For a second, it seemed that the broad risk-off wave that started in Asia, swept Europe and pressured US futures was here to stay. And then, the signal all algos had been waiting for emerged: Gartman just flip-flopped back to bearish.
From Gartman's latest letter:
There is a reason why those calling for a crash, or even a market correction in the past decade, have been carted out feet first: central banks, and noweher was this more obvious than the shocking aftermath of Brexit. The UK’s Brexit vote (Jun-16) marked the point when the buy-the-dip trade became a self-fulfilling put, according to a new analysis by Bank of America.
By The SRSrocco Report,
The gold market is heading towards a big fundamental change that few are prepared. While many analysts in the alternative media community suggest that the gold price is manipulated due to Fed and Central bank intervention, there is another more obscure rationale that is the likely culprit. I call it, "The Blind Conspiracy."
Submitted by Rudy Havenstein
After years of seeing terrible market news and commentary, I’m pretty jaded, but when I saw the recent Marketwatch op-ed, “Janet Yellen’s true legacy is her focus on middle-class wages” (by Tim Mullaney), I thought such nonsense needed a reponse that went beyond 280 characters. (Half of Mullaney’s article is an anti-Trump rant, which is fine, and which I will ignore).
"If something is nonsense, you say it and say it loud."– Nassim Taleb
"Last week, after making new highs, the NASDAQ “reversed” to the downside. It bounced from there, but yesterday’s action was horrific, for having opened sharply, violently, surprisingly higher, by the day’s end the NASDAQ was sharply, violently, surprisingly weaker and it was so even as the Dow finished higher on the day, albeit materially below its peak. This morning, as we write, the Dow futures are higher but the NASDAQ is weaker… again!" - Dennis Gartman