A recent article talks about how Gartman admits to being wrong about his short position on the S&P 500, and got stopped out, so by all means you may want to consider loading the boat short now! 😉
Gartman is known by many as having horrible calls on the markets, especially crude oil. Thing to keep in mind in this crazy market is “Expect The Unexpected”.
SEARCH FOR IT!
The DJI fricken finally hit an all-time new high on Thursday. I’ve been patiently waiting cause it seems to be the major index that’s been trying to play catch up. So now being short is a little easier for me.
Will it get to the upper trendline? Maybe but I doubt it.
It’s showing a little trend in this push up but if it breaks my moving-averages then I will be looking for an extended short swing trade on the DEC future contracts. But which one should I choose?
At a quick glance is seems the NQ is the most over-baked at this point with it being extremely over bought for the last, I donno, month! WTF! It’s really hard to say. Pic your poison. I like how the TF is looking just cause I really don’t think it’s got much left in it and it seems the weakest. If it does go then I’l be looking for a solid 1200 test then an extended push into the lower value area and a test of 1150.
I do like how the NDX is so over-extended and a close below the old high of 4740 would be a great sign of more short sided trades all the way back to 4500.
The SPX is stupid. I’m sick of this index but as you can see it too is over extended and I do have short orders in a little higher up just for the hell of it.
Either way this market is ridiculous and I won’t be going long, besides the occasional scalp when they kill the bears.