Gartman Letter
The best thing about watching market commentary is when their thesis is proven wrong in the next couple of days. But who’s going to call you on it? The never bring up terrible predictions the next time you’re on the show.
My favorite people are technicians. These are traders that look at charts and try to see a trend. Last summer all the technicians could do was talk about the head and shoulders. The market was going to go down to complete the head and shoulders trend. Then there was the V-shaped recovery. Guess they should have been talking about a lower case r.
Wednesday, Dennis Gartman (who writes the Gartman Letter a highly respected market strategist) tried to convince the CNBC audience we were headed further down the bear market. His thesis was that we are constantly starting the day at the daily high and trending downward to close at the daily low.
Too bad the last two days were exactly the opposite. Guess that’s theory is wrong.