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Yen/Aussie and Yen/C$ crosses, which had been

moving in the Yen’s favour earlier this week… much to


our dismay… are now moving in favour of the “dollars”
and moving sharply against the Yen. As we write, the
Yen/Aussie cross is moving higher, trading 77.75, up
nearly 1 ¾’s Yen in the Aussie dollar’s favour since
yesterday morning, while the Yen/C$ cross is trading at
or near 85.50, up from the low-to-mid 84’s yesterday.
Both crosses have held important technical areas of
support that we’ve noted in our commentaries in the
Friday, June 19, 2009              course of the past week, with 83.50 now being our
“defense” point on the Yen/C$ cross and with 75.25
Phone 757‐238‐9346    Fax 757‐238‐9546               
Email dennis@thegartmanletter.com                    being the “defense” point for the Yen/A$. So long as
those levels are not taken out to the downside we shall
London Sales: Donald Berman, Alberdon International                       
Phone: 011 44(0) 79 8622 1110  hold the large positions we are presently holding…
positions we’ve accumulated slowly but steadily since
we began in mid-February.

BERKSHIRE  The focus today, Monday and of


HATHAWAY: Does  course next Tuesday is and shall be
BRK.B’s weakness 
the FOMC meeting next week. We
signal broad 
weakness for stocks  will mince no words here: there is no
generally, or just  chance that the Fed shall make any
weakness for BRK.B  policy changes at Tuesday’s meeting
and nothing more? 
and there is very little chance that the
Fed shall make any policy changes through the end of
this year, unless we are to see some very material
OVERNIGHT NEWS:  downward shift in the Unemployment rate. The Fed
does not tighten monetary policy as unemployment is
THE YEN IS WEAK ONCE AGAIN, with rising; indeed the Fed does not usually begin to “lean
the ‘crosses” moving back in our favour rather against the wind” or “take the punchbowl away” until
markedly in the past twenty four hours; that is, the the unemployment rate is no longer rising but is clearly
falling. That will be months into the future… perhaps
not until sometime in ’10. In other words, it may be the
spring of next year before the Fed has a need to
change from the near-zero-interest rate policy to
something very, very modestly higher.

That does not mean, however, that the Fed shall not
use next week to tell the markets that at some point in
the future it will begin to reduce the sums of money it
has injected into the system through normal maturity of
Treasury securities it holds and through outright sales
of such securities. The Fed has quite obviously been
adding to its holdings of treasuries in a very real and
very dramatic fashion since last September when the
banking crisis really broke, and we have applauded the
Fed for its timely and aggressive actions. We have also
defended the Fed from those taking it to task for being
too “inflationary,” for it had no choice but to do what it for the Recession’s end. We are prepared to shout;
did… to flood the system with liquidity… in order to but not quite yet:
stave off a true collapse…a true seizing-up… of the
banking system. Dr. Bernanke’s doctoral dissertation 06/19 06/18
was on the Depression, and he was going to make Mkt Current Prev US$ Change
¥ 97.10 95.65 + 1.45 Yen
certain that nothing such as that was going to develop € 1.3889 1.3939 + .50 Cents
on his watch. The question is when shall the Fed CHf 1.0885 1.0775 + 1.10 Centimes
begin removing that liquidity and we may see some £ 1.6370 1.6295 - .75 Pence
C$ 1.1295 1.1345 - .50 Cents
discussion of that in next week’s communiqué. More A$ .8040 .7930 - 1.10 Cents
likely we’ll see it in the communiqué at the next NZ$ .6395 .6330 - .65 Cents
meeting and not this one, but we’ll not be surprised to Peso 13.39 13.44 - .05 Centavos
Braz Rl 1.9750 1.9645 + 1.05 Centavos
see some modest shift in the language of this Ruble 31.16 31.16 unch Rubles
meeting’s communiqué… some hint that tighter days Yuan 6.8320 6.8295 + .25 Renminbi
rather than easier lie ahead. But again, the real shift is Prices "marked" at 10:00 GMT
some long while off into the future.
The Canadian dollar is firmer on the cross relative to
the Yen and even relative to the US dollar as it is now
Regarding the economic data yesterday, we note that
quite evident that the rumoured no-confidence vote by
the “Leading” Economic Indicators rose in May by
the Liberals and the centre-Left in Parliament in Ottawa
1.2%, the second month in a row that it has risen, for it
will not take place. Simply put, it now appears that the
rose 1.1% in April. Of greater interest to us, however is
notion of bringing the current centre-right, minority Tory
that the Ratio of the Coincident to Lagging Indicators
government down via a vote of no-confidence on a
was unchanged from the previous month as both the
minor point of legislation was nothing more than a
“Coincident” and the “Lagging” indictors fell by the
publicity stunt by the leader of the Liberals there to
same 0.2% The Ratio was effectively unchanged the
embolden the party loyalists
previous month also, standing
and to help raise funds for
presently at .899:1: As is
an eventual election.
evident from the chart of the
However, to have tried to
Ratio at the bottom left of p.1,
force an election now, when
the Ratio is trying to turn for
the party’s coffers are all but
the better, and has been for
empty and when party
the past several months, but
enthusiasm is even emptier
only by the very barest of
would be political suicide.
margins. But a turn is a turn,
Mr. Ignatieff, the leader of
and we are paying this heed
the Liberal Party nationally
as evidence that the
may be center-left politically
recession is very nearly
and philosophically, but he
coming to an end.
is not an idiot. He knew that an election now would be
useless and perhaps even damaging, but floating the
That is more and more possible in light of the slightly
idea helped to raise funds and to raise the party’s
better jobless claims data of the last several weeks.
public perception. In the end, however, it was much
Although Claims have not “spiked” lower, they’ve been
ado about very little… and hence the non-interest on
trending lower since late February, with the four week
the part of the very vast majority of Canadian citizens.
moving average of new claims now clearly moving
The general perception on the part of Canada’s voters
“from the upper left to the lower right” over the course
of the rumoured call to bring the government down was
of the past three months. We’d like to see claims
“O, that crazy Iggy is at it again. How sweet; how cute?
“spike” downward below 600 thousand sometime in the
How utterly uninteresting.”
next two or three or four weeks, for if they did, along
with the “turn” in the Ratio of Coincident to Lagging
Indicators, we’d raise high the roof beams with our call
COMMODITY PRICES ARE STABLE was in the 70’s and 80’s THE Voice of the grain
market. His surveys were the other voice on grain
with energy prices holding steady; with base metals
production outside of the USDA. When Conrad spoke
holding steady to slightly weaker; with the precious
on the grains we… and everyone else… listened.
metals steady and with the grains having weakened a
Those who did not paid dearly for their ill advised
bit yesterday but rallying a bit this morning.
decision. He wrote earlier this week to say the
following:
Regarding the grains, the weakness of the past week
and one half...coincident perfectly with the stronger US
Dear Dennis:
dollar...does seem to us to have found support along
some rather well defined trend lines. Corn and My sixty years of watching the grain futures
soybeans have held, and although we bought wheat markets have forged the following four trading
earlier this week and were stopped out yesterday (with rules:
a very minor loss, but a loss nonetheless) even the 1. Don't be long when the crops are growing
wheat chart seems reasonably, long term bullish to us. larger.
Perhaps we are trying to “see” something bullish when
2. Don't be short when the crops are becoming
there really is nothing to be seen; but the recent smaller.
weakness in corn that took July corn to and just under
$4.00/bushel looks uncommonly similar to the break 3. Rain makes grain.
back in early April that took corn from $4.20 to $3.70 4. During the growing season, on average, it is
where support “lived,” and to the break in January- usually prudent to expect normal US weather
early March when corn fell from $4.20 to $3.55. The developments. Also, normal U.S. crop
lows are progressively higher, and so too the highs. productions.

I enjoy reading your thoughts every morning.


The same can be said for Soybeans, but only more
demonstrably so, for since early March… whether new Best regards,
crop or old… each low is high and so too each high. Conrad Leslie 6/16/09:
Further, the soy meal market remains backwardated
out to the new crop of ’10. Conrad has spoken: We would do very, very well to
listen:
Moving on, we grew up in the cotton market, for that
06/19 06/18
was our first real job out of grad school back in the Gold 932.40 936.70 - 4.30
early 70’s as one of the economists for Cotton, Inc. Silver 14.16 14.25 - .09
Pallad 240.00 242.00 - 2.00
We’ve always been fascinated by cotton given its Plat 1208.0 1206.0 + 2.00
importance in the Emerging World, and given its GSR 65.84 65.73 + .11
importance in the “Emerged” World also. Cotton at or DJ-UBS 126.26 126.45 - 0.2%
Reuters 256.85 256.82 + 0.0%
near $.50/lb will always look to us to be historically
“cheap,” and it is especially so in light of the huge cuts CRUDE PRICES ARE STABLE; NAT-
in acreage here in the US this year. Having risen from
$.42/lb at its worst back in early March… coextensive
GAS IS WEAK with the latter tumbling
with the worst levels for equity prices too we might yesterday on the news of the huge injection of gas into
add… to its high of $.62/lb in early May, cotton’s fallen storage. The market was prepared for a net injection of
back to $.52/lb, and traced out a “reversal” to the 100-105 Bcf, and was shocked to see that 114 Bcf had
upside yesterday. Reversals always have our interest. gone into storage. Cooler weather… indeed in some
This one clearly has: instances in the far upper Midwest shockingly cold
weather… has prevailed thus far this year, reducing
Finally, we wish to share something that our old friend, the demand for peak electricity that would normally
Conrad Leslie, sent to us yesterday regarding grain develop from air conditioning. However, global
trading. Conrad, for those who are too young to know, warming is apparently making it quite cold, and we’ve
now seen four consecutive weeks of triple digit net
injections of nat-gas into storage. We suppose this has may long for the violent volatility of last autumn; we,
happened at some point before, but we cannot recall it however, savor the quiet serenity of the current
having happened, and certainly it has not happened in environment. Give us a VIX anytime below 20; we’ll
the past several years. As our good friend, Stephen thrive.
Schork of the eponymous Schork Report notes that in
the all-important Gulf region here in the US, where the This is of course quadruple witching expiration on the
predominant sum of nat-gas is stored, “there is now various options exchanges, and that usually has many
more gas in the ground than at the start of last winter’s calling for volatility. We shall argue instead that the
heating season.” market makers and therefore the markets will try very
hard to close things where they closed last night,
It is only June! We’ve months of further net injections hoping to earn the small premiums from both puts and
into storage ahead, Indeed, the only thing that shall calls as they try to settle the thousands of stocks with
keep us from having a long string of triple digit net listed options at or near “anchor” points.
injections is either massive heat or the simple fact that
Two things have our attention this morning, the first of
the storage facilities are all but filled! We would like to
which is of course RIMM, whose earnings were
think that nat-gas has discounted this huge supply of
released late yesterday afternoon to some
reserves with prices hovering at $4/mmBTU, and
disappointment in the stock… initially. The shares fell
perhaps it has; but given the massive contango that
more than 7% at one point after company officials said
exists, buying December nat-gas means that prices
they expect second-quarter revenues of $3.45 billion to
must rise nearly 8% between now and December
$3.7 billion. The Street, apparently, was looking for
before one can profit from the trade. We’re not willing
$3.61 billion. Company officials also said they expect
to make that bet; we’re not willing to give the market a
earnings in a range between 94 cents and $1.03 a
nearly 16% lead in annualised terms… nor should
share. Analysts currently expect earnings of 95 cents.
anyone else for that matter.
For the fiscal first quarter, RIM added about 3.8 million
net new BlackBerry subscribers, while analysts were
To that end, as the contango in nat-gas widens, note
expecting about 3.9 million new subscriber additions.
that the contango in WTI crude is narrowing. A week
The reports then were less than enthusiastic, but
ago, the July/December contango was $3.44; this
hardly overtly bearish, and so the 7% decline was a
morning it is $3.10. Further, the contango has
surprise to us [Ed. Note: We are long of RIMM in our
narrowed as the price has fallen. This we see as a very
closed end fund in Canada.]. However, as the early
positive sign. One may not wish to be long of crude
evening wore on and as traders/investors came to see
because the contango is narrowing, but certainly one
that this report was not nearly as bearish as first
must not be short of it!:
perceived, RIMM bounced from its lows and finished
barely lower on the day.
Jly WTI up 10 71.56-61
Aug WTI down 3 72.10-15
Sep WTI down 16 72.88-93 Secondly… and this we take rather bearishly…
Oct WTI down 19 73.56-61 Berkshire Hathaway finished hard upon its lows
Nov WTI down 24 74.16-21
Dec WTI down 27 74.66-71 yesterday, breaking technical support in the process.
Jan WTI down 28 75.06-11
OPEC Basket $69.68 06/16
We have said that Berkshire may well be a “leading
Henry Hub Nat-gas $3.79 indicator” of the broad market itself, and we feared that
should BRK.B break support it would lead to weakness
STOCK PRICES ARE A BIT FIRMER generally. We still hold to that thesis, but we shall
as our proprietary Int’l Index has risen 45 “points” or moderate it a bit by noting that BRK.B continues to
0.7% from yesterday, with nine of the markets that trade at an inordinate premium to its real NAV with the
comprise the index rising and only one falling… public granting that premium to Mr. Buffett for his years
Brazil’s. Notably, with the exception of China’s market, of amazing investment performance. However, we take
none moved more than 1% and although some may be issue with that vote of confidence and are rather
disappointed in the lack of volatility, we are grateful for heavily short of Berkshire while being long of Goldman
it for we prefer peace and quiet when trading. Others Sachs, Loews and Blackstone… three other portfolio
managers whose businesses are keenly akin to that of the White  House dealing with the nation’s problems.
Berkshire but which do not sell at the premiums to NAV The President, in his first few months in office, has
that Berkshire improperly enjoys. We take no joy in diminished the effectiveness of his own astounding
noting that Mr. Buffett’s company has fallen 32% from communications capabilities by appearing far too often
a year ago and that it is down 45% from its highs made in far too many venues. Forgetting that “less is more,”
in November of ’07… coincident, incidentally, with the the President has chosen to appear on television so
onset of recession. A loss of that sum by any portfolio often that “more is less.” When you are as excellent as
manager is inexcusable. is the President at communication it is better to use
those talents judiciously and perhaps even rarely.
Being short of BRK.B is difficult. When others hear Thus, we agree with Mr. Maher… likely the last time
that we are we are told, “Sir, you are crazy.” The ever we shall do so.
market, however, is telling us otherwise; indeed, the
market is telling us we are either wise or lucky, and Turning here to the US, President Obama’s ratings are
we’ll take either: beginning to weaken a bit. That is not unusual: all
Presidential ratings weaken; honeymoons end and the
Dow Indus up 58 8,555 harsh reality of day-to-day “married” life sets in. The
CanSP/TSX up 56 10,122
FTSE up 4 4,282 latest NBC/Wall Street Journal poll has the president
CAC up 33 3,194 with the support of 56% of the population, down from
DAX up 37 4,837 61% two months ago. The President needn’t be
NIKKEI up 49 9,742
HangSeng up 152 17,880 concerned however for even as his popularity is
AusSP/AX up 31 3,922 waning a bit; support for the Democrat Party compared
Shanghai up 33 2,878 to that of the Republicans is shockingly strong. 28% of
Brazil down 143 50,943
those polled favour the Republicans while 57% favour
TGL INDEX up 0.7% 6,462
the Democrats. The President, therefore, has a rather
ON THE POLITICAL FRONT, the focus is large margin yet in his favour, and until those latter
obviously upon Iran, where the Ayatollah Ali Khamenei figures begin to shift we can assume that the left-ward
is holding public prayers in an attempt to end the days leaning of this current Administration shall obtain.
of marching and protests in the streets of Tehran and
other large cities there. The grand Ayatollah is making GENERAL COMMENTS ON THE
his first public appearances since the election on the CAPITAL MARKETS
12th, and it comes following the statement by the
Guardian Council in Tehran that it was investigating
nearly 650 allegations of voting violations across the “PORT”-ABLE DATA ON THE
country brought by supporters of Mr. Mousavi. The ECONOMY: We like to keep a close eye upon
Council has said that it will hear the grievances brought the movements of “stuff” into and out of the nation’s
by Mr. Mousavi’s supporters and by those of the other ports for we think that by so doing we are able to get a
two losing candidates today and tomorrow, and that a better understanding of what is going on economically
decision will be made by Sunday as to the validity of well before others can and/or do.
the election. The world awaits the The data no trade that the US
decision. government reports is old data by the
time it is reported; however, the data
Turning to political circumstances here
that the ports themselves make
in the US, two things are of interest to
public is much newer; much more up-
us. Firstly, we rarely if ever agree with
to-the-minute and therefore of great
Mr. Bill Maher, the so-called political
value. Simply put, we rely upon the
comedian on HBO, but this time we do
ports to tell us how many “containers”
as he has called upon President
move into and out of the US, and
Obama to materially reduce his “time”
thus comparing this information to
on television and spend more time in
last months and more importantly to last year’s data “Stuff” moves by air when it is needed swiftly, but we
can we arrive at some notion as to how the economy can compare year-on-year data to get an idea of the
will be doing in the coming weeks and months. relative weakness or strength of the economy. At the
moment, the data is still very, very weak. According to
Thus we note that although container volume has been the data reported out by the International Air Transport
rising this year compared to last year one month to the Association, after having touched just barely under $60
other, when compared to last year things look bleak billion in ’07 and ’08, this year the IATA “guess-timates”
indeed. Containers moving into the US with imports in that only $40-$42 billion will move into the US. We are
April rose 2% compared to that of March and is a effectively back to the levels of ’00-’04 and we are well
reason to be somewhat happy; however compared to below anything since ’05. Having reached its worst
April a year ago, things are down 22%.... this according year-on-year comparison back in December of last
to the data compiled by the National Retail Federation year when there was 23% air transported cargo
the IHS Global Insight. Worse, the container figure for moving into the US from abroad, these yearly
April was the third lowest monthly figure since comparisons have remained about 20% lower since.
sometime in early ’04 and was the 22nd consecutive
month in which the year-on-year comparisons were for Inventories of “goods” on the nation’s shelves remain
the worse. 22 months in a row is a trend of some very high, and so long as that is true then we are going to
real consequence. see horrid, recessionary year-on-year comparisons in
this very timely data.
Things look bleak for some while too, for the Vice
President of supply chain and customs policy at the THREE IF BY RAIL: While we are on the topic
National Retail Federation, Mr. Jonathan Gold, said in of moving goods into (and out of) the US by sea and
an interview recently with The Journal of Commerce
air, we note also the figures on rail-car loadings as
that
reported by the Association of American Railroads.
Since the start of this year this year, when the year-on-
Retailers are still being cautious with their
inventory levels in anticipation of slow sales year comparison was a relatively tepid -8%, the trend
this summer and into the fall. has been steadily “from the upper left to the lower right’
on the charts. By March, the year-on-year comparisons
The NRF “officially” forecasts that the year-on-year were averaging -15%. By April, -22%; by May -25%
comparisons this year vs. last shall remain between and now after a week or two of June they are -26%.
15-20% weaker on through the late autumn, and only This is not a trend to be tampered with; this is a trend
then might the figures start to turn for the better. Even of some very real severity, and for now we fear that it is
then, it is unlikely that we shall see “positive” numbers a trend rather firmly intact. Thankfully, it looks back,
until sometime in early ’10. In other words, we’ll nor forward; but if the past is prologue to the future, the
continue to see recessionary figures come through the future still looks rather bleak.
nation’s ports on through the autumn, and we are
going to see steady and regular “better” numbers
Finally, there is a glimmering of hope on the rail
regarding the US imbalance of trade at the same time.
horizon and that is that the June figures, as they are
compiled, are showing some signs of life. According to
ONE IF BY SEA; TWO IF BY AIR: the AAR, “freight traffic on US railroads during the
Having noted the relative year-on-year weakness in week ended June 13 continued to show signs of
container shipments into the US by sea, we note hear gradual improvement… [as] rail car loadings and
also the figures on air cargo movements. It is unfair to intermodal were up from the previous week with
try to compare air cargo to the cargos of “stuff” landing carloads at their highest level in 10 weeks.”
at the nation’s ports because the latter dwarfs by a
huge factor the former. Air cargo is far more timely
than is sea cargo moment, and it is manifestly more
RECOMMENDATIONS
expensive.
1. Long of Ten Units of the “English speaking”
currencies against Ten Units of the Yen: We
began the trade in mid-February with the Yen/C$ cross at 73.30, and
the Yen/A$ cross at 60.50. Today, the Yen/A$ is 78.05, compared to Please note that the following positions are “indications” only of what
75.85 yesterday morning, while the Yen/C$ is trading 85.90 we hold in our personal accounts at the day’s end. We reserve the
compared to 84.30 yesterday morning! absolute right to change our opinions at any time and at
a moment’s notice. Presently, we hold the following:
Three days ago, we thought it is wise, at least until the threat of the
no-confidence vote in Canada is passed, to “swap” half of oru C$ for
Aussie $, and so we did. We’ll do nothing more for the moment, Long: We are long of AA, FCX and BX primarily, hedging the
even though the fear of a no-confidence vote in Canada has passed. positions across the board with reverse ETFS and/or futures.

Until last Thursday, we’d been holding our positions, unwilling to Short: We own SDS and are also short of the S&P futures to
reduce them, but also unwilling to add to them. Then, we bought the hedge our long positions, along with S&P and NASDAQ futures. We
Canadian and the Australian dollars while selling the Yen, bringing are also short of Treasuries at the long end of the curve.
our position to ten units of the cross. This was hard to do, but as one
of our trading mentors, Peter Stadelmeyer on the CBOT always used We hold a number of “paired” trades such as long of ANDE and K
to say, “Do the hard trade.” We did it upon receipt of this (we tossed BG over-board yesterday) while short of ADM; long of
commentary and our doing of it proved reasonably wise. PBR and SU while short of XOM and CVX; and long of GS, L and
BX while short of BRK.B. Recently, these trades have moved
against us, and we’ll wait to see them turn back in our favour before
2. Long of Three Units of “Prosaic, Old-Guard, adding to them again.
and dividend paying” equities/ Short of Three
Units of the Broad Market to hedge the trade: In our retirement and personal trading accounts
This morning, we want more exposure rather than less to steel, here, we are up 8.8% for the year-to-date. The S&P is
aluminium, copper et al. higher for the year by1.7%. In a sustained equity bull market we’ll lag
the S&P for we are rarely aggressively net long… or net short, for
that matter… and when we are it is only very modestly so. Last year,
3. Long of One Unit each of Australian when the global markets were down 35-40% we were down very low
and Brazilian equities; short One Unit single digits, but as the saying goes, “You can’t eat relative
performance!”
Each of French and German equities: As
noted here yesterday, we see the correction in equities globally as
The following is not a recommendation, a solicitation or an offer to
an opportunity to buy into the equities of nations that produce
commodities while selling those that import them. We’ve bought sell the securities and reflects publicly available pricing information
Australia and Brazil and we’ve sold Europe, doing so by owning provided for informational purposes only.
EWA and EWZ, the Australian and Brazilian ETFs respectively, and
by selling short EWQ and EWG, the ETF for France and Germany.
CIBC Gartman Global Allocation Deposit Notes Series 1-4;
The Gartman Index: 108.82 vs. 108.85 previously; and
It is difficult, if not impossible, to borrow EWQ and EWG, and so
we’ve no choice but to suggest selling a smorgasbord of German The Gartman Index II: 87.87 vs. 87.89 previously.
and French equities where available, or to sell the futures contracts.
Retail may find that impossible; institutions will not. We’ll give this Horizons AlphaPro Gartman Fund (TSX: HAG.UN):
trade a bit of room, but we’re not willing to see the BOVESPA in Yesterday’s Closing Price: 9.80 vs. 9.95
Brazil and the SP ASX 200 in Sydney lose more than 2% relative to Yesterday’s NAV per Class A Unit: $9.1141 vs. 9.1304
the EUR STOXX 600 Index. So far we’re safe Yesterday’s NAV per Class F Unit: $9.3744 vs. $9.3959

4. Long of One Unit of Gold: We bought one unit The Gartman Letter L.C. serves as a sub adviser to the above
of gold at the market earlier this week, and our stop shall be just mentioned products. Investors in the CIBC Gartman Global
below the recent low in spot gold. That was $930 and so we’ll give Allocation Deposit Notes should go to
the trade to $928… and it must trade below there for an hour or so http://www.cibcppn.com/ScreensCA/canproductsearch.aspx?QS=gar
before we’ll act. tman&PC=0&NN=&MDRS=&MDRE=&IDRS=&IDRE=&ADP=&FC=&
ADV=False for more information. Existing investors in HAG.UN
We do not care whether one buys gold stocks, or gold futures or the should go to http://www.hapetfs.com/gartman_cf.asp for more
gold ETF (although our own preference is for the latter). Our only information.
wish is to own gold and we’ll use spot gold as our reference point
from this point on. Our stop, therefore, is in terms of spot gold, and
our client should adjust their trading/thinking accordingly Good Luck and Good Trading, Dennis Gartman

5. Short of Two Units of the Disclaimer: This Publication is protected by U.S. and International Copyright laws. All rights
Long End of the US Bond reserved. No license is granted to the user except for the user's personal use. No part of this
market: We sold the long end of the yield publication or its contents may be copied, downloaded, stored in a retrieval system, further
curve here in the US yesterday upon receipt of transmitted, or otherwise reproduced, stored, disseminated, transferred, or used, in any form or
this commentary. As we wrote the Sep t-notes by any means, except as permitted under The Gartman Letter subscription agreement or with
were trading 115.01 and we said we’d “take” prior written permission. This publication is proprietary and limited to the sole use of The
anything better than 114.28. Clearly that was Gartman Letter, L.C. clients. Each reproduction of any part of this publication or its contents
possible. Further, we said we’d add to the trade must contain notice of The Gartman Letter, L.C.'s copyright. Pursuant to U.S. Copyright law,
should Sep. T-notes trade below 114 ½, and
they did… early in the day. damages for liability or infringing a copyright may amount to $30,000 per infringement and, in the
case of wilful infringement; the amount may be up to $150,000 per infringement, in addition to
Those who cannot trade futures were told to the recovery of costs and attorneys' fees. The information contained herein is not necessarily
either sell short the TLT or buy the “double complete and its accuracy is not guaranteed by The Gartman Letter, L.C., its operating entity or
reverse” ETF, TBT. As a stop, we’ll not want to the principals therein. If you have received this communication in error, please notify us
see the Sep. futures trade and close above 115 immediately by electronic mail or Telephone. Neither the information, nor any opinion expressed
¾’s, down from 116.00. constitutes a solicitation for the purchase of any future or security referred to in The Gartman
Letter.Any further disclosure or use, distribution, dissemination or copying of this message or any
We were stopped out of our position in wheat attachment is strictly prohibited; such information, whether derived from The Gartman Letter LC
yesterday for a very small loss, but a loss or from any oral or written communication by way of opinion, advice, or otherwise with a principal
nonetheless. We may revisit this trade sooner of the company is not warranted in any manner whatsoever, is for the use of our customers only
rather than later but for now we are out. Those and may be obtained from internal and external research sources considered to be reliable.
not out should exit immediately.
Principals of The Gartman Letter L.C. may or may not hold or be short of securities discussed
herein, or of any other securities, at any time. The foregoing also expressly applies to any trial
subscription. And anyone who says otherwise is itchin' for a fight. 

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