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Strategies & Market Trends : Ride the Tiger with CD

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From: riversides	4/21/2008 5:57:14 PM
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Gartman is "abandoning ship" Dennis Gartman, editor of The Gartman Letter, a daily financial trading commentary, said Monday that he's abandoning his long held bullish outlook on gold. "The relative strength of the market has been waning since early this year... a circumstance that has bothered us, but which we were willing to overlook so long as new highs were being made," Gartman wrote in his publication on Monday. "They are no longer and as the market fails in that manner, it has broken this well-defined bullish trend line and it failed miserably on Friday," he said. "It has bounced today, and we shall sell that bounce and exit entirely!" Gartman said that "good bull markets" don't fall in the way that gold and other metals fell on Friday. "The precious metals gave up and broke hard on the smallest strength in the U.S. dollar, and we are fearful what might happen on real sustained dollar strength," Gartman wrote. marketwatch.com

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