Gartman thinks the U.S. has started a recession and stock prices will tumble from here. He feels the consumer is tapped out and the housing market isn't even close to a recovery. Gartman continues to be bullish on gold and he thinks crude oil will trade to $100 sometime next week. Gartman's favorite position right now is short Cummins (CMI - Cramer's Take - Stockpickr) and he plans on adding to the position. ----------------------------------------------------------------- Wow, seems like he forgot what he said on October 31 about agreeing with Biggs about a melt up going into the end of 2007. Really sad how quick sentiment on wall street can change. I notice more talk about a recession now in the last 2 weeks than in the past year just because the markets are down over 10% from their highs. These fools don't know much, they just take what ever side of market is showing them, Gartman should have mentioned a correction but didnt because at the time of that show all the markets were nearing highs. Now that they are off highs its easier to make the call after the fact. Notice the talk about the consumer being tapped out, wow great call , its been like that for nearly a year now and they are finally saying this. FOOLS Also TAKE NOTICE of how bullish he is on OIL, I think oil does get to 100 but will reverse course EXTREMELY quick and head down below $80 sometime over the next 3-6 months, all those talking heads talking up oil will soon wake up to oil falling fast. Below is what was said on Wednesday October 31st, 2007 after the markets rallied on the federal reserve rate cut. 11-02-07 11:47 AM I took notice of these 2 on Fast money wednesday night when Biggs mentioned a melt up and Gartman agreeing with what he had to say...... Biggs Expects Surge Barton Biggs of Traxis Partners joined the "Fast Money" crew to share his take on the markets. Biggs thinks the Fed did what it should have done and the market is being set up for a big surge higher. He also mentioned that he is hearing from the prime brokers that hedge funds are at their lowest levels of being net long in 4 years. He expects a stampede into year end in big cap big multinationals, tech, Asia and emerging markets. Biggs feels China right now is just like U.S. tech stocks in early 1999. He thinks the investment banks are signaling they will perform well into year end. The commercial banks he feels are a tougher story. He pointed out that Citigroup (C - Cramer's Take - Stockpickr - Rating) is too cheap. Lastly, Biggs mentioned that his favorite position right now is investment banks and he has been adding to that position recently. Dennis Gartman Take Dennis Gartman, author of The Gartman Letter, another guest on "Fast Money" discussed his take on the commodity space. Gartman thinks Barton Biggs is right about a stock market melt up into year end.D
awesome post... I had Gartman's letter for a while, the guy is only good when it comes to timing gold IMHO
Nice. Fastmoney is constantly pumping Gartman as guru. Are there any talking heads that can actually make money following their own calls? I'm thinking Jim Rogers, but his calls are usually way early.
I noticed Gartman is on at least once a week, his calls on gold and oil are probably going to move against him. Im seeing way to much hype in oil and gold, seems there is so much hype that they even may fall soon. Oil will pass 100 in my opinion and be back below $80 a barrel over the next 3-6 months.
Are you surprised? In order to make money as a trader it's best to change ones opinion to whatever the market is showing every once in a while.
I know this is an old adage but.... "You don't make money following the crowd" Gartman was wrong. People who followed him (the crowd) got burned. That's capitalism.