Breathtaking
Tim Knight | Sep 20, 2015 01:02AM ET
I’m sorry to keep harping on the Gartman topic, but the more I explore this, the more fascinated I get. I’m seriously wondering if I’m wasting my time with all these charts. It seems so much easier to just watch for Gartman Pivot Points.
Out of curiousity, I went to Google (NASDAQ:GOOGL) and typed “gartman letter” to see what the results would be. The first few results were links to his site, but the first non-native link was this recommendation from May 12 of this year. (For some reason, he’s always interviewed by Melissa Lee, who consistently has this exact expression, and he’s always got a goofy pocket handkerchief; see below.)
Anyway, the chart is below, and the red vertical marks the date he went bullish on oil. Kindly note the handsome ascent oil had enjoyed just before his bullish call. It looks like oil lingered roughly in his “buy” territory for a few weeks – – – perhaps to give him a bit of hope – – but the inevitable ensued shortly thereafter.
I would hasten to add I didn’t look through twenty articles to try to find a dud. This was the topmost non-native link. This entire phenomenon is endlessly fascinating to me.
Bonus Fun Fact: I didn’t know this until now, but apparently there were a few funds created back in 2009 based on Gartman’s trading ideas. From what I’ve read, the performance was dreadful, and they were shuttered in March 2013.
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