Sunday, August 13, 2017

"The Bull Market Has Come To An End" Says Dennis Gartman

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The worry that the Bull Market has come to and end is not confirmed in the message of the market. The Dow Industrials stills sits on important support as short-term trading indicators from put to call ratios to extreme money flow readings suggests at least a short-term bounce is due. The movement of money/trading follows the Cycle of Accumulation and Distribution. Tops rarely materialize overnight. Buying climaxes are followed by a lengthy period of distribution or cause building. Causing building is characterized by numerous failed rallies, low volume tests, high retail participation, and excessive optimism towards stocks. This does not describe the backdrop for stocks in 2017. In fact, investors have remain stubbornly bearish on stocks since 2009. A more likely outcome would be a false breakdown, a short-term flash crash that spikes pessimism and fuels an unexpected rally in 2018.

Headline: Gartman Stakes His Reputation That "The Bull Market Has Come To An End"

If the algos were waiting for just one catalyst to unleash the buy everything, sell VIX program, they may have gotten it moments ago when, following a global rout across markets on yet another day of North Korean nuclear war concerns, Dennis Gartman, staking his "reputation" said that he is "fearful… very… that this wondrous bull market that began in the spring of ‘09 has come to an end and we do not make this statement lightly for we know the damage that can be done to an already damaged reputation if this statement proves to be wrong."


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