Breaking News

The Tell: Dennis Gartman: An ‘exaggerated’ and ‘stunning’ rally could be on the way

Dave Lutz of Jones Trading as soon as hailed so-called “Commodity King” Dennis Gartman as “the single, highest contra-indicator on the earth. Worth his weight in gold.” Gold GCU8, +0.00%  , by the way, is down about eight% since the beginning of the 12 months. Gartman predicted it will rally in 2018.

But let’s transfer directly to his most up-to-date prediction. If Lutz is right about Gartman’s knack for buying it incorrect, it might be time to promote the whole lot!

Excerpts from Gartman’s newest missive, were posted Wednesday on Zero Hedge. They laid out a scenario during which the blue chips get away to document highs.

“If these previous 6 ½ months are indeed going to end up to have been a consolidation segment,” Gartman was once quoted as saying, “then huge positive aspects, most likely sufficient to carry the Dow DJIA, +0.32%  to 30,000+ … as exaggerated and as shocking as that can sound… is technically imaginable.”

Zero Hedge used this chart for example that consolidation:

And it’s no longer simply here in the U.S. markets. Gartman says “it is a global match this is taking place: a imaginable global consolidation this is now breaking out to the upside. Certainly, it is imaginable.”

Zero Hedge famous it wasn’t long ago Gartman sounded much more bearish than he does now. And by means of “no longer long ago,” we’re speaking earlier this month when he advised readers that “that is now a undergo market; industry then accordingly.”

With that, be expecting more tweets like this:

At remaining check, the Dow was once up somewhat at 25,178.

Shawn Langlois is an editor and writer for MarketWatch in Los Angeles. Follow him on Twitter @slangwise.

We Want to Hear from You

Join the conversation