Oil Falls Below $40 – Looks Like My Gartman Call Was “Money”

Friday I published this post: “Time To Short More Oil – Dennis Gartman Went Long:”

NEW RECOMMENDATION:  Amidst the carnage of the global stock markets this morning and even in light of the sustained bear market in crude oil, the narrowing of the contangos in Brent and WTI brings us to become a buyer of crude as noted at length above. We’ll buy a unit of crude oil, split between Brent and WTI, upon receipt of this commentary. We shall, for the moment, give these prices the latitude to move 3% against us, hoping that we can tighten that up when we return Monday.  The Gartman Letter

Dennis Gartman has been notorious for being a “spunk receptacle” for hedge funds looking to unload a bad position.  His audience is moronic high net worth financial advisors and brain-dead institutional “buy the dip” with other people’s money” pension and investment fund managers.  Perhaps the only better contrarian indicator than Gartman is Jim Cramer.

When Gartman says he has to go long crude because the “term structure” mandates it, it tells me some slippery NYMEX or London trader is whispering sweet nothings in his ear to generate buy interest from the herd referenced above.

You can read the rest here:  LINK

We’re on the brink of another financial collapse that will make 2008’s collapse look like nothing more than a boring warm-up band.  Oil will likely eventually see the $20’s.  This blow some big holes in big bank balance sheets and devastate the junk bond market.  Both of those events will ignite the underlying derivatives napalm…

 

10 thoughts on “Oil Falls Below $40 – Looks Like My Gartman Call Was “Money”

  1. off topic but disturbing…..it’s over my head…worth listening to after market closes.

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  2. Dave it´s “popcorn time”

    Just watch the pile of shit crash down and the scumbags on CNBC cry out loud in trying to find excuses for the disaster.

    For the first time in my life i´m going to start watching CNBC to see them squirm.

    I have a suggestion for a new reality show that they can send on CNBC to attract viewers(because now they have none)

    Put a lot of angry screwed “bullish” retail investors on the ground floor outside the elevators with pitchforks and guns.

    Then you have the live show in the studio and the gameplan is as follows.

    “All the people in the studio has to jump out the window or face the crowd downstairs but there is only 1 parachute available”

    What a joy to see Cramer, Gartman and Joe Lavorgna fight over the parachute.

      1. I´m Swedish and I never listen to the Swedish corrupt parrot media.
        Swedish media is like the ultimate Wasington puppet lap dog.
        No spine or backbone just sucking up to Obunzo & Co

  3. Although I don’t pay any attention to Gartman, I find that these types are almost always a good fade.

    Furthermore, diesel is still less than gas over here in the Black Hills which tells me trucking is taking a hit (economy). Also, when oil was at around $43 per barrel (going back in time), gas over here was about $1.75 per gallon. Now we are at the $39 per barrel area and gas is at $2.65 per gallon (10% ethanol blend). Interesting…..

    At 8:30 am MST, looks like the feral protection team is at work with the fake stock market….does it ever end? Down over 1000 (Dow) and now down only 488.

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