just feel like a sell algo .. buy algos are just switched off .. at moment ..
Gold finally broke out of its range Nuclear testing has consequences…
3 hands and half in $BAA
Thank you for providing us with the sage wisdom of Dennis Gartman, OA. As you implicitly espouse, I will enter into 3x leveraged short instruments until Mr. Gartman tells me to go long the stock market. I trust his well-informed recommendations.
lol wtf?
Sarcastically noting that Gartman is a huge fade.
He must also be recommending long COP. oooooo burn.
Fuck you asshole. The first trade hit 600%, paid for this last one a few times over.
sia, you suck at pointing out wrong calls… should have went for the 98 analogue.
Hey, worked for over 3 months. No positives out of that? Got you to within less than 1% of ATH’s.
I’m just kidding man, making light of things on a bad day. You do great work over here.
I actually bought those lows in september but sold about a week later.
I like hearing this, the only thing is, he will reverse it and say buy stocks the second prices go up.
Hence the range, eh? Too funny.
I can’t believe it took me this long to figure out, but Dennis Gartman is the man behind the curtain.
Muted reaction to Fed minutes…moderate buying….everyone seems to be expecting more pain
volumes say zero bid, some dead bounce , standard ( not overblown ) selling.. but no bid so market is easy a-drop ..
Russell want to deep and check under 1080 zone too
Why do they even let that tard on tv anymore? He is wrong 80% of the time.
Courtney Gartman, daughter – works for CNBC. But I think that’s just a happy coincidence. 🙂
Well…. this is pretty ugly
IBB at a crucial point. Could drop big time but even a counter rally would see LABU at 20. Gut check time.
I’m a glutton for punishment but picked up BIDU feb calls.
“Look to err bearishly of equities” In other words, short of stocks in doofus terms.
Took off NFLX today that I bought this morning. What a day.
blow me
If it makes you feel any better I called BITA the stock of the year and am down a cool 7.5% on that wonderful call.
I like it when folks post a comment and then comment on their own comment.
I like it when folks post a comment and then comment on their own comment.
Trying something new…long NQ 4388.75
Yikes. Ugly. Guess gartman got it right again
DWTI weeks ago. Told ya so. TVIX. on margin.
you guys need to eat more LSD and listen to more Wagner
Nobody cares.
wives and girlfriends do
Look at the spread grow between VIX and VXV, still I got friends buying Twitter calls