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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (15808)

4/13/2014 1:42:11 AM

From: John Pitera

2 Recommendations

Recommended By
Davy Crockett
roguedolphin

Respond to of 33421

'Scared' Dennis Gartman: Get Out of Stocks

Posted: 4/8/2014 8:59:13 EDT

In a reversal of his more bullish take on U.S. equities in recent weeks, Dennis Gartman said Monday that he's getting out of equities and sticking with cash and gold to ride out the recent pullback, which he called a "long-awaited and much-needed correction."

On CNBC's "Fast Money," the editor of the Gartman Letter said simply, "I got scared."

Gartman said that Friday's action made it seem as though a switch was flipped in the minds of investors. "The whole world switched at that period of time," he said.

( Obviously a few people noted my bearish note posted at 2:32pm on Friday April 4th. .....

Message 29474081

To: Davy Crockett who wrote (15767) 4/4/2014 2:32:14 PM
From: John Pitera 3 RecommendationsRecommended By
George Statham
Jon Koplik
roguedolphin

Read Replies (1) of 15808

WE are witnessing a really..... really large top in asset prices...... tops are multi- bubbly at larger tops.

Jim Chanos was on CNBC yesterday....outlining how valuations are so far removed from the early 2009 lows

Short-seller Jim Chanos says China is "panicking" in the face of a stalling economy.

That same switch evidently dimmed Gartman's view of stocks as well; he pared down his exposure to equities from an average of 100 percent, to close to zero.

"In a bull market there are only three positions you can have: Really long, pleasantly long and neutral. It's time to be neutral. It's still a bull market. You don't need to be short, but you don't need to be long at this point. I think cash is the right place to be," he said.

Gartman narrowed down the moment that sentiment seemed to turn to a brief, 15-minute window on Friday morning. "I'm not sure what happened, but something happened between 11 and 11:15, that everything turned on a dime."

In Monday's issue of "The Gartman Letter," Gartman said he couldn't recall "a time in our history of trading when we've seen such unanimity of trend reversals" as was observed on Friday. "Indeed, the changes were material enough and important enough to mandate that action be taken to reduce our exposure to everything we have on, save for positions in gold," he said.

To: John Pitera who wrote (15808)	4/13/2014 4:21:46 AM
From: John Pitera	1 Recommendation Recommended By Hawkmoon Read Replies (2) \| Respond to of 33421

The Japanese Market has turned to trash after have a decent 2013...on a % basis if has had 2 of the biggest declines at the end of the week and as this daily chart shows... w30e have made the 3rd new low in the past 3 months.... The fundamentals are lousy and my wizard who makes sense of the big picture is adamant that Japan has just jacked up their Value Added Tax .... maybe from 8% to 11%..... (have to fact check the exact rise) but he points out that it is going to kill their economy...... which has been manifesting most of the key symptoms of rigor mortis already for the past....... way to many years. Remember the Nikkei Dow was at 3000 in 1983 and then had a massive speculative climb that ended at 39990 on Dec 31 of 1989. Our team was looking to short the EWJ and the Russian ETF.... on Friday..... but we're showing some restraint partly due to risk paramaters and also you go against the Market Gods to totally set your portfolio for a really big blow up...... even if it appears it's coming. John BTW with the $NIKK right shoulder failing again at the 40 Week MA....... that has been a leading indicator of the SPX reaching a major top and rolling over.