Two days ago, when the market was plunging, this is what Gartman released to the several subscribers he has left:
If long of stocks anywhere, get less long… demonstrably. If one is net long of gold, get longer; if one is long of emerging market currencies, get out… at whatever price one can get. If one is long of commodities or commodity related investments, at very least reduce that exposure materially. This situation in China may pass and it may actually be, as the Chinese have said it is, a problem of “system maintenance” and nothing more; and we certainly hope it shall pass or that it is a mere problem with the “system,” but we fear that this is the first of the cockroaches, and there is never just one cockroach… ever.
Subsequently the market surged, and the lira imploded by 2000 pips in the span of 48 hours.
This morning, in the aftermath of the Turkish “bailout” (rest in peace), and when futures were still soaring, this is what Gartman’s expert opinion advise same several subscribers:
… we have to remain bullish of shares generally… and certainly we cannot and we will not adopt a bearish perspective until that trend line clearly has been broken from above.
How about now? Or now? Or now?