Gartman is done dithering on this market.
He has thrown in the towel on what ounce of equity bearishness was left in him and will no longer attempt to fight the market.
Despite his thoughts that those blindly following the general trend of the market are “stupid,” they are the ones making money right now.
He sounds frustrated at the amount of both mental and real capital that has been expended trying to time the end of the bull run.
Gartman gives a very Jesse Livermore-esque quote, saying: “In other words, don’t fight the tape and don’t ever fight the trend.” He goes on to say that the trend will end when it ends and not a moment beforehand.
Gartman’s only hope left for bearish salvation is April 15th – Tax Day. Gartman is of the belief that stocks tend to dip lower before the 15th as investors and taxpayers sell shares to raise cash for payments to the IRS. It certainly makes sense – we shall see if Mr. Gartman’s thesis ultimately is proven correct.
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