Dennis Gartman: There Is No Correlation Between the Price of Oil and Stocks

D. Gart is out talking greasy this morning, suggesting that the great oil boom of the past decade, when investors financed and helped leverage up nefarious wildcatters in the hope of cashing in on expensive $100+ crude prices, due to war and fuckery, is meaningless drivel now that oil has collapsed. In other words, D. Gart doesn’t believe there is a debt storm around the bend, in spite of the balance sheet numbers that suggest a solid $600 billion is teetering on distressed levels.

Because there isn’t a debt bubble in crude, Gartman thinks you should all shut the fuck up about a nonsensical correlation between crude and stocks–because he has charts from the 1980’s and 90’s (pre-bubble era) suggesting otherwise. When asked about whether the price of crude going lower might scare people into believing global growth was at risk, D. Gart quickly reversed his opinion and acquiesced to that logic.