Gold Prices Rise 16% In Q1 – Best Quarter In 30 Years
Gold Prices Rise 16% In Q1 – Best Quarter In 30 Years
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In 24 Hours Gartman Flips From "Don't Fight The Fed" To "A Major Downside Turning Point Is Upon Us"
When documenting Gartman's latest flip-flop yesterday just after 12 pm, in which the "world renowned" CNBC contributor and newsletter writer finally threw in the bearish towel, a position he had stuck with since March 16. This is what he said:
Q1 2016: Gold Glows Amid The Greatest Stock Market Comeback In The History Of Investing
He does it again pic.twitter.com/VxemrcowNf
— zerohedge (@zerohedge) March 31, 2016
The market ended red today...
But The Dow and The S&P ended Q1 in the green after a yuuge drop...
In fact this was the greatest comeback in the history of stocks... (Q1 2016's 11.3% drawdown is the biggest on record for a quarter that ended green)
Gartman Throws In The Bearish Towel: "Don't Fight The Fed"
Yesterday, when we wrote that "Gartman remains bearish of stocks" we cited the "commodity king" as follows:
On Final Day Of Extremely Volatile Quarter, Futures Trade Modestly Lower
On the last day of an extremely volatile first quarter, following the latest torrid push higher in risk assets over the past two days following Yellen's dovish Tuesday comments, today has seen a modest pull back in risk, whether because the market is massively overbought, because someone finally looked at what record multiple expansion that has taken place in Q1 as earnings are set to collapse by nearly 10%, or simply due to fears that tomorrow's payrolls number will show an abnormal amount of minimum wage waiters and bartenders added.