currency; it is down vs. the next; up vs. the next and down vs.

the next, leaving the dollar index moving allowing nowhere and confusion

SQUAWK  BOX  ON  CNBC  TODAY:    Mr.  Gartman  will  be 
interviewed  this  morning  on  CNBC’s Squawk Box at 7:45 a.m.  EDT  by  his  friend,  Ms.  Becky  Quick,  and  will  be  joined  by  the  always  interesting  Mr.  Steve  Liesman and Mr. Gary Kaminsky.  Tomorrow  he  will  be  doing  CNBC’s  Fast  Money  in  the  afternoon. 

quietly to reign as the new month begins and

Wednesday, Sept. 1st, 2010 

     as the dealing world awaits the release                      US Employment Situation Report of the

Dennis Gartman: Editor/Publisher                            tomorrow morning and the long Labor Phone 757‐238‐9346    Fax 757‐238‐9546                Day holiday weekend. Email                    London Sales: Donald Berman, Alberdon International                       us consider the minutes of the previous FOMC Let Phone: 011 44(0) 79 8622 1110  meeting firstly then, for that is perhaps the most
important economic news of the past twenty four hours. Having decided to read the entire

THE EUR VS. THE  US$: Will 1.2600 Be  “Given?:”  This chart of 
the EUR in hourly terms  looks ominously bearish to  us, but we can’t become  overtly so until 1.2600 is  “given,” for below there  lies little if any support. 

set of minutes from the meeting for the first time in quite some while, we were struck by the non-committal nature of the comments by those attending the meeting. Our take firstly is that the supposed dissension within the FOMC that The Wall Street Journal wrote about last week seemed to us to be wholly



as one can see immediately upon looking at the matrix of price changes for the dollar vs. the currencies we mark it against each morning and published here each day. It is up vs. one

Try as we might to read “between the lines” of the minutes of the meeting we could not see any great argument arising amongst the Governors or the regional Federal Reserve Presidents that might suggest that the 9-1 vote taken at the end of the meeting was arrived at disconcertingly. Indeed, knowing that it was Mr. Hoenig who dissented, consistently through the minutes were comments that “all but one member” was in disagreement with the consensus. Time and again we read that “members agreed” or that “several members emphasized” or that “most members thought” or that “most members judged” or that “many participants noted: et al, just as time and again we read that “one member disagreed” or that “all but one member concluded.” The

hoped for a larger  correction but  we’ve given up  hope and now look  for prices to resume  their rise. We are a  buyer! 

The Fed. If 1. Nonetheless.2800 rather easily. While no member saw an appreciable risk of deflation. if we must characterize what we read we shall characterize it by noting the modest “dovish-ness” or the over-all non-committal nature of the comments made. the propensity on the part of EUR sellers to begin the month aggressively seems to us to be rather high. resulting in a significant slowing in growth going forward. while those who are bullish have a more and more difficult technical picture facing them.¼ per cent for the federal funds rate. and we shall add to the trade yet again once the cross trades upward through . At the same time. Secondly. and considering the simple technicals in the forex market. The high in the Aussie dollar’s favour was . the EUR is trading back above 1. One would have been wrong however.” With the new month beginning.” as Martha Stewart would say. members generally judged that the economic outlook had softened somewhat more than they had anticipated. like us. some judged that the risk of further near-term disinflation had increased somewhat.2600 should be “given” to the downside. Some members expressed a concern that in this context any further adverse shocks could have disproportionate effects. one might reasonably have expected to see the EUR rush upward through 1.” Moving on then.7070. As we write. punting any decisions to change policy into the meeting that shall follow hard upon those elections. Note: Emphasis ours… obviously. and was 9-1 and the dissension within the minutes seemed to follow that number perfectly. Committee members agreed that it would be appropriate to maintain the target range of 0.7150. members generally saw both employment and inflation as likely to fall short of levels consistent with the dual mandate for longer than had been anticipated [Ed. particularly for the near term.7150 again a month later. the EUR tried to rally and then failed… rather badly in our opinion. in other words. we suspect that the members will vote again to hold policy steady. Given that the Committee prefers being seen as wholly above politics and given that the next meeting will be taking place right in the middle of the next congressional campaign. The FOMC meets next in September and then again in November. This does not bother us one bit. we are very much heartened to see that the Aussie/EUR cross in which we’ve been involved for many months on a very consistent fashion has moved back above or very near to . and some saw increased downside risks to the outlook for growth and inflation. this important “cross” has traced out a rather large. while at the same time having its lows rising progressively higher and higher. “is a good thing. is on hold until November “and that. In other words. That may be a . we are comforted knowing that real people dealing with real numbers are trying really hard to come to grip with the situation and to arrive at the best decisions they might under the circumstances. the members of the FOMC were and are struggling to make sense of what is going on. for not only did the rally fail. for although others may be disconcerted to know that the FOMC is not omnipotent. the EUR finished dealing in N. More broadly. Given the news and given the illiquidity of the month’s and summer’s end. Member still saw the economic expansion continuing and most believed that inflation was likely to stabilize near recent low readings in coming quarters and then gradually rise toward levels they consider more consistent with the Committee’s dual mandate for maximum employment and price stability.2700 but on just barely. note the chart on page 1 at the upper left of the EUR and note further that despite rather impressively bullish economic news yesterday where the employment rate in Germany rose and where consumer confidence was surprisingly strong. we are not. Indeed.7170 back in April of this year. Perhaps the most important paragraph from the minutes then is as follows: In their discussion of monetary policy for the period ahead. we see little if any support for the EUR for the next several “Big Figures. multimonth consolidation from which it now appears about to break through to the upside. and it traded to . We are and we have been long of the Aussie dollar/short of the EUR for months.]. are confused by the mixed nature of the data they have on hand. America rather near the low of the day. Like the rest of us in the world of economics and markets.

however both of those indices are rather heavily weighted toward energy. we expect that it fell a bit in July. ears and hearts are turned to Friday’s or two or three into the future.35 Yen 1. given that this is rather old news our level of interest in this report… and that of the market generally… shall be limited at best. However.02 Centavos 1. So long as the Chicago data came in above 50 we were and we are happy.7.2675 . Mkt Japan EC Switz UK C$ A$ NZ$ Mexico Brazil Russia China India We’ve a slew of economic data points to digest today here in the US. this morning we’ll have Construction Spending for July. We’ve no idea what either of these two reports shall say and we’ll simply await their release. where in the former the purchasing manager’s report for August rose to 51.8105 + . otherwise we shall be bored. Others may wail and gnash their teeth but we’ll sit quietly by and say little… so long as 50 is not breeched to the downside. and our only real concern is that it made its peak.85 . but overnight the “big news” was out of China and out of Australia.25 Cents 13.7000 .3% year-onyear and rose 1.0 and it came at 56. which we very swiftly rounded to 57 and were done with it.07 47. Gray and Christmas JobCut report.0 according to Bloomberg. Here in the US today we’ll see the ADP Employment Report and the Challenger. If it comes in at the consensus “guess-timate” today that shall mean that the ISM has fallen for four months in a row.2 while in the latter GDP in the 2nd quarter rose 3.80 Pence 1.9000 .0595 + .0205 .21 Renminbi 47.5 and with last month’s (July’s) being 55. All eyes. were better than had been feared or expected. At 10:00 a. but forewarned is forearmed: 09/01 08/31 Current Prev US$Change 83. apparently.95 Cents . and particularly toward crude oil. Manufacturing COMMODITY PRICES ARE WEAK as measured by the DJ/UBS and Reuters/Jefferies indices.76 30. we have the ISM Report due out today ISM following As preliminary Chicago report.. All else really is quite secondary.2% Both quarter-on-quarter.17 13.7590 .95 84.06 Rupees Prices "marked" at 8:30 GMT Today’s national ISM is expected by the consensus on The Street to be 53. the Chicago ISM was forecast to be on the order of 56.30 Cents . .com. This index has been above the all-important 50 level since August a year ago. with the Aussie data sending the Aussie dollar soaring and sending the Aussie equity market following hard upon..m.8126 6.01 + .. and with crude virtually collapsing yesterday we should not be at all surprised by the weakness in these indices. but so long as it remains above 50 our level of concern shall be modest at best regarding the economy.50 Centimes 1. setting us up for Friday’s Employment Situation Report. The rest of the markets were mixed.2735 1.. in April of this year when it touched 60 and it has since been trending lower. yesterday’s Having said that.. Then we’d be fearful.0155 1. Noting that spending for construction rose everso-modestly in June.15 + . It did and we are.7025 .60 Cents 1.8905 .5.0625 1. everyone should recall.09 Rubles 6.7550 1.5345 1.5-54.5425 + ...7 from July’s 51. with the range of “guess-timates” from 51.30 .40 Centavos 30. with the exception perhaps of the grains which had held up firmly most of the day but which succumbed to hard selling late in the session… especially in the wheat markets.

0 65. the better-than-expected export figures helped keep prices firm but they could not hold.Turning then to the grains initially. We’ll wait to see the reports before commenting upon them further. We see .70 . but we are giving up hope for that fully scale correction.19 DJUBS 130. We have focused our attention thus far upon corn rather than wheat for the simple reason that corn is far less volatile than is wheat.0 GSR 64. rains in both countries and we had fully expected wheat futures to open under pressure. According to the USDA.1. has been a material exporter of wheat to the world market since the 90’s and especially since the turn of the century. everyone shall be waiting to see the FC Stone and Informa crop “guesstimates” due out over the course of the next two days. FC Stone’s report is due out after the close this evening and Informa’s is due out midmorning Friday. still holding our “insurance” position wherein we are long but priced not in US dollar terms but in terms of the EUR and the British Pound Sterling.456 10. What we found interesting yesterday was how long it took for the reports of rain in Australia and in Argentina to weigh upon wheat futures prices.114 8.78 132.81 08/31 1234. The market knew of the modest. the pessimistic. and after the consolidation the US wheat market is going through higher prices are likely to prevail.70 Reuters 264.000+ metric tonnes of wheat from the global export market. Instead. view is that Russia is out of the world market this year entirely and unless it receives rain may be effectively out of the market next year also.552 18. We shall today by buying KC hard red winter wheat upon receipt of this commentary… one unit being sufficient at the moment: 09/01 Gold 1247. nothing more to do.40 + . The markets will of course be interested in seeing how far these two company’s reports deviate from the previous USDA reports and certainly this Monday’s better-than-expected crop progress reports for all of the grains mandates that the corn and soybean crop estimates be raised a bit. it appears that the correction is taking its form as a consolidation instead. it is time to quietly begin buying wheat. The question now is not whether Australian or Argentina received rains.16 +12.00 1510.00 +13.00 .500 ? At this point. but will Russia? Thus far the rains there have been modest if at all and each week that goes by as the Russian winter wheat crop must soon be drilled our concerns rise. We had been hoping to see wheat prices tumble into “The Box” marking the 50-62% retracement of the bull run earlier this year.27 Pallad 500. but important.1. as everyone should know by now.372 12.9 18.0% Turning to gold we are long of gold.3% .88 488. export 3000 metric tonnes of wheat to the rest of the world. we offer the chart of KC hard red winter wheat at the bottom left of p. Russia. As we understand it.1… the lead position as we refer to it always… noting that wheat simply seems unwilling to give up much of its gains.393 18.39 +12. That is the optimistic view.3 Silver 19. Russia over the years has exported the following sums of wheat (in thousands of metric tonnes): 2000-01 2001-02 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 696 4. We shall sit tight.40 267. it appears that Russia may. Nonetheless.584 12. But now that the consolidation seems to us to have run… or to be running… its course.. The world cannot accept the loss of Russia’s 18. and the longer this consolidation obtains the more bullish we find ourselves. Instead.514 10. at best.621 3. or bullish.00 Plat 1523.

In other words. The driving season is ending and it is ending on a diminished rather than an expanded note.6 million barrels.0 million barrels. leaving the aggregate to be up 1.CRUDE OIL HAS COLLAPSED.0 million barrels. for even when crude bounced from its lows last week the term structure kept widening. .62-67 75. As usual our confidence in these figures borders upon zero: OctWTI NovWTI DecWTI Jan WTI FebWTI MarWTI AprWTI down 170 down 129 down 99 down 86 down 76 down 75 down 74 OPEC Basket $73. for as we head into the peak hurricane season when one might reasonably expect crude oil to firm it is weakening instead. trading this morning at $8.18-23 76.8 million barrels.25 this morning. store it. S&P Future Suddenly rather than curtailing production. Sept.00-05 73. modestly supportive. crude inventories rose a good deal more than had been expected … +4. We look for crude million inventories barrels.3 million barrels. hedge it one year forward at $80.44. For WTI the contango is even wider. on the Distillate other and hand. Turning firstly then to the API data released late yesterday afternoon. Why then would a refiner do anything other than buy crude and store it. one can buy nearby WTI at or near $72/barrel. The average Oct’10/”red” Oct’11 contango for Brent and WTI has widened out from an already shockingly wide $6.22-27 08/30 $3. hurricanes running along the east coast as Labor Day approaches will curtail demand rather than production as hoped-for family excursions to the Jersey shore or out to Long Island or off the Nantucket will be limited.76-81 78. Why? Because this year the hurricanes have thus far remained out of the Gulf of Mexico skirted and the have east instead coast. Further. NATGAS IS HOLDING STEADY and once again the contangos for both Brent and WTI have continued to widen… massively in both cases. The bulls on crude oil find themselves in a seasonal quandary.8 million were in PADD 3…the Gulf coast where the predominance of US refining capacity is to be found.79 .7% less the cost of the money borrowed.72 yesterday to an even more shockingly wider $7. telling out rather loudly that there was and there still is more than enough crude available to meet any and all refinery demand.5 for gasoline inventories to be down the same and we look for distillate inventories to be up 2. 3. with distillates falling 1. What then do we expect for today’s DOE inventories? We’ll not change our guess-timates from what we reported yesterday despite the larger than expected increase in crude inventories by the API. we note that of the +4. The term structure of crude oil has again proved its merit as a forecaster of prices.27-32 77.13-18 77.8 million barrel increase in crude inventories. borrow the money at the current uncommonly low rates … where available… and earn 11.44. to we be look -0. gasoline inventories were. for refining margins are uncommonly low and seemingly headed toward zero. a bit on the bearish side but perhaps not as overtly bearish as was the fall in oil prices yesterday. In aggregate then inventories fell 2.9 million barrels and gasoline inventories falling 0.05 Henry Hub Nat-gas 72.

Morgenson’s “take” is particularly acute and worthy of note here. Gillard also believes she has the support of one of the “urban” independents in Parliament and at this point Mr. with the All Ordinaries rising almost 2% today in impressive fashion. GENERAL COMMENTS ON THE CAPITAL MARKET GRETCHEN MORGENSON ON US CONSUMERS HUNKERIN’ DOWN: When Gretchen Morgenson writes for The NY Times only the unwise amongst us do not pay attention. seat? The four Who is in the driver’s members of the “independent” Historically too the market here in the US has tended to rise ahead of the Labor Day holiday.925 8.145 the exception of Australia not materially so. Further. while the Labor Party’s support is primarily urban in nature. Ms. has apparently inked an agreement with the lone Green Party parliamentarian that might allow Ms. today is of course the first day of the month and that almost always means net inflows of funds into investment. given that Canadian stocks have held quite firmly in the past several days even as US shares have faltered. Mr. under Prime Minister Gillard. the Liberal/Nationals tend to have greater representation across all of Australia’s landscape. with the GDP data having come it better than had been expected or hoped for and with China’s PMI also coming in a bit better than had been hoped for. and fertiliser and grain trading firms to lead the way higher today in the US. the chart of the S&P this page hardly encourages one to punt aggressively from the bullish side. She said .914 5. Gillard to remain as a minority Prime Minister.491 5. Further. Certainly the consumer’s problems are not unknown to us. Abbott and the Liberal/National Party has. ‘tis all very interesting.927 20. we shall look for the market to rally on into next Tuesday and then with Rosh Hashanah only two days into the future and with the old trading aphorism “Sell on Rosh Hashanah/buy on Yom Kippur” ringing in our mind we shall tend to sell the market short.420 there is still ON THE POLITICAL FRONT week after the recent election. America to follow and with special focus upon “stuff. But Ms. With the Aussie market rising smartly. Further.617 4.620 65. In Australia’s case. who now will try to do all that they can to avoid having an election called in order to retain the full complement of political power that has fallen hard upon their shoulders. Abbott cannot count on any of them despite lobbying efforts. Morgenson wrote about the US consumer’s rather obvious problems. shares rose sharply. Recently Ms. we can look for the markets in Europe and in N. but even then that shall leave Labor and the Greens with 73 seats in the Parliament.015 11.SHARE PRICES ARE HIGHER. we will be surprised were the Canadian market not to outpace the US market today. Can the S&P trade back toward 1080-1090 then in the interim? Of course it can and by then it shall be inordinately overbought: Dow Indus CanS&P/TSE FTSE CAC DAX NIKKEI HangSeng AusSP/ASX up up up up up up up up 5 19 23 4 13 103 104 84!! 10.489 Parliament. Abbott has one “ace” to play however: he and the Lib/Nats won the most votes in the “primary” election in Australia’s rather convoluted election process. That being said. Thus far that has meant greater inflow of funds into the debt markets of course but funds will obviously flow into equities… today and perhaps on into tomorrow afternoon even ahead due on of the Employment Situation Report Friday.” We can look for steel. but with Shanghai Brazil down up 12 884 2.4% 7. and copper. the same number that Mr.225 3. Rather. Ms. and although not materially it has been relatively consistent. TGL INDEX up 0. Gillard cannot argue. nor are they unknown to our clients… nor should they be. no new official government in Australia more than a Labor.

Urbane and worldly. but we thought we’d note the likely “lead” candidates at this point. He is also Italian. Boomers are saving money for retirement that is hard upon them. First in line almost certainly is Mr. Trichet has headed the bank since its inception he will not “get” another Frenchman at the Bank’s helm. Mr. with $986 billion seriously so—90 days late and counting. These are rather disconcerting numbers to say the very least. Mario Draghi. Certainly the Netherlands would be a compromise that would suit both Germany and France. and that will appeal to the non-German members of the monetary union. we’d bet that Mr.7% over the first quarter of this year. Wellink has been around the international monetary stage for decades. Here are some other troubling statistics from the Fed: A half million people had a foreclosure added to their credit reports from March 31 to June 30. Mr. Draghi we’d suggest that the Governor of the Dutch Central Bank. perhaps his hard money. does Rome. This is a tectonic plate shift and it is not going to shift in the other direction for years… if then.000. but he is somewhat less adamant about that hawkishness than is Mr. Another French president would be wholly impossible. up slightly from 11. and he is the hardest of hard money advocates. the erudite President of the German Bundesbank. Merkel will have to “give” something to Paris to secure his position. And the number of consumers with new bankruptcies appearing on their credit reports rose 34% during the quarter to 621. anti-inflationist credentials. is in third place if Mr. He wants the job. Weber. Weber obviously has Berlin’s support. German Chancellor Merkel.1%. and so an Italian President would be a reasonable compromise. an increase of 8. Weber and Mr. Berlin would like him to have the job. and Gen-Xer’s and Y’ers are saving money out of fear. pay down debt and become model savers-of-money rather than spenders of it. Draghi cannot secure the post. obviously. He has no choice.” regain liquidity. does Madrid et al want him to have the job? If Mr. already faltering in the polls at home. Behind Mr. and Mr.Many consumers are still very much in a vise. the next in line is probably Mr. Weber does not get the job. does Paris. serious delinquencies are up a bit more--.” Rest assured this will take a very long while to play itself out. Draghi is considered to be a monetary hawk. the question is. the era of the rising Asian consumer lies ahead. At the same time. Axel Weber. Halfway through this year. There are all sorts of economic concerns. What that “something” is is open to debate.2 per cent a year earlier. Weber will get the job. the Governor of the Bank of Italy and a gentleman of some rather wide international renown. for which Ms. but rest very much SO WHO REPLACES TRICHET?: Jean-Claude Trichet has to stand down from his position at the head of the European Central Bank on October 31st of next year.3 trillion of consumer debt is delinquent. The American consumer really has no choice but to “hunker down. We imagine that French President Sarkozy would much prefer anyone other than a gentleman from Germany heading the ECB. 11.3. Draghi has chaired the Financial Stability Board… an organisation comprised of regulators and central bankers from around the industrialised world where ideas are shared. He is an inflation hawk with very obvious hard-money. So the debate over the next year shall be who will replace him at the helm of the bank. wants very much to have a German at the Bank’s helm and would see her popularity tumble even more were she not able to secure the post for Mr. does Brussels. That increase is significantly bigger than it has been in the past few years according to the Fed. That’s the law. The era of the American consumer spurring global economic growth is behind us. but clearly given that Mr. Mr. Nout Wellink. anti-inflationist perspective that may keep him from getting Trichet’s job. An astonishing $1. If we were betting folks here at TGL. Mr. While delinquent balances are down by about 3 per cent from the period last year. We’ve no idea at this point what it shall be. but it is . and perhaps more importantly there are even more “political concerns. Weber.4 per cent of outstanding consumer debt was delinquent.

Long of Three Units of Dec’11 Corn: Given the current prices it is reasonable to assume that next year American farmers will grow wheat and double crop soybeans behind them. The Gartman Letter L.S.15/bushel and will add to the trade when it trades upward through $7. a coal company.35 and again when it trades upward through $7. SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION.S. publishing information about markets. The affiliates may give advice and take action with respect to their clients that differs from the information. Gartman shall have no obligation to recommend securities or investments in this publication as result of its affiliates’ investment activities for their own accounts or for the accounts of their clients. 115. a solicitation or an offer to sell the securities and reflects publicly available pricing information provided for informational purposes only. Rest even more assured that Paris will get that “something” too. 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.75-$8. downloaded. August 18 . is made as to their accuracy.14.36. $8.” We have positions an iron ore miner.175. we bought new crop December ’11 corn at an average of approximately $4. in addition to the recovery of costs and attorneys’ fees.84 vs. We’ll buy December KC wheat at or near $7. the British Pound Sterling: This is our “insurance” gold position… our hedge against disaster. except as permitted under the subscription agreement or with the prior written permission of The Gartman Letter. and a North American midstream energy company. except for the subscriber’s personal use. distribution. . 5% US Ten year notes Short: 20% Euros.000 per infringement and. message or any attachment is strictly prohibited. express or implied.55. views and opinions included in this publication.3505 compared to 1. NEW RECOMMENDATION: As noted above we wish to begin… finally… to buy wheat. We added to the trade Tuesday. 10% silver. 10% sugar. Long: 20% Canadian Dollars.000 per infringement. Dennis Gartman Disclaimer: This publication is protected by U. serves as a sub adviser to the products mentioned below. and are short a southeastern regional bank as well as a global investment bank. Twenty five weeks ago we bought the A$ and we sold the EUR at or th near .C. dissemination or copying of this publication.31/bushel some while ago and we added to it on Friday. we own a double inverse broad equity index ETF to hedge the positions mentioned above. please notify us immediately by electronic mail or telephone. Swiss Francs. decrease or dispose of the securities or other investments referenced in this publication. 10% Australian Dollars. statements. If you have received this communication in error. Investors in the CIBC Gartman Global Allocation Deposit Notes should go to: https://www. stored in a retrieval system.80 and our first target is $8.assured that Paris will demand something. L. Furthermore.99 vs.5100. Our stop shall be $4. The cross is trading this morning at 1. The Gartman Index: 115. further transmitted. and a railroad company. nothing herein or in the subscription agreement shall limit or restrict affiliates of Gartman from buying. completeness or correctness. giving us an average price of 1. IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. and International Copyright laws.211/betapro/fundprofile_hap. 5% gold. We reserve the right to change our opinions at a moment’s notice and we reserve the right to take Affiliates of Gartman serve as investment advisers to clients. Thus. hold or sell investments. the Horizon’s AlphaPro Gartman Fund. The Gartman Index II: 92. The CIBC Gartman Global Allocation Notes portfolio for September is as follows: 2. views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable. Such information. we own a basket of ag related stocks and ETFs including four grain and fertilizer companies as well as an ETF that tracks agricultural commodity prices generally Short: We are short the Euro. Nothing herein or in the subscription agreement shall limit or restrict the right of affiliates of Gartman to perform investment management or advisory services for any other persons or entities. a small “insurance” position in gold.5875. Long of Three and one half Units of the C$ and Four and one half of the Aussie$/short of Eight Units of the EUR: Thirty four weeks ago we bought the C$ and sold the EUR at 1.3435 yesterday and it’s moved a bit against us in the past three days. Each reproduction of any part of this publication or its contents must contain notice of Gartman’s copyright. All rights reserved.. acquire.6417. in any form or by any means. August th th 13 and we added to it again Wednesday. Good luck and good trading. disseminated. making this one large grain position for simplicity’s sake. damages for liability or infringing a copyright may amount to $30.47 yesterday and so we added another unit to the trade. This disclaimer applies to any trial subscription. Gartman is not permitted to offer personalized trading or investment advice to subscribers. statements. or used. The information in this letter is not intended to be personalized recommendations to buy. and twenty two weeks ago we added yet again. Long of One and One half Units of Gold: One Unit vs. once this trade is done we’ll “carry” it under recommendation #3 above.99 previously 3. or otherwise reproduced. Now we sit tight with an average of $4.78. and our focus shall be upon hard red winter wheat traded in Kansas City.cibcppn. This publication is proprietary and intended for the sole use of subscribers.84 previously. $8. Lastly. Pursuant to U. the amount may be up to $150. the C$. Yesterday’s Closing NAV: $8. transferred. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS.84 vs. (“Gartman”). Any further disclosure or use.asp x?ProductID=221&NumFixings=2 Existing investors in HAG should go to: http://204. a nat gas trust. views and opinions are expressed as of the date of publication. selling or trading securities or other investments for their own accounts or for the accounts of their clients. and shall thus curtail corn planting materially.85 CIBC Gartman Global Allocation Deposit Notes Series 1-4. August 24 and this morning it is trading . but no representation or warranty.85/bushel.5250. 92. the EUR and the remaining half vs.7025 yesterday.7080 compared to . 10% corn. 5% British Pound Sterling Horizons AlphaPro Gartman Fund (TSX:HAG): Yesterday’s Closing Price on the TSX: $8. a crude oil trust. increase. We also own an “Asian” short term government bond fund. positions opposite of what maybe in our “Notes” and ETF from time to time as market conditions warrant.aspx?f=HAG The following positions are “indications” only of what we hold in our ETF in Canada. No part of this publication or its contents may be copied.78 vs. Affiliates of Gartman may at any time have. Our stop on the trade shall be $6. including limited partnerships and other pooled investment vehicles. copyright law. RECOMMENDATIONS 1. The information.225. sectors and investments in which it believes subscribers may be interested.C. INVESTING IN SECURITIES AND OTHER INVESTMENTS. stored. SUCH AS OPTIONS AND FUTURES. at the end of the previous trading day. industries. Long: We own “stuff” and the movers of “stuff. No license is granted to any subscriber. 5% wheat. Thirty three weeks ago we added to the trade at or near 1. Anyone who says otherwise is itchin' for a fight. The following is not a recommendation. Henceforth. in the case of willful infringement. Gartman is financial publisher. Dec ’11 corn did finally close above $4.

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