In yesterday’s moment of daily Gartman zen we reported that while Gartman was confident that “this is a bear market”, he added paradoxically that “we have our net market exposure very, very slightly net long.” While that in itself hardly catalyzed the late day post-FOMC selloff, it didn’t hurt.
Then, overnight, we jokingly assumed that as a result of the market’s switch in momentum, Gartman was about to flip-flop again.
Rumor Gartman turning pleasantly net short
— zerohedge (@zerohedge) June 16, 2016
We were right.
Because this is a bear market in global terms, we need to position ourselves accordingly; that is we shall increase our short derivatives positions today in our own retirement funds while we reduce our long positions, sufficient to get ourselves into a small net short position by mid-day. The world is a much more frightening place than it was only a few days ago; the prospects of a Clinton or a Trump presidency; the confusion underlying central bank policy making; the geopolitical circumstances of the moment all work together to cause is dismay rather than joy… to cause confusion rather than confidence. We shall act accordingly.
And we shall laugh accordingly. Oh, and speaking of humor…
We finished the day yesterday +4.0% for the year-to-date in our retirement fund.
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The post “The World Is A Much More Frightening Place” – Gartman Flips From Net Long To Net Short appeared first on crude-oil.top.