By Vince Lanci
After Predicting Clinton would win, and that stocks were a sale on their lows of the election evening, Dennis Gartman is back.Today, Dennis Gartman made the following stock categories his buy recommendations:
"...cement, asphalt, bricks, mortar, coal, ball bearings, construction and drilling equipment shall be our focus. Not to think so, and not to act accordingly, shall be wrong."
Pretty aggressive, I'll give him that much. When he talks like this, all old testamenty.. that is the tell it is not a researched idea.
But when he talks straightforward especially about Gold; And even more so when the info is out of London, he sounds like this:
This view is further supported by the fact that the open interest in the COMEX futures has fallen by more than 4% this week, suggestive strongly of forced liquidation and a throwing up of the hands…
That's when his opinion is good, even if his info is oursourced.
Background
Dennis is a paid contributor ot CNBC. He also runs a newletter. He has been riduculed for his contrarian indications in Oil and other markets. He has very reliable intel on things Precious Metals when it comes from his London sources.
We have agreed with him in the past only to be ignored, and we have lampooned him as well. At one time, the author even invited Gartman for logical debate on Zerohedge about a Gold call he made years ago. He never responded to us. But he did email them asking to get that "Vince Lanci guy at FMX Connect" off his back.
How Elitists Behave
What is annoying is that those who agree with him are ignored, not acknowledged, or simply looked down upon. And those that mock him get pleas from him to give him a break. He actually went on Kitco to make an attempt to get Zerohedge off his back. All he cares about from the evidence given, is his stipend for CNBC comments (about $600-$1000 per apearance), and his newsletter sales. Do we hate the player? No, we hate the game. The game defrauds the common man of his money while bombarding him with bullshit.
Gartman's Newsletter Excerpts Today
STOCK PRICES HAVE SOARED ALL ACROSS THE GLOBE now that the US elections are out of the way and have been fully settled and now that Mr. Trump has given his first conciliatory, gentlemanly and truly presidential speech as noted above. We see no reason to try to discount our comments made here yesterday for they were truly and entirely wrong. As we were writing TGL yesterday morning the investment world was seemingly on fire following Mr. Trump's election news. The S&P futures were hitting limit down; the Nikkei was nearly 800 points lower; the dollar was plunging and gold was up $60/oz. But then, only a few hours later, only an hour or two after we had sent TGL to our clients around the world, as Mr. Trump made his now rather famous acceptance speech the investment world turned 180 degrees around; buying replaced panic selling in the equity markets that were open and the equity futures markets that are open seemingly 24/7; the dollar turned dramatically around and for the better; bond market began to tumble and gold came rapidly off its highs. One speech... that's all it took. But it caught the investment world by complete surprise.
We were wise enough not to put forth direct and "official" recommendations to sell stocks in our recommendation section yesterday for we wished not to sell into the panic that was developing, but clearly knowing only what we knew at the time and ex-Mr. Trump's speech, we suggested very strongly in the text of our commentary the need to reduce exposure materially. Had we known that Mr. Trump was going to give the speech that he gave we would have suggested buying equities instead, but we did not. The "game" had not yet changed by then; it has since.
What do we know now? We know that "infrastructure" was the single most important word in Mr. Trump's acceptance speech and that that shall guide our trading/investment philosophy going forward. We shall resurrect our familiar philosophy of wishing to own only "those things that if dropped on your foot shall hurt," for if "Infrastructure" is to be the guiding principal of the Trump Administration then steel, cement, asphalt, bricks, mortar, coal, ball bearings, construction and drilling equipment shall be our focus. Not to think so, and not to act accordingly, shall be wrong.
h/t zerohedge
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