Gartman’s performance continues to surprise: even after a day when he managed to flip-flop just in time to catch the market’s general direction as he did yesterday when he warned shorts to “run for cover”, and when he should – at least on paper – make a profit, he continues to lose. The culprit this time? Gold.
For our positions here at TGL… and we have had a terrible run this past week given that our largest position is and has been and shall continue to be gold and further given that we came into the week short of equities on balance and had to turn our trading ship around amidst this massive, violent rally that did indeed catch us off guard… we are up a scant 1.0% for the year-to-date and we ended the day yesterday net long of equities as we are long of an individual high tech equity closely associated with our alma mater, NC State University, and as we are long of the largest manufacturer of steel here in the US, while we are somewhat hedged with positions in the derivatives markets, leaving us net long of equities on balance and rather aggressively so. Of course, we have our long position in gold predicated in EUR and Yen denominated terms, but we have never considered that position to be an equity trade; it is a commodity trade of course, but it has rather obviously weighed heavily upon us this week.
So perhaps it is time for Gartman to sell and go short his “commodity trade” then? Many gold bulls would be delighted…
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