“Even the most adamantly bullish amongst us has to admit that the NASDAQ’s performance over the past several days has been anything other than bullish and that the trend line drawn here has clearly been  broken… clearly!”

“At the moment, we fear that we are only now seeing the beginning of this selling; that the public has only just gotten long after remaining out; and that they’ll not begin liquidating until prices are lower and their hopes have been dashed yet again.”

Finally, we wish to keep things as simple as possible, for all too often complexity breeds confusion.  The advance here in the US has been led by what we’ve referred to as “The Generals:” Apple and Goldman Sachs.

They were, and they are, the very best of breed, and their leadership rallied the lesser troops around them to move higher; to charge high; to rise to greater heights in the bull run from the March lows.  But yesterday, the Generals were, if not killed, seriously wounded. GS left an “island reversal” to the downside two weeks ago, and yesterday, the uptrend line that defined the bull run was unequivocally broken. One General dead.

This brief comment from the Legendary Trader Dennis Gartman.  For subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail:dennis@thegartmanletter.com HERE to subscribe at his website.

Mr. Gartman has been in the markets since August of 1974, upon finishing his graduate work from the North Carolina State University. He was an economist for Cotton, Inc. in the early 1970’s analyzing cotton supply/demand in the US textile industry. From there he went to NCNB in Charlotte, N. Carolina where he traded foreign exchange and money market instruments. In 1977, Mr. Gartman became the Chief Financial Futures Analyst for A.G. Becker & Company in Chicago, Illinois. Mr. Gartman was an independent member of the Chicago Board of Trade until 1985, trading in treasury bond, treasury note and GNMA futures contracts. In 1985, Mr. Gartman moved to Virginia to run the futures brokerage operation for the Virginia National Bank, and in 1987 Mr. Gartman began producing The Gartman Letter on a full time basis and continues to do so to this day.

Mr. Gartman has lectured on capital market creation to central banks and finance ministries around the world, and has taught classes for the Federal Reserve Bank’s School for Bank Examiners on derivatives since the early 1990’s. Mr. Gartman makes speeches on global economic and political concerns around the world.