This brief initial 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: email@example.com HERE to subscribe at his website.
THE WORLD TURNED UPSIDE DOWN YESTERDAY … or at least so it seemed to anyone trading in almost any market anywhere. The dollar soared; the Yen soared even more; the rest of the world soured rather than soared and no prisoners were taken… at least none that we know of. The body count, however, is not yet finished.
There may be changes to that statement when the count is done. All we know for certain is that global capital was frightened in a manner we’ve not seen global capital frightened in a very, very long while. The margin clerks are sharpening their pencils, and we fear that prisoners may well be taken later today before the weekend.
THE DOW[N] INDUSTRIALS: The Dow, like so many other important stock market indices,
rallied sharply from the March low and made its way into “The Box” that marked the50‐62% retracement of the bear market that preceded this move. Now the trend line extending back to March has been broken and try as we might we cannot “spin” this any way other than bearishly.
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.