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falling earlier today but now rising once again following a better-than-feared report on GDP and with the latter weakening materially as fears abound regarding possible actions to be taken by the Swiss National Bank to slow or even stop the Franc’s strength. Firstly then the Yen and Japanese economic data.
Japan’s Monday, August 15th, 2011
economy has rebounded a good deal more
Dennis Gartman: Editor/Publisher swiftly from the effects of the earthquake and tsunami Phone 757‐238‐9346 Fax 757‐238‐9546 earlier this year, or perhaps it is better and more truthful Email firstname.lastname@example.org to say that the economy did not weaken more than had London Sales: Donald Berman, Alberdon International been feared. The government reported that GDP fell Phone: 011 44(0) 79 8622 1110 nd
0.3% in the 2 quarter of this year, and this compares to pre-report guess-timates centering on -0.7%, so the economy weakened, but not nearly as much as had been feared. On an annualised basis, the economy fell -1.3%, but this is half of what had been feared… -2.6%. Net exports from Japan were down 0.8%; private consumption was -0.1%, and this compares to a pre-
THE EUR/CHF CROSS
report consensus of -0.5%. The consensus was also that the strong Yen has kept the economy from doing even better and that the Bank of Japan, at the behest of the Ministry of Finance, may be back in soon to intervene to stem the Yen’s strength in
OVERNIGHT NEWS: A SENSE OF CALM HAS RETURNED TO THE FX MARKET… FINALLY...
with the focus today not upon the US dollar nor upon the
order to capture that hoped-for stronger potential. The Economics Minister, Mr. Kaoru Yosano, has been on the wires services all day in Japan stating rather clearly that the BOJ must be maintain its current “accommodative” monetary policy in order to stem the Yen’s strength. He added further that he and Ministry were watching “developments closely” regarding the Yen/dollar rate. The problem that the Japanese authorities have at the moment, however, is that there is no apparently agreement amongst the G-7 nations for Japan to intervene aggressively in the markets. In other words, any intervention done shall be unilateral, rather than bilateral, with the latter always being far more effective in pushing a currency higher or lower as the authorities wish. We must always remember too that intervention to weaken a nation’s currency is by definition far easier to accomplish than is intervention to strengthen for the
The Dow Industrials: Note
the strength on reduced volume… a bearish signal.
7940 . given that the downward sloping trend line on the chart appears as formidable as it does. The SNB’s “gnomes” proved wholly unwilling to understand the seriousness of skeptics of European Monetary Union to move their assets out of the EUR and into the Swiss franc.8260 12.31 12.6100 1.70 Centavos . with rumours flying that the Bank was actually considering “pegging” the Franc to the EUR as a means to end the Franc’s incessant rise.05 Cents .6270 29.6290 1.10 Cents . It was this panic buying of the Franc that forced the SNB to move to “jawbone” the franc down to the best of its ability..15 Rupee Moving on then. that is..0315 .1455… a much-less-than1% risk… while looking for newer and lower lows eventually.29 29.. Spain. during the panic early last week the cross moved five “Big Figures” in the course of five or ten minutes of sheer panic. the Franc then. with the Yen/dollar rate effectively where it is at present and when the authorities sold ¥4. thus putting downward pressure upon it in the simplest and most effective method known. much higher than where it trades presently. Strengthening a currency requires that proper policies be in place.0420 1.. Indeed.80 76. This is a “punt..” It is nothing more.4311 1.4230 . but as fears in Germany.02 Centavos . noting then that we wanted to buy the CHF/to sell the EUR when and only when it had traded back toward 1.1455 for an hour or so to prove its merit before exiting the position.0330 early last week amidst panic liquidation of the EUR relative to the Franc and this morning to 1. It was back in ’03 when the authorities in Japan sold a stunning ¥35 trillion. It grows still. We had this chart in the same position in our commentary on Friday. for now we intended to “watch. we need only risk this position to 1.9870 1. Spain. Italy. along with the tacit agreement from the other G-7 nations that the Yen tumbled sharply. There is no telling how much money the Bank has lost in its intervention efforts undertaken two years ago and early last year when it sold the Franc much.10 Cents . The BOJ/MOF has been in to intervene only once in recent months.18 45. the debate is reaching a fevered pitch in Europe regarding the efficacy of a EUR-bond that would bind the European Monetary Union closer together and would make for more effective unification of the nations therein.simple reason that the authorities have the ability to create as much of their country’s currency as they wish.. the urgency to move money out of the EUR grew and grew and grew relentlessly. Portugal. the market’s other focus is upon the Swiss franc and the efforts by the Swiss authorities to stem the franc’s strength.1800 to 1. Note then the chart of the EUR/CHf cross at the upper left of p.35 Centimes .30 Renminbi . or France.66 6.7705 1. we shall need to see the cross trade upward through 1. As one would expect. Portugal and Ireland. the Chf at or near 1.1.12:1 early next week.1.1200.1300. while the Germans are doing all that .3920 6. hoping that we’ll have the opportunity to sell the EUR vs.8370 . and Greece are actively soliciting support for such a panEuropean bond.33 1. In the course of the past several weeks we’ve seen the EUR/CHf cross… the temperature gauge of the support for or the antagonism toward the European Monetary system… move from 1. We use our “one hour” trading stop.1400 instead. Further.1.15 Pence + .6275 . Certainly then the authorities in Tokyo are soliciting support for further intervention efforts and we are not likely to see intervention from Japan unless that tacit support is given. There are unprecedented moves for a currency cross that in more normal times rarely moved one or two “Big figures” in the course of a year! Indeed.37 Rubles . Friday we said that although we were interested in selling the EUR vs. Moving on.10 Yen .70 1.9880 . and that is far more difficult for it requires that the political authorities do things inimical to their propensity to spend money. Italy.33 Mkt Japan EC Switz UK C$ A$ NZ$ Mexico Brazil Russia China India US$Change + . or Belgium or Luxembourg rose regarding the demands that shall be put upon them to bolster the fiscal disasters that are Greece. to the Swiss National Bank’s consternation.1.3950 45.6 trillion. Treat it as such: 08/15 08/12 Current Prev 76.” We’ve the opportunity now to do so now for the cross is trading to 1.81 Cents + 2.
that that can or will happen. In June. The same can be said of soybeans and of wheat. because of “sunk costs” already spent. Let’s try to keep things in perspective. because of German guilt still raging over the evil wrought by her in World War II et al. Support for a pan-European bond is unacceptable to the Schmidt’s of Dusseldorf: it is mandated by the Papadopoulos of Greece. In May it was 16. As for the TICS report. This is difficult of the first and worst order.they can to keep such an instrument off the table. support for monetary union at the government level holds steady. There is still a great deal of confusion regarding last week’s USDA crop reports and perhaps the only material.. but let’s not get too excited about 15 or 16. however. Merkel and the Christian Democrats find themselves in. We do not. given the seriousness of the deficit/debt debates raging and given the seriousness of the recent stock market weakness. the PIIGs want a EUR-bond because their borrowing costs have risen sharply in the past several months as their fiscal circumstances have deteriorated right before their collective eyes and they know that by creating a EUR-bond they can have their borrowing costs drop back to the levels of an averaged. opposing what the German public increasingly demands… removal of Germany from the monetary union…while supporting that of German leaders of the past who were at the centre of the creation of monetary union. We’ve really little in the way of interest in the grain markets at the moment for we can make the case for corn prices to move $1/bushel higher as well as $1/bushel lower from both fundamental and technical cases… and we can embrace them both enthusiastically. hard working Germans are angered that they’ve borne the costs of unifying their own country and now are being forced to bear the price of unifying Europe as a whole. for it was six years ago this month that this index was 70! And it was 78 in December of ’98. for she is forced to support the position of Greece inimical to that of her own people. in July 15 and the consensus is that it shall be somewhere near 15 again. followed by the Treasury International Capital flows at 9:00 and followed at 10:00 by the National Association of Home Builders’ housing market index. to discerning the leads from those markets firstly. Ms. Whether it is 14 or 15 or even 20 today is really quite unimportant in light of this knowledge. We’ll accept the report as it comes. At the same time. because of political correctness. collectivized European level. including the Empire State Manufacturing Index at 8:30 a. We’ve not the wisdom to do otherwise. and we’ve no edge to be gained nor an ax to grind. as it should not but must because of past support for union. directional. 13. with all eyes peeled to the equities markets and to the forex markets. the probabilities of either moving materially higher or lower seem evenly balanced. however. We’d like to see the index turning for the better rather than the worse. Here in the US we’ve a large sum of economic data due out today. The Germans are just as actively opposed to such a thing because their borrowing costs will rise to meet this new collectivized bond value… and therein lies the very fallacy at the core of a unified Europe. ALL BE THEY QUIETLY SO. and it should.m. we dutifully report that the consensus is for +1. Simply put.0 and that anything in negative territory will be reasonably disturbing. The Empire State Index has fallen into negative numbers in recent months… -8 in June and -4 in July (rounded to the nearest whole number of course for we find anything to the right of the decimal point to be fartoo-cute-by-half)… but the consensus is for something in modest positive territory today. Finally the NAHB’s Home Building Index for August will be reported out. although perhaps things were a bit drier than farmers might have wished. It will serve us well. Merkel and her government are caught in a terrible position. German antagonism amongst the public toward monetary union is growing daily. Nonetheless. Simply put. nor would we. covet the position Ms. Let’s keep things in perspective. thesis to be taken up from the report was a general bullishness . The weather over the weekend was conducive to growing corn and soybeans. COMMODITY PRICES ARE FIRMER. We have our doubts. we’ve found it to be of little help in trading and leave it to others far wiser than are we to forecast it.
but given her sheer size she’s found that diversification theme very hard to implement. almost all of which will go to the US Treasury market and with some going to gold out at the periphery of the margins required.0 38.00 + . China might wish to buy more gold. there’s little we see of great interest: 08/13 1743. The gold bugs make much of the fact that China has become a force in the gold market and argue that China has no choice but to diversity its reserve assets away from the US dollar and to gold. she will generate huge sums of money. October delivery Brent’s premium over correlative WTI was $21.1% Gold is weak when compared to Friday’s levels marked here. Saudi oil production has gotten as high as 9. The IEA has Saudi production at 9.53 08/12 1761.9 million bpd several times and has fallen as low as 7. we should see the backwardation for Brent widen.77 a week ago and that this morning it is out to $2. on average. Since the earl 90’s and until quite recently. otherwise. for the past several years. Most of that makes its way into the US government debt market.2 million… back in ’02-’03. Since then the trend’s been “from the lower left to the upper right” on the chart. America are moderating and the demand for airconditioning is falling thus relieving any upward pressure there might have been upon nat-gas prices as the marginal fuel for at-the-margin electricity generation.61 736. Spot gold seems to have found a reasonable bit of support at near $1720-$1725 and for now we accept the fact that that support must hold or the bulls will find themselves in trouble.2% + 0. and thus those trading the spread would do well to own nearest-by Brent while selling more deferred WTI to gain the benefits of Brent’s strength relative to WTI and to benefit from the changing term structure.00 . while this morning that spread has widened out to $22.0 38. So long as China runs trade surpluses with the US.0 million bpd.0. we note that the term structures continue to move bullishly. however. .0 45.33 contango a week ago this morning while it is $4.34 ENERGY PRICES ARE HIGHER. each quarter $100-$170 billion in excess reserves each quarter.toward rice. as is our wont. we note that since ’85.0 million bpd by the early 90’s.8 million bpd. we must always remember that China’s reserve growth is a simple expansion of her export trade with the US.78.95 752.00 + 5.34 + 16. However.60 157. BUT NOT MATERIALLY SO with crude oil leading nat-gas prices higher as temperatures across much of N. It should continue.27. China was and is taking in.18. Concerning supplies.00 1791. We count ourselves as gold market bulls… not gold bugs.75 157. Friday morning. Note then that the October’11/”red” October ’12 year spread for WTI was at a $5. We’ve absolutely no argument with that thesis. Note further than the Brent contango for the same period was $0.85 . the trend for the Saudis has been for steadily increasing production when production fell then to just barely over 2. Gold Silver Palladium Platinum Gold/silver DJ/UBS Reuters . a consistent $20-$45 billion.29 326.03 326. It has been bumping up against the “resistance” at or near 10 million bpd for the past five years and is pushing up against that resistance once again. and indeed. It is the proper thesis and it will be proper for years into the future.0 44. that is the contango in WTI continues to narrow while the backwardation in Brent widens.34 this morning… a material narrowing.00 1786. on balance. but it is up from the worst levels seen Friday and tested earlier this morning. just gold market bulls…and we remain long of gold in non-US dollar terms as we have remained.15… an even more material bullish shift. with Saudi production reading just over 8. Note also that the Brent/WTI spread is widening in Brent’s favour once again.
for that is their wont. but just as we had to tell everyone to keep the NAHM Housing Index in perspective we suggest keeping the advance here in perspective also. making 400 point swings almost impossible to achieve. whether we look at volumes in the futures markets. As noted above. had an interesting bit in his commentary on Friday that we thought worthy of being passed along to our clients around the world this morning.320 3. The others were 10/31/29. Market performance after those instances was erratic during the next few days and months. or whether we look at the volumes of individuals stocks… the rally is on far. and we’ll keep one eye pealed toward the energy market. for in the past SHARE HIGHER PRICES ARE SHARPLY as all ten of the markets comprising our Int’l index have risen since Friday’s marking and when coupled with the advance on Friday we note that the Index is up 3. far lesser volume than was the collapse in share values. we see that such moves are quite rare and tend to occur in periods of high market volatility (Duh!). let’s take solace in the fact that the world’s net worth has gone up sharply since its depths mid-week last week and everyone is breathing just a bit better as a result. Remember please that for the year-to-date. Let’s also notice that the FT’s All World Index fell from its high in mid-July of 228 to its low last week of 191…a plunge of 16% in only three weeks. So. this is only the sixth distinct time the S&P 500 or DJIA swung at least 4% for four straight days.8%. applied a somewhat more appropriate filter 4% rather than 400 points. Today we’ll let prices run a bit higher. Mr. Media pundits were pounding on the fact that yesterday marked the first time in history that the Dow Jones average moved 400 or more points on four consecutive days. Hence. 4/22/33.02-07 DecWTI up 80 86.66-71 NovWTI up 82 86. Going all the way back to 1897. Note also that the volumes on the rally… and it matters not whether we look at the various markets around the world. but soon. probably not today. While that’s technically true. over at SentimenTrader. they tell us little about short-term impact and followthrough.431 Our old friend. This is strength that eventually must be sold into and our only question is “When?” The answer is.41-46 JanWTI up 79 86. For now.214 5. So.7% 7. A year later the market was positive by at least +29% three times. 10/21/87 and 11/24/08.073 20.620 53.. the Dow hadn’t reached 400.188 4. Unfortunately.up 1.29 08/11 Henry Hub Nat-gas $4.269 12. 9/15/32.8% from its lows.283 2. we have to look at this rally as a bounce from the panic lows of two weeks ago and early last week and nothing more. but we’ll not do so today. our propensity… indeed our strong propensity… is to sell into this rally. It would be reasonable to expect to see this index make its way back toward the 209-213 range marking “The Box” on the charts: Dow Indus CanS&P/TSE FTSE CAC DAX up up up up up 126 2 157 124 199 11. with the Saudis doing what they can to alleviate the problems attendant to Libya’s removal for all intents from the global market: SepWTI up 90 85. of UBS NYSE floor fame.1 million since January of this year. This is indeed impressive. Art wrote.07 NIKKEI HangSeng AusSP/ASX Shanghai Brazil up up up up up 109 443 123 29 130 9. drawing forecasts from last week’s “downcasts” is a mug’s game at this point.997 . Art Cashin. Jason Goepfert.542 5.473 TGL INDEX up 1. +7% once and -12% the other..35-40 OctWTI up 87 85.78-83 OPEC Basket $103. however. our Int’l Index is still down 10. Here’s a bit of what he wrote: Summary: The violent see-saw continued with another day of 4% moves in many stocks. we need to recall that for the first 53 years of its existence.
000… one fifth of that of the Saudis. China is stepping one boat at a time toward challenging the US at sea and that alone is worthy of note. Aleppo has always been the “trader’s” city of Syria. Tanks continue to roll into and out of Damascus and Aleppo. Dozens of pilots will be killed in the doing of this. Finally. the citizens there tend to be supporters of the status quo. this offshoot from Shi’ia Islam has been ascendant. but fascinating… take on the US budget problems when compared to that of the average American family. with the former have tended to lead. on third of that of the Lebanese. Now . taking votes from the eventual Republican winner. The latter has no chance for the Presidency and his candidacy as a possible third party nominee would be foolishness of the first and worst order. the Varyag. Assad is Alawite.500. since the Chinese bought it from the Ukrainians and towed it from port in the Black Sea. who we suspect shall drop from the race rather quickly. ON THE POLITICAL FRONT. In the interim. He will be a formidable candidate. COMMENTS ON THE CAPITAL MARKETS ON KEEPING BUDGETARY THINGS IN PERSPECTIVE: this insightful blog We are on a perspective “kick” “Things That Make You Go this morning in TGL and we bring to everyone’s attention Hmmmmm…” which had a truly fascinating… simple. and predominately Eastern Orthodox. Nonetheless. We’ve been writing about the Varyag for two years.000. whom the French trained as military officers and as business professionals. The Druze are interesting in that they have had political power in Syria far beyond their population. Bachman leading followed by Rep Ron Paul. around the Cape and made its way to Dalian. when Assad’s forces run through Aleppo with tanks and regular soldiers one knows that things there are out of control. Thus. In the Iowa “straw” vote over the weekend…the winner of which means nothing in the long run.000. Perry. but the problem for Syria is that her per capita GDP is only $5. while the remaining 2% are predominately Druze Muslims. the worst of the lot in the region are the Yemenis with a per capital GDP of only $3. and if we had to pick we’d pick him as the likely Republican candidate to run against President Obama next November. as goes crude so go stocks. 12% of the nation is Christian. but with a history of trading… have a per capita GDP of $15. but the losers of which often are forced to drop from the race… ended with Rep. per capital GDP is highest in Saudi Arabia at $24. and the Sunni’s are obviously angry that the Alawites remain in power. The loser was probably Gov. It shall be years… perhaps a decade or more… before China has sufficient pilots capable of flying from and landing upon the deck of the Varyag to be a real blue water force. The Lebanese… without oil. The Alawites are only 14% of the population. through the Bosporus. has become a candidate for the Presidency. pilots will have to be trained and so too the deck crews. to the dismay and anger on the part of the Sunnis. Gov. The fact that the boat has been sent out for sea trials is really quite unimportant. with Assad’s forces actually firing upon Syrian citizens inside and outside of their mosques over the weekend. and one half of that of the Iranians and/or the Tunisians. For example. and perhaps dozens more of deck hands killed as catapults and tailhooks malfunction. and the Sunni’s were the power within Syria for centuries until the 60’s when the Alawites took control of the government. and has been for centuries.several weeks. So. Moving on. the situation in Syria grows worse by the day. much is still being made of the fact that midweek last week the Chinese tested their aircraft carrier. tossing his hat into the Republican ring over the weekend. but because Assad’s father was Alawite. The French influence in the area is through the Alawites. Some background on the situation there: 72% of the population is Sunni Muslim. The population is really quite poor by standards of the rest of the region. as expected. and it is all the more serious that they’ve done so in the latter city for that has tended to be one of his strongholds. all other things being equal. Pawlenty.
Long: We have exposure to the energy space via a nat-gas trust and a liquefied natural gas producer. sectors and investments in which it believes subscribers may be interested. (“Gartman”). including limited partnerships and other pooled investment vehicles.. RECOMMENDATIONS 1. The Gartman Index: 134. except as permitted under the subscription agreement or with the prior written permission of The Gartman Letter.8% and our Index was up 19. noting these caveats TTMYGH reports that If the US government was a family. This publication is proprietary and intended for the sole use of subscribers. Long of One Unit of the S&P Future: It was time for a contrarian “punt” earlier this week and that proved prescient. for there are exigencies in both that make such comparisons ill-advised and too simplistic. copyright law. completeness or correctness. and we shall be wrong if the cross trades to and through 1. No part of this publication or its contents may be copied. Anyone who says otherwise is itchin' for a fight. The CIBC Gartman Global Allocation Notes portfolio for August is as follows: Long: 10% Canadian Dollars. and gold. views and opinions are expressed as of the date of publication. All rights reserved.41 previously. Affiliates of Gartman may at any time have. please notify us immediately by electronic mail or telephone. in addition to the recovery of costs and attorneys’ fees. selling or trading securities or other investments for their own accounts or for the accounts of their clients.37 vs. at the end of the previous trading day. we cut our position by half on Friday and we are content now to sit very. an hour.000 in credit card debt. INVESTING IN SECURITIES AND OTHER INVESTMENTS.44 vs. But what a mistake we made late last week in cutting this in half!!! What idiots we can be at times… what true. industries.1455 for more than Affiliates of Gartman serve as investment advisers to clients.S. and for that we are heartily embarrassed for we are barely outpacing the weakness in the TGL Int’l Stock Index and/or the global stock market generally. Pursuant to U. Long of Four Units of Gold.0300. stored. Last year our ETF rose 3. However. Furthermore.000 a year. SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION. 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. downloaded. 112. and International Copyright laws. L.000 a year. the amount may be up to $150. the Gartman Index for our notes is exactly unchanged. but when the hundreds of billions of previous increases are diminished rhetorically. No license is granted to any subscriber. for the media accepted this as fact and the American people said to themselves. Each reproduction of any part of this publication or its contents must contain notice of Gartman’s copyright. 135.ca/fundprofile_hap. We reserve the right to change our opinions at a moment’s notice and we reserve the right to take positions opposite of what maybe in our “Notes” and ETF from time to time as market conditions warrant. However. transferred. publishing information about markets. we find it jaw-droppingly dismaying when President Obama said last week and the week before that his proposals for spending cuts were draconian in nature and were the largest in the nation’s history. Two each in Sterling terms and EUR terms: We’ve owned gold solely in non-US dollar terms for months. if he’s proposing draconian cuts then it must be the Republicans who are at fault in the budgeting process. 20% Euro. 5% Crude Oil Short: 5% Yen. very tight. statements. The information in this letter is not intended to be personalized recommendations to buy. This disclaimer applies to any trial subscription.” The reality is that he had previously proposed Gulliver-sized spending increases and has simply acted to cut those increases in Lilliputian terms that sound large when the billions and tens of billions of cuts are reported.S. Nonetheless.000 per infringement. $8. views and opinions included in this publication. it would appear that we’ve survived the massive price movements. in any form or by any means. We own a fertilizer company and a position in a domestic rare earth elements mining operation. These are the actual proportions of the federal budget and debt reduces to a level that we can understand. damages for liability or infringing a copyright may amount to $30.33 Yesterday’s Closing NAV: $8. We own an “Asian” short term government bond fund. They are currently proposing BIG spending cuts to reduce their spending to $72. Such information. IF we can survive today. but no representation or warranty. 2. further transmitted.aspx?ProductI D=221&NumFixings=3 Existing investors in HAG should go to: http://jovian. 10% Gold. with the cross trading 1. acquire. increase. the C$.transmissionmedia. but then we added to the trade and that was not nearly so prescient.81 vs. a solicitation or an offer to sell the securities and reflects publicly available pricing information provided for informational purposes only. Gartman is not permitted to offer personalized trading or investment advice to subscribers. 5% S&P 500 Index. or used. SUCH AS OPTIONS AND FUTURES. If you have received this communication in error. nothing herein or in the subscription agreement shall limit or restrict affiliates of Gartman from buying. Short: We are short S&P futures to hedge the positions mentioned above. statements. $8.7%. For the year our ETF’s NAV is down sharply…9. 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. serves as a sub adviser to the products mentioned below. dissemination or copying of this publication.1385 as we write. 5% Australian Dollars. well. decrease or dispose of the securities or other investments referenced in this publication. The information. except for the subscriber’s personal use. 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. 5% Dow Jones EURO STOXX 50 Index Horizons AlphaPro Gartman Fund (TSX: HAG): Yesterday’s Closing Price on the TSX: $8.41 vs.com/ScreensCA/CANProductUnderlyings. Investors in the CIBC Gartman Global Allocation Deposit Notes should go to: https://cibcppn. the A$. . views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable. they would be making $58. The Gartman Letter L. Any further disclosure or use. disseminated.C. “Oh. express or implied. statements.3%.000 a year and are $327. In recent weeks we’d been rebounding nicely… including last week. Thus. The Gartman Index II: 111. 5% Corn. or otherwise reproduced. unadulterated idiots.000 per infringement and. Gartman is financial publisher. hold or sell investments. A PUNT… A NEW RECOMMENDATION ON THE EUR/CHF CROSS: We wish to buy the CHf and well the EUR this morning. At the same time. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS. stored in a retrieval system. but on balance and consistently we’ve held to this general thesis. 5% Soybean. The following is not a recommendation. message or any attachment is strictly prohibited. Dennis Gartman Disclaimer: This publication is protected by U. 10% Swiss Franc.. IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK.we are obviously wise enough to know that one cannot and one should not compare a government’s fiscal circumstances to that of a family.aspx?f=HAG&c=&l The following positions are “indications” only of what we hold in our ETF in Canada. in the case of willful infringement. they spend $75. sometimes holding more than we should and sometimes holding less. is made as to their accuracy. the Horizon’s AlphaPro Gartman Fund. The affiliates may give advice and take action with respect to their clients that differs from the information.C. we’ll make the case for the cross to move eventually to new and lower lows beyond 1.09 previously.37 CIBC Gartman Global Allocation Deposit Notes Series 1-4. distribution. We are also short the Euro and Pound Sterling. 15% British Pound Sterling. Good luck and good trading.