Tuesday, December 13, 2011

Gartman Sells Gold and Proclaims Death of Bull: Then Golds Spikes Higher!

This is amazing, today's headline: "Gartman sees bear market for gold". He goes as far as to proclaim the... death of a bull:

“We have the beginnings of a real bear market, and the death of a bull,” “Since the early autumn here in the northern hemisphere gold has failed to make a new high. Each high has been progressively lower than the previous high, and now we’ve confirmation that the new interim low is lower than the previous low.”

BNN reports that he sold his gold yesterday, and of course what happens today? Gold spikes higher.

"Newsletter writer Dennis Gartman goes to great pains to reiterate that he is a trader and that he will hold a position until that position is no longer profitable. In his words, “a trend in motion tends to stay in motion… until it stops.” After selling his gold holdings yesterday, he proclaims this morning “the death of a bull.” We gotta talk gold today. It has dropped down through its 50-day and 100-day moving averages but still has a long way before it bounces against the resilient 200-day moving average. Has Gartman sold too soon? Let’s find out."

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