Ed Note: The S&P 500 index closed today June 15th at  1115.23 – above the 200 day moving average.

Gartman’s comment very early this morning June 15th below:

THE S&P AND ITS 200  DAY MOVING  AVERAGE: Thanks to our friend David Wienke at Bache we note that the S&P has yet again failed from below its  200 day moving average.  Should it fail again today we’ll  pay even more bearish heed.

Further, the Dean of our industry, the wonderful Richard Russell (who is recovering from a recent stroke and whose swift return to full health we offer up prayers for) is manifestly fearful for the future of the stock market. Mr. Russell is and has been properly bullish when it is right to be bullish, and he has turned bearish when that too is meet and right. As Mr. Russell says of himself at the moment, he is “blatantly, almost boorishly bearish.”  He went on to say that

Once the top has been put in, the market has  nowhere to go but down…. And the top has  definitely been put in. What do I do next? My  job is to get my subscribers OUT of stocks any  way I can. I’ve used logic, technical analysis with explanations; threats; pleading; history;  tears; arguments from authority; warnings about the treacherousness of the bear. What’s left? I guess more work on my part…. On top of that, Warren [Buffett] continues to tell the world that stocks are a buy: Russell Comment:  Buy’em yourself, Warren, and good luck.

So here we have it: Warren Buffett and Richard Russell at war in the markets. For now, our bet is with Mr. Russell.

For a Trial Subscription go to The Gartman Letter