currency to float ON THE PASSING OF A 
within a larger RENAISSANCE MAN: We note sadly 
range than it the passing over the weekend of one of the 
has in the past. last of the real Renaissance men of our age 
We must and a close friend and mentor of ours here 
at TGL: Mr. Morton Swinsky of New York. 
remember that
Mort led the capital markets group at Fuji 
this is not a free Securities for many years and knew more 
float; this is far about the bond market than almost 
     from a free float. anyone else we’ve met over our several 
Tuesday, June 22nd, 2010              It is, for all decades in the business.  More 
importantly, Mort was  intimately involved 
Dennis Gartman: Editor/Publisher                            intents, rather
with the art scene in New York and his 
Phone 757‐238‐9346    Fax 757‐238‐9546                like the office was always filled with avante garde 
Email dennis@thegartmanletter.com                    new art that captured our interest on 
“crawling pegs”
London Sales: Donald Berman, Alberdon International                        every visit.  But it was on Broadway that 
of years past in
Phone: 011 44(0) 79 8622 1110  Mort made his mark for he produced or co‐
Europe, with the
produced a huge number of plays and 
People’s Bank musicals, including  The Crucible; 
of China Metamorphosis; The Music Man;  Talk 
allowing the Radio; Glengarry Glen Ross; Annie Get 
Your Gun; The Addams Family and many, 
currency to rise,
many others.  Here was a great man; a 
but to do so Renaissance Man; a man of letters in the 
within a well world of finance. Broadway and Wall 
maintained Street both have lost a giant. 
APPLE “REVERSES”
corridor and with
TO THE DOWNSIDE!
the Bank intent upon keeping the currency from rising
too sharply or from falling too steeply. This is but
another step in al long passage toward an eventual
OVERNIGHT NEWS:  free float and we would do well to understand that fact.
It will be years perhaps before the Renminbi is freely
THE RENMINBI/DOLLAR PEG DIED floating on the spot and forward forex markets, but that
is the goal. It will be achieved when it serves China’s
OVER THE WEEKEND, but confusion still
best interests to do so and only when it does… not a
reigns over the importance of the decision to allow the
moment before.

We shall admit that the

AUGUST WTI  Chinese decision to announce
CRUDE OIL: “The  the end of the peg at this time
Box” Harkens!:   was political brilliance, for it
Crude has bounced 
from its lows, retracing  diffused what might otherwise
in nearly text‐book  have been an uncommonly
fashion the previous 
uncomfortable G-20 meeting
sharp decline and 
climbing toward, but  this weekend in Toronto.
not yet into ‘The Box”  Protectionism was in the air,
that marks the50‐62% 
retracement level.  and may still be in the air at
the meeting, but the fact that
China has moved on the peg has taken the largest
 
 
target that the protectionists here in the US might have shored up. Their refusal to stand down has swelled
dragged into the arena in Toronto and smashed it, and will continue to swell the pool of labor from which
leaving the likes of Senators Schumer and Graham the government establishes the official unemployment
without a moving target to shoot at. ‘Twas brilliant rate.
politics on the part of Beijing; they have out-politicked
The pool of workers that can be drawn upon is
Washington, and for that they have our admiration.
expanding at a time when the government would like to
Earlier today, the first real “setting” of the so-called see that labor pool become smaller. It won’t,
mid-point for the Renminbi following the announcement however… not this year; not next year and likely not for
of the ending of the peg took place. Yesterday the “fix” several more years into the future. It’s a conundrum
was 6.8275 and today it was done at 6.7980. This was and it is very large conundrum indeed:
a movement of 0.43% and was a bit more aggressive
than many had thought likely. The three month non-       06/22    06/21 
Mkt Current Prev US$Change
deliverable forward moved to 6.7100. On the Japan 90.70 90.95 - .25 Yen
announcement of the mid-point and for a very very EC 1.2309 1.2410 + 1.01 Cents
brief period of time that was truly fleeting in nature. the Switz 1.1080 1.1060 + .20 Centimes
UK 1.4725 1.4860 + .65 Pence
EUR rose to 1.2350; it has since fallen back to 1.2295 C$ 1.0215 1.0165 + .50 Cents
as we write, and indeed the entire forex market has A$ .8785 .8845 + .40 Cents
settled back to very quiet trading conditions since the NZ$ .7090 .7140 + .50 Cents
Mexico 12.52 12.43 + .09 Centavos
announcement of the setting of the mid-point for the Brazil 1.7700 1.7710 - .10 Centavos
Renminbi. Russia 30.82 30.89 - .07 Rubles
China 6.7980 6.8285 - 3.05 Renminbi
The problem that the market is facing is that once the India 46.01 45.66 + .35 Rupees
Prices "marked" at 10:00 GMT
mid-point was set rather aggressive selling of the
Renminbi by Chinese banks sold it lower. The currency Today, the only economic news of question to be
finished in Asia at 6.8190, and as it fell the other released is for existing home sales for May. In April,
currencies followed. existing home sales rose a very stout 7.6% to 5.77
million annualised units. At first blush that was a very
The FOMC begins a two day meeting later this
impressive number, but the “bullishness” of that
morning and the consensus is universal: nothing can or
number was offset by the fact that the supply of
should be done regarding monetary policy at the
available houses for sale rose even more materially…
meeting. The Fed really has little choice but to hold
+11.5%... to 8.4 months.
policy steady for the various officials have all said in
recent weeks that the unemployment rate is a central
For May, the consensus is that existing home sales
aspect of their policies and we’ve suggested… as have
rose quite sharply to 6.2 million annualised sales;
a myriad number of others… that as long as the
however the range of “guess-timates” is very large
unemployment rate holds above 9% the Fed cannot
indeed… from 5.2 million to 6.35 million. In all honesty
and will not move to tighten. As we have suggested, a
this report is important only in that the incentives that
demographic iceberg is out there to be dealt with as
the government had in place to spur the housing
“Baby Boomers” refuse collectively to stand down from
market had their final gasp effort in May. The May
their jobs and retire. Rather than retire, the Boomers
figure might well be very, very large indeed; but it shall
are holding fast to their jobs, hoping to save a bit more
only be so because the incentives in place were about
money now that their children are gone, college
to expire. When the June figure is released one month
expenses are paid; the house is in the process of being
hence it will show one of the largest month-on- month
paid for and their fiscal circumstances are being
declines on record.

In Germany this morning the IFO monthly report was
released and the business climate index rose modestly
to 101.8 compared to the pre-report “guess-timates” of
101.2, while the current conditions report rose to 101.1
compared to a consensus “guess-timate” of “par.” The
“expectations” index, however, was a bit more
sanguine, coming in at 102.4, down from 102.7 as a
pre-report guess. In all, this is a rather boring report,
and the EUR’s response has been tepidly positive at
best.
Finally, the UK budget will be presented later this
morning by Chancellor George Osborne and all we
know for certain is that it will include tax increases and
spending cuts… a budget that is uncommonly austere,
with the wealthier British paying even more in taxes
than they already do [Ed.Note: Mr. Osborne will make
his presentation, we are told, at approximately 11:30
GMT, or 6:30a.m here on the east coast of the US…
about an hour after TGL is sent to our clients around
the world.]. Indeed, we are told that nearly one half
million British taxpayers will become non-taxpayers
instead as they are taken out of the tax system entirely
as the rate at which people pay income taxes will be
raised by £1000 to £7475. Below that threshold they
own nothing! Interestingly, even though nearly one
million poorer British will have to pay no income taxes
under the new budget, Labour says that any public
spending cuts that fall upon the poor shall be unfair!
The Deputy Prime Minister, Mr. Clegg, said yesterday
in anticipation of the budget to be presented that the
budget deficit has to be attacked aggressively for
without action on the deficit, we will carry on
racking up unaffordable debts our children
will have to pay off. We will carry on
spending more money on debt interest than
we do on our schools and we will undermine
the economic growth needed to create jobs
and opportunities for all of us. There is
nothing fair, liberal or progressive about any
of that.
So cuts must come. We have taken the difficult
decisions with care and with fairness at their
heart. You will see the stamp of our Liberal
Democrat values in [the] Budget. But
nonetheless, it will be controversial. This is one
of the hardest things we will ever have to do,
but I assure you, the alternative is worse: rising
debts, higher interest rates, less growth and
fewer opportunities
Austerity, apparently, is now required even on and
from the Left these days.
COMMODITIES PRICES ARE VERY,
VERY MIXED, with the grains moving lower in
the case of corn; unchanged in the case of wheat and
a bit higher in the case of soybeans. Energy prices are
weaker; the base metals are a bit stronger and the
precious metals are materially lower.
Turning firstly then to the grain, the weekly crop stats
were released late yesterday and as one would expect
and as is historically well precedented, the crops are
beginning to lose a bit their “Good/excellent” luster;
that is beans and corn were just a bit less “perfect”
than they were. The corn crop, which as last week
rated 77% “Good/excellent” and which had only 5% of
the crop rated “Poor/very poor” was this week rated
75% G/e and 7% “poor/very poor.” This is still an
excellent start to the corn crop, and it is still the best
start in more than a decade, but it is down a bit from
last week’s figures.
The bean crop has fared even less well, with 73% of
the crop rated “Good/excellent last week” and 5%
“Poor/Very Poor,” while this week those are 69% and
8% respectively. 93% of the bean crop has been
planted, compared to 94% for the past five years, while
87% of the crop that is planted has “emerged,” down
from 88% on average and 82% a year ago.
The winter wheat crop is behind a bit, with 91% of the
crop “headed” at this time compared to 94% last year
the same week and 96% on average for the past five
years while only 17% of the crop has been harvested
compared to 23% on average for the past five years.
We failed to report on Informa’s crop figures from last
Friday and they were modestly supportive of both
 
 
beans and corn. Informa has corn planted acreage at The weakness in gold was all the more disconcerting in
89.3 million acres, down 0.3 million acres from its that it has traced out a very real outside reversal to the
previous guess-timate but it is supportive in that many downside, also as evidenced by this chart, with the
on LaSalle Street had the corn acreage at 90+ million market moving to new all time highs yesterday in US
acres. What is interesting is that the 0.3 million acres dollar terms and then closing sharply below the
that were removed from corn were apparently planted previous day’s lows. We respect reversals, and were
to beans according to Inform, for they raised their we long of gold in US dollar terms we’d be using any
estimate on bean planted acreage to 78.8 million and all strength to reduce our positions. However,
acres, and that further compares to the USDA’s last fortunately we are not long of gold in US dollar terms,
planted acreage report of 78.1 million. but are long of it instead in EUR and Yen terms. That
has proven wise. Nonetheless, even then the market
06/22 06/21 has moved against us, and although it has not
Gold 1238.4 1259.6 - 21.20
“reversed,” it is uncomfortable.
Silver 18.81 19.33 - .52
Pallad 490.00 496.00 - 6.00
Plat 1592.0 1604.0 - 12.00 Finally, the gold market bulls can hold strongly to the
GSR 65.85 65.15 + .70 fact that the Reserve Bank of Russia has been adding
Reuters 263.69 262.93 + 0.3% to its gold reserves aggressively in the past several
DJUBS 128.40 128.45 - 0.1%
months, taking the sum of gold it holds to 668.6 tonnes
The precious metals took a very real hit yesterday, with at the end of March, up 26.6 tonnes in the quarter. At
prices crumbling $20/ounce for gold and for the same 668.6 tonnes, the Reserve Bank of Russia is now the
relative sums in the “white/industrial/precious” metals 5th largest holder of gold in the world. Too, the Saudi
in a matter of minutes in the early afternoon in New Arabian Monetary Authority announced late last week
York. Spot gold that its gold
traded from $1262 to holdings were
$1230 in less than a actually twice what
half hour, and they had been
although prices have previously reported.
bounced from those Now they are 322.9
lows they’ve done so tonnes compared to
only modestly. For a 143 tonnes as
few brief moments in previously reported.
Asia earlier today In its official
spot gold traded notification of that
back to $1240, but sum of gold, the
has since fallen back SAMA said that
to $1234. If the “gold data have
market is going to find support, it must find it here and been modified from First Quarter 2008 as a result of
it must find it soon, for it support at $1230 does not the adjustment of the SAMA’s gold account.” In other
hold, then the next layer of stronger support is at the words, SAMA lied previously. There is really nothing
$1210 level, as evidenced by the chart of August more we can say other than that.
Comex gold this page, noting the rather well defined
upward sloping trend line that extends back into mid- ENERGY PRICES ARE QUITE
March of this year.
WEAK, with crude oil losing what it had gained the
previous session, almost perfectly across the board,
 
 
and nat-gas too has tumbled, as reports of cooler TOP COUNTRIES FOR CRUDE OIL IMPORTS TO
temperatures to be returning to the East Coast here in THE US IN 2009, BY PERCENT
the US in the course of the next several days Canada 21.39%
circulate… and rather swiftly too we might reasonably Others 12.82%
add. Mexico 12.10%
S. Arabia 10.91%
Tomorrow we’ll get the chance to see the weekly DOE
Venezuela 10.65%
figures. Tonight, we’ll see the weekly API’s. Ahead of
Nigeria 8.51%
the report, and relying upon the always excellent work
Angola 4.95%
of our old friend, Kyle Cooper of IAF Advisors, we note
Iraq 4.95%
that the five year average for this week for the DOEs is
Brazil 3.25%
for crude inventories to rise 0.73 million barrels; for
Algeria 3.06%
gasoline inventories to rise 1.2 million barrels and for
Colombia 2.80%
distillates to rise 1.6 million, for an average aggregated
Russia 2.56%
increase of 3.53 million barrels. Crude inventories,
Kuwait 2.04%
however, are not likely to be that strong, with the
consensus seeming to form around -0.3 million barrels. In other words, Saudi Arabia and Kuwait supplied the
Distillates are likely to be up almost precisely on their US 12.95% of the total. Combined, they are still only
five year average; let’s call them +1.5 million. There is 60.5% of what Canada supplies us. Considering
confusion regarding gasoline inventories, with “guess- “friendly” hands, Canada, Mexico, Nigeria, Angola,
timates” ranging from -0.5 million barrels to +1.5 Brazil and Colombia supply us 50.2% of our total
million. We’ll “go” with +0.5 million. In other words, we imports, and if we consider Saudi Arabia and Kuwait to
look for the aggregated inventory figure to be +1.7 be allies, then this runs to 63.15% of our total comes
million barrels. from “friendly” sources.

AugWTI down 168 78.02-07 Finally, is it not interesting to note that the Libya is
SepWTI down 173 78.89-94
already all but inviting BP to come there to drill for
OctWTI down 174 79.62-67
NovWTI down 175 80.27-32 crude oil if it is unwelcome in the US and the Gulf of
DecWTI down 176 80.83-88 Mexico. President’s Obama’s decision to ban all
Jan WTI down 174 81.23-28
FebWTI down 173 81.60-65 drilling for six months is a truly stupid idea, and nations
OPEC Basket $75.24 06/17 are already lining up to invite BP and others to bring
Henry Hub Nat-gas $4.68 their rigs and the men and materiel abroad instead. To
think that BP, Chevron, Transocean, Cameron et al will
Finally, just to be filed somewhere for future reference
not heed this siren song is naïve, for of course they
and to have the ammunition at the ready when the
shall.
great unwashed and/or those who represent them in
Congress take up the question improperly, we note
EQUITY PRICES ARE AGAIN A BIT
that the US is for all intents already no longer
dependent upon the Middle East for its crude oil FIRMER, but we are fearful of what took place
supplies. According to the US Energy Information yesterday here in the US for although the Dow did not
Administration, last year the following nations supplied do so, many of the other broad market indices forged
the US with the vast preponderance of its imported “reversals” to the downside and many of the most
crude oil: important individual equities did the same. We note
therefore the chart of Apple’s shares yesterday on the
NASDAQ at the upper left of p.1 this morning. Apple
has been the clear leader to the upside during this last
 
 
bull run, and yesterday, having opened on a gap to Here in the US, with Congressional elections looming
new all time highs, and having traded firmly most of the only a few months into the future, the rising power on
day, it collapsed in late trading, closing lower upon the the part of the Tea Partiers is worrisome to us, for
day and closing below the previous day’s lows. This although we admire the “libertarian” tactics of most of
was a classic…a text-book… “reversal” and it should those aligned with this grass roots political movement
be respected. Further, as we are wont to say, as in we do fear the urgency to cut spending and raise taxes
battle, so too in investing: when the “Generals” fall, the in order to “pay down the deficit.” Like Warren
lesser officers and soldiers are in jeopardy as Christopher of years passed, we’d urge caution.
confusion begins to reign.
Finally, it is reported that the White House Budget
In Europe, bank shares are down quite sharply Director, Mr. Orszag, will be tendering his resignation
following the rather weak showing on the part of the in the not-too-distant future, making him the first
Renminbi and on the news that Fitch has downgraded reasonably high ranking official within the
BNP Paribas. The market, reasonably, fears that if Administration to stand down. Although it is possible
BNP Paribas can be downgraded then others are soon that he is stepping down to protest the fact that he
to follow. pushed to have all of the funds given to Freddie Mac
and Fannie Mae put on the federal budget and he was
Dow Indus down 9 10,442
over-ruled, we suspect is it is simply that Mr. Orszag is
CanS&P/TSE up 8 11,936
FTSE up 48 5,299 young and has better and higher paying job prospects
CAC up 49 3,736 awaiting elsewhere.
DAX up 76 6,293
NIKKEI down 125 10,112
HangSeng up 65 20,928 GENERAL COMMENTS
AusSP/AX down 51 4,655 ON THE CAPITAL MARKETS
Shanghai up 5 2,592
Brazil up 391 64,829
TGL INDEX up 0.2% 7,597 . HOW GLOOMY IS HOUSING
REALLY?.... VERY! Our old friend Randall
ON THE POLITICAL FRONT the
Forsyth wrote a very interesting article for Up and
presentation of the UK budget this morning is perhaps
Down Wall Street recently that detailed just how
the most important political development, and as noted
different the housing market is this time compared to
above it is fascinating to us that even on the Left the
past periods. Home building is a business that we are
urge to cut spending and to raise taxes is palpable.
certainly glad we are not in for we see little if any future
We are very, very concerned about this change in
in it for years to come. As Randall noted, the National
sentiment… about this urgency to cut deficits… about
Association of Home Builder’s confidence figures
this even greater urgency to raise taxes, for in the
released recently plunged to 17 in May from an already
doing of this… in the urgency to balance budgets…
horrid 22 in April, and that is very near to its lows made
comes greater economic weakness, not economic
at the depths of the recession last year. Too, the
strength. We do indeed understand the need to bring
Mortgage Banker’s Association reported that
the deficits on the G-20 under control, but we much rd
applications for mortgages fell by 1/3 since the
prefer bringing them under control when the economy
expiration of the tax credits at the end of April and
everywhere is on the very clear mend, rather than at a
those applications are now to their lowest levels since
time when economic growth is tenuous in nature. It is
’97. Further, housing starts remain in the 550-650
one thing to raise taxes; it is another to cut spending; it
thousand annualised rate that in the past has signaled
is entirely something else…and materially
recessionary lows. This time they are not bouncing, nor
deflationary… to attempt to do both, laudable though it
are the likely to bounce.
might seem.

Moving on, we note that more than 75 million American
households own the homes they live in and of those 75
million nearly 12 million owe more than their homes are
worth, according to Moody's Economy.com. That’s
16% of the nation’s home owning families! To put that
in perspective, back in ’06 only 4% of those owning a
home were “under-water” on their mortgages and as of
’09 “only” 6% were.
For those who’d bought their homes in the past five
years things are even worse, for they bought at or just
after the peak for prices. They’ve never likely seen the
“light of day” on their mortgages since and so it
appears that fully 1 of 3 mortgagees who bought within
the past five years are underwater. Most homeowners,
we are told, still have some equity in their homes, but
it is failing quickly.
Perhaps the most disconcerting bit of data was that
supplied by First American Core Logic; Zillow.com and
Moody’s Economy.com that shows how many home
owners in the largest metropolitan areas are “under-
water” or upside-down on their mortgages and how
much prices have to rise on average before those
homeowners are restored to “right side up.” For
example, in the NY area housing prices have recently
fallen to the lows of August of ’05, with just over 15% of
those with mortgages “under water” on them. But even
with prices having fallen, they must fall another 18% if
“historical affordability” (that which prevailed in the
1985-2000 period) can be restored. In Atlanta, prices
are back to the levels prevailing in the spring of ’05;
19.5% of those with mortgages taken out in the last
five years are underwater. The consolation to the
Atlanta area home owner is that prices really needn’t
fall any further to restore historical affordability.
Things are horrid, however, in Miami where prices are
back to the levels of the late winter of ’05, but where
nearly 45% of those with mortgages are underwater
and it will take a stunning 38% further decline in prices
to return to affordability. Oh, and prices are already
down 27% from their peak.
Moving out even further, housing prices in Boston are
now back to the levels prevailing in the autumn of ’03!
In Boston prices are down 15% from their peak. Just a
bit more than 13% of the mortgagees are underwater
on their mortgages, but prices only need to fall 9% to
restore affordability.
The topper, however, is San Diego: Beautiful; healthy;
vibrant San Diego has seen its average housing price
fall to levels back in the summer of ’03; prices are
down 32% from their peak; a stunning 51% of those
with mortgages taken out in the past five years are
underwater and prices have to fall another 13% before
historical affordability can be re-established. We have
our doubts as to whether San Diegans who’ve bought
a home in the past five years and who have a
mortgage on that home will ever be made whole again,
or made whole in our lifetime.
RECOMMENDATIONS
1. Long of Six Units of the C$ and Three
of the Aussie$/short of Six Units of the
EUR and Three Units of the Yen: Twenty five
weeks ago we bought the C$ and sold the EUR with the cross
trading 1.5875. Twenty four weeks ago we added to the trade at or
near 1.5100, and sixteen weeks ago we added yet again, giving us
an average price of 1.5250. The cross is trading this morning at
1.2573. Seventeen weeks ago we bought the A$ and we sold the
EUR at or near .6417. It is this morning .7135. Friday week we
added to the long Canada/short EUR position upon receipt of this
commentary. As we wrote the cross was trading 1.2510 and the
trend is clearly in Canada’s favour.
Monday last, we bought Canadian dollars and sold Yen upon receipt
of this commentary. At the time the cross was trading 89.10.
Recently, we’ve raised the stop on this trade from 87.25 to 87.95
and should the cross trade through there for an hour or so we’ll
exit.
2. Long of Three Units of Gold: Two Each
vs. the EUR and One vs. the Japanese
Yen: On Thursday, May 20th, we returned to our long gold/short
EUR position. Gold was then trading €961. We added to the position
Friday of two weeks ago giving us an average of EUR 968.6. Gold in
EUR terms this morning is trading €1006.40
rd
Thursday, June 3 we bought One Unit of gold in Yen terms upon
receipt of this commentary. At the time, gold was trading ¥113,250. It
is this morning trading ¥112,375.
3. Long of One Unit of the Ten Year Note:
The world is bearish of bonds it seems, and yet bonds do not break.
Something that won’t break when it ought should be owned, and so
we bought the Ten year note last Thursday morning upon receipt of
this commentary with the trade done somewhere near 120 ¼. We
have stops at 119 5/8ths and we shall sit tight with those
 
 
stops… but they are clearly in jeopardy in light of the Chinese Short: 15% EURs; 15% Pounds sterling; and 10% Yen.
decision over the weekend.
Horizons AlphaPro Gartman Fund (TSX:HAG):
4. Long of One Unit of Soy Meal: As noted here Yesterday’s Closing Price on the TSX: $9.03 vs. $9.05
yesterday we are bullish of the soy complex, and we are most bullish Yesterday’s Closing NAV: $9.08 vs. $9.11
of soy meal. We bought August meal yesterday morning upon
receipt of this commentary, so long as we do not pay more than CIBC Gartman Global Allocation Deposit Notes Series 1-4;
$286/ton. We shall risk The
no more than 2% on this Gartman Index:
trade, thus our stop shall 117.39 vs. 116.81
be $279/ton on a closing previously; and
basis. We’ll be The
aggressive in adding to Gartman Index II:
the trade on a close 94.78 vs. 94.29
above $295, and our previously.
target to the upside
eventually shall be Unofficially for May
$350… and perhaps the NAV of ETF in
materially higher. Canada closed at
$8.98 while the
The following is not a
unofficial “average”
recommendation, a
solicitation or an offer to close for our notes
sell the securities and was 103.85. As of
reflects publicly available last night the NAV
pricing information of our ETF was up
provided for informational $0.10 or 1.1% and
purposes only. The the average price
Gartman Letter
of our “notes” is up
L.C. serves as a sub
adviser to the products 2.1% month-to-
mentioned below. Investors in the CIBC Gartman Global Allocation date.
Deposit Notes should go to:
Good luck and good trading, Dennis Gartman
https://www.cibcppn.com/ScreensCA/CANProductUnderlyings.aspx?
ProductID=221&NumFixings=2
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http://204.225.175.211/betapro/fundprofile_hap.aspx?f=HAG stored, disseminated, transferred, or used, in any form or by any means, except as permitted under the
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The following positions are “indications” only of what we hold in our Any further disclosure or use, distribution, dissemination or copying of this publication, message or any
ETF in Canada, the Horizon’s AlphaPro Gartman Fund, at the end of attachment is strictly prohibited.

trading yesterday. We reserve the right to change our

opinions at any time and at a moment’s notice and we
reserve the right to take positions opposite of what may
be in our “Notes” and ETF from time to time as market
conditions warrant:
Long: We are long of an “Asian” short term government bond
fund. Further, we are still long of the C$; long of gold; of Steven Jobs
and recently of a movie rental company and also of service provide
to the nat-gas industry. We are also long of a low end retailer. Two
weeks we began buying a large US chemical company as its shares
broke out to the upside and whose dividend is ample and very well
covered.
Short: We’re short Sterling, short of the EUR and short too of
the Yen. We’re also short of a major broking/trading firm that has
and will have Congress on its back… perhaps for years… and we’ve
gotten shorter of it. We are also short of the maker of Blackberries
and we are short of the major “search engine,” and for the past
several days we’ve been short of an on-line travel and hotel
reservation company.
In our Canadian “Notes” we made changes to the portfolio for June.
We’ve reduced the size of some of the positions and we introduced
two new positions. Our positions, as of the start of this month are:
Long: 15% gold; 10% silver; 15% Canadian; 10% Australian
dollars and also long of 5% US Ten year notes and 5% WTI crude.
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correctness. Such information, statements, views and opinions are expressed as of the date of
publication, are subject to change without further notice and do not constitute a solicitation for the
purchase or sale of any investment referenced in the publication.
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Anyone who says otherwise is itchin' for a fight.