Wednesday, May 19, 2010

Dennis Gartman Sells In May And Goes Away

He doing so was likely to have had a downward influence on the gold price. Yesterday, formerly bullish Gartman announced that he was closing his long positions.
"We shall surprise a lot of people this morning with this statement, but we wish to rush to the exits entirely with our long positions in gold versus the foreign currencies," he said in his daily Gartman Letter.

Gartman said that the trade to buy gold in euro terms had gone "parabolic" on Monday when it soared above 1,000 euros an ounce.

"Having done so, and with the public now heavily involved, we want out and are heading for the sidelines," he said.
He got in almost a year ago when gold was still below $1,000, so his exit could be pegged as profit-taking. According to Barron's, Gartman was careful to note that he's a trader and is closing a trade.

Given how gold's performed last night and this morning, despite the early-morning respite, Gartman's timing can't really be faulted. He might be back for Labour Day.


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