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EUR, but is instead upon the Japanese Yen and upon the Swiss Franc, with the former

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                          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-


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

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. 

33 1. 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. for now we intended to “watch..18 45. We use our “one hour” trading stop. that is. Treat it as such: 08/15 08/12 Current Prev 76. 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.1. 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.12:1 early next week.” We’ve the opportunity now to do so now for the cross is trading to 1.1455 for an hour or so to prove its merit before exiting the position.6 trillion. we need only risk this position to 1. noting then that we wanted to buy the CHF/to sell the EUR when and only when it had traded back toward 1. to the Swiss National Bank’s consternation.10 Cents . Spain..9870 1. Indeed. 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.66 6. hoping that we’ll have the opportunity to sell the EUR vs.37 Rubles .0315 .1455… a much-less-than1% risk… while looking for newer and lower lows eventually. 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. Strengthening a currency requires that proper policies be in place.70 1.. with the Yen/dollar rate effectively where it is at present and when the authorities sold ¥4.8370 . but as fears in Germany.3950 45.7940 ... or France.35 Centimes .10 Yen .6275 .6290 1..81 Cents + 2. Portugal. the Chf at or near 1.02 Centavos . It was back in ’03 when the authorities in Japan sold a stunning ¥35 trillion.15 Pence + . Spain. and that is far more difficult for it requires that the political authorities do things inimical to their propensity to spend money. or Belgium or Luxembourg rose regarding the demands that shall be put upon them to bolster the fiscal disasters that are Greece. As one would expect. thus putting downward pressure upon it in the simplest and most effective method known.10 Cents .31 12.4230 . Moving on. given that the downward sloping trend line on the chart appears as formidable as it does.1.4311 1. the market’s other focus is upon the Swiss franc and the efforts by the Swiss authorities to stem the franc’s strength.3920 6. The BOJ/MOF has been in to intervene only once in recent months. Note then the chart of the EUR/CHf cross at the upper left of p. 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.” It is nothing more.1. Friday we said that although we were interested in selling the EUR vs.6100 1. much higher than where it trades presently.70 Centavos .30 Renminbi . Italy.0420 1. the urgency to move money out of the EUR grew and grew and grew relentlessly.33 Mkt Japan EC Switz UK C$ A$ NZ$ Mexico Brazil Russia China India US$Change + . 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. It grows still.1800 to 1.9880 .1300.7705 1. We had this chart in the same position in our commentary on Friday. This is a “punt. 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. we shall need to see the cross trade upward through 1.0330 early last week amidst panic liquidation of the EUR relative to the Franc and this morning to 1.15 Rupee Moving on then. and Greece are actively soliciting support for such a panEuropean bond. Portugal and Ireland.1200.8260 12.29 29.1. while the Germans are doing all that .05 Cents .1400 instead.6270 29. Italy. along with the tacit agreement from the other G-7 nations that the Yen tumbled sharply. 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.80 76. Further.

covet the position Ms. support for monetary union at the government level holds steady. In June. We have our doubts. for she is forced to support the position of Greece inimical to that of her own people. 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. Simply put. Finally the NAHB’s Home Building Index for August will be reported out. As for the TICS report.. although perhaps things were a bit drier than farmers might have wished. we’ve found it to be of little help in trading and leave it to others far wiser than are we to forecast it. collectivized European level. the probabilities of either moving materially higher or lower seem evenly balanced. Merkel and her government are caught in a terrible position. for it was six years ago this month that this index was 70! And it was 78 in December of ’98. 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. because of political correctness. We’ve not the wisdom to do otherwise. however. This is difficult of the first and worst order.0 and that anything in negative territory will be reasonably disturbing. to discerning the leads from those markets firstly. In May it was 16. Simply put. Here in the US we’ve a large sum of economic data due out today. thesis to be taken up from the report was a general bullishness . ALL BE THEY QUIETLY SO. Let’s try to keep things in perspective.m. we dutifully report that the consensus is for +1. in July 15 and the consensus is that it shall be somewhere near 15 again. Let’s keep things in perspective. directional. and we’ve no edge to be gained nor an ax to grind. We’d like to see the index turning for the better rather than the worse. nor would we. Ms. Whether it is 14 or 15 or even 20 today is really quite unimportant in light of this knowledge. however. 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. The same can be said of soybeans and of wheat. 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. At the same time. but let’s not get too excited about 15 or 16. that that can or will happen. including the Empire State Manufacturing Index at 8:30 a. 13. 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. The weather over the weekend was conducive to growing corn and soybeans. given the seriousness of the deficit/debt debates raging and given the seriousness of the recent stock market weakness. Support for a pan-European bond is unacceptable to the Schmidt’s of Dusseldorf: it is mandated by the Papadopoulos of Greece. Nonetheless. with all eyes peeled to the equities markets and to the forex markets. and it should. as it should not but must because of past support for union. because of German guilt still raging over the evil wrought by her in World War II et al. 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.they can to keep such an instrument off the table. 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. Merkel and the Christian Democrats find themselves in. There is still a great deal of confusion regarding last week’s USDA crop reports and perhaps the only material. It will serve us well. COMMODITY PRICES ARE FIRMER. We do not. We’ll accept the report as it comes. German antagonism amongst the public toward monetary union is growing daily. because of “sunk costs” already spent.

0 38.34 + 16.00 . Since then the trend’s been “from the lower left to the upper right” on the chart. we note that since ’85. we should see the backwardation for Brent widen. Note then that the October’11/”red” October ’12 year spread for WTI was at a $5.9 million bpd several times and has fallen as low as 7. 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.75 157. 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.53 08/12 1761.2 million… back in ’02-’03.8 million bpd. otherwise. China might wish to buy more gold. on balance. Gold Silver Palladium Platinum Gold/silver DJ/UBS Reuters . we note that the term structures continue to move bullishly. The IEA has Saudi production at 9. We count ourselves as gold market bulls… not gold bugs. the trend for the Saudis has been for steadily increasing production when production fell then to just barely over 2. It should continue. and indeed. 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. . Friday morning.0 45. as is our wont. Most of that makes its way into the US government debt market. Note further than the Brent contango for the same period was $0. on average.77 a week ago and that this morning it is out to $2. we must always remember that China’s reserve growth is a simple expansion of her export trade with the US.toward rice.0. Note also that the Brent/WTI spread is widening in Brent’s favour once again.00 + . 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.27.0 44.00 1786. a consistent $20-$45 billion. she will generate huge sums of money. 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.29 326. So long as China runs trade surpluses with the US. while this morning that spread has widened out to $22.78. but it is up from the worst levels seen Friday and tested earlier this morning. October delivery Brent’s premium over correlative WTI was $21.1% Gold is weak when compared to Friday’s levels marked here.2% + 0. each quarter $100-$170 billion in excess reserves each quarter. It is the proper thesis and it will be proper for years into the future. Since the earl 90’s and until quite recently.34 this morning… a material narrowing. however. there’s little we see of great interest: 08/13 1743.95 752.15… an even more material bullish shift.18.60 157. 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.00 1791.34 ENERGY PRICES ARE HIGHER.03 326.85 . China was and is taking in.61 736. BUT NOT MATERIALLY SO with crude oil leading nat-gas prices higher as temperatures across much of N. for the past several years.0 million bpd. with Saudi production reading just over 8. just gold market bulls…and we remain long of gold in non-US dollar terms as we have remained.0 million bpd by the early 90’s. We’ve absolutely no argument with that thesis. Concerning supplies. that is the contango in WTI continues to narrow while the backwardation in Brent widens. Saudi oil production has gotten as high as 9. but given her sheer size she’s found that diversification theme very hard to implement. However.00 + 5.0 38.33 contango a week ago this morning while it is $4.

Going all the way back to 1897.7% 7.41-46 JanWTI up 79 86. A year later the market was positive by at least +29% three times.073 20.29 08/11 Henry Hub Nat-gas $4. 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. Here’s a bit of what he wrote: Summary: The violent see-saw continued with another day of 4% moves in many stocks. This is indeed impressive. 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. Art Cashin. whether we look at volumes in the futures markets.. however. the Dow hadn’t reached 400. our Int’l Index is still down 10. Jason Goepfert.8% from its lows. but soon. The others were 10/31/29.283 2. this is only the sixth distinct time the S&P 500 or DJIA swung at least 4% for four straight days. or whether we look at the volumes of individuals stocks… the rally is on far. 10/21/87 and 11/24/08. making 400 point swings almost impossible to achieve. While that’s technically true.02-07 DecWTI up 80 86. we need to recall that for the first 53 years of its existence. Mr. Note also that the volumes on the rally… and it matters not whether we look at the various markets around the world. 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.188 4.1 million since January of this year. 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. Market performance after those instances was erratic during the next few days and months.07 NIKKEI HangSeng AusSP/ASX Shanghai Brazil up up up up up 109 443 123 29 130 9. far lesser volume than was the collapse in share values.. 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. Remember please that for the year-to-date.620 53.473 TGL INDEX up 1. Hence. +7% once and -12% the other. So. Unfortunately. probably not today. our propensity… indeed our strong propensity… is to sell into this rally. 9/15/32. and we’ll keep one eye pealed toward the energy market. of UBS NYSE floor fame.542 5. but we’ll not do so today. Today we’ll let prices run a bit higher. 4/22/33. 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 3.35-40 OctWTI up 87 85. drawing forecasts from last week’s “downcasts” is a mug’s game at this point. So.78-83 OPEC Basket $103. 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.269 12. they tell us little about short-term impact and followthrough. we see that such moves are quite rare and tend to occur in periods of high market volatility (Duh!).66-71 NovWTI up 82 86. over at SentimenTrader. 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.8%. For now. 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 85.214 5.up 1.320 3. Art wrote. This is strength that eventually must be sold into and our only question is “When?” The answer is.997 .431 Our old friend. applied a somewhat more appropriate filter 4% rather than 400 points. for that is their wont.

For example. 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. Moving on. Bachman leading followed by Rep Ron Paul.000.500. He will be a formidable candidate. pilots will have to be trained and so too the deck crews. around the Cape and made its way to Dalian. Gov. 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. and the Sunni’s were the power within Syria for centuries until the 60’s when the Alawites took control of the government. since the Chinese bought it from the Ukrainians and towed it from port in the Black Sea. but fascinating… take on the US budget problems when compared to that of the average American family. but the problem for Syria is that her per capita GDP is only $5. this offshoot from Shi’ia Islam has been ascendant. when Assad’s forces run through Aleppo with tanks and regular soldiers one knows that things there are out of control. and the Sunni’s are obviously angry that the Alawites remain in power. Nonetheless. Assad is Alawite. per capital GDP is highest in Saudi Arabia at $24. the Varyag. In the interim. whom the French trained as military officers and as business professionals. and if we had to pick we’d pick him as the likely Republican candidate to run against President Obama next November.several weeks. to the dismay and anger on the part of the Sunnis. has become a candidate for the Presidency. all other things being equal. as expected. but with a history of trading… have a per capita GDP of $15. The fact that the boat has been sent out for sea trials is really quite unimportant. taking votes from the eventual Republican winner. The loser was probably Gov. and has been for centuries. but the losers of which often are forced to drop from the race… ended with Rep. Tanks continue to roll into and out of Damascus and Aleppo. Now . 12% of the nation is Christian. the citizens there tend to be supporters of the status quo. as goes crude so go stocks. much is still being made of the fact that midweek last week the Chinese tested their aircraft carrier. with the former have tended to lead. 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. So. Perry. Dozens of pilots will be killed in the doing of this.000. The population is really quite poor by standards of the rest of the region. The Alawites are only 14% of the population. the worst of the lot in the region are the Yemenis with a per capital GDP of only $3. 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. Aleppo has always been the “trader’s” city of Syria. on third of that of the Lebanese. Some background on the situation there: 72% of the population is Sunni Muslim. the situation in Syria grows worse by the day. In the Iowa “straw” vote over the weekend…the winner of which means nothing in the long run. ON THE POLITICAL FRONT. Finally. We’ve been writing about the Varyag for two years. and predominately Eastern Orthodox. 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. China is stepping one boat at a time toward challenging the US at sea and that alone is worthy of note. who we suspect shall drop from the race rather quickly. The French influence in the area is through the Alawites. Thus. Pawlenty. through the Bosporus. while the remaining 2% are predominately Druze Muslims. The Lebanese… without oil. but because Assad’s father was Alawite. The Druze are interesting in that they have had political power in Syria far beyond their population. tossing his hat into the Republican ring over the weekend. and perhaps dozens more of deck hands killed as catapults and tailhooks malfunction.000… one fifth of that of the Saudis.

44 vs. INVESTING IN SECURITIES AND OTHER INVESTMENTS. but on balance and consistently we’ve held to this general thesis. except as permitted under the subscription agreement or with the prior written permission of The Gartman Letter. SUBSCRIBERS MAY LOSE MONEY TRADING AND INVESTING IN SUCH INVESTMENTS. This disclaimer applies to any trial message or any attachment is strictly prohibited. express or implied. the Horizon’s AlphaPro Gartman Fund.000 in credit card debt. Long: We have exposure to the energy space via a nat-gas trust and a liquefied natural gas producer. and International Copyright laws. they spend $75. serves as a sub adviser to the products mentioned below. they would be making $58. IF we can survive today. 10% Gold. SUBSCRIBERS SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN RESEARCH BEFORE INVESTING IN ANY INVESTMENTS REFERENCED IN THIS PUBLICATION. Long of One Unit of the S&P Future: It was time for a contrarian “punt” earlier this week and that proved prescient.33 Yesterday’s Closing NAV: $8. We own a fertilizer company and a position in a domestic rare earth elements mining operation. and gold.1455 for more than Affiliates of Gartman serve as investment advisers to clients. views and opinions included in this publication. the A$. But what a mistake we made late last week in cutting this in half!!! What idiots we can be at times… what but then we added to the trade and that was not nearly so prescient. The following is not a recommendation. Anyone who says otherwise is itchin' for a fight. 5% Crude Oil Short: 5% Yen. in any form or by any means. disseminated. stored. The affiliates may give advice and take action with respect to their clients that differs from the information. In recent weeks we’d been rebounding nicely… including last week. views and opinions included in this publication are based on sources (both internal and external sources) considered to be reliable. distribution. Investors in the CIBC Gartman Global Allocation Deposit Notes should go to: https://cibcppn. 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. nothing herein or in the subscription agreement shall limit or restrict affiliates of Gartman from buying. we’ll make the case for the cross to move eventually to new and lower lows beyond 1. it would appear that we’ve survived the massive price movements. increase.3%. transferred. at the end of the previous trading day. Such information. (“Gartman”).C. Furthermore. in the case of willful infringement. is made as to their accuracy. 15% British Pound Sterling. or used.000 a year. including limited partnerships and other pooled investment vehicles.transmissionmedia. publishing information about markets.C.S. for the media accepted this as fact and the American people said to themselves. If you have received this communication in error. in addition to the recovery of costs and attorneys’ fees. statements. Thus. We are also short the Euro and Pound Sterling.000 a year and are $327. Each reproduction of any part of this publication or its contents must contain notice of Gartman’s copyright. 2. L. industries.000 per infringement and. 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. No part of this publication or its contents may be copied.7%. noting these caveats TTMYGH reports that If the US government was a family. We own an “Asian” short term government bond fund. Two each in Sterling terms and EUR terms: We’ve owned gold solely in non-US dollar terms for months.37 CIBC Gartman Global Allocation Deposit Notes Series 1-4. Pursuant to U. 10% Swiss Franc.1385 as we write. statements..aspx?f=HAG&c=&l The following positions are “indications” only of what we hold in our ETF in Canada.” 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. The Gartman Index II: 111. A PUNT… A NEW RECOMMENDATION ON THE EUR/CHF CROSS: We wish to buy the CHf and well the EUR this morning.. All rights reserved. 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. Short: We are short S&P futures to hedge the positions mentioned above. No license is granted to any subscriber. a solicitation or an offer to sell the securities and reflects publicly available pricing information provided for informational purposes only. an hour.37 vs. damages for liability or infringing a copyright may amount to $30. 5% Dow Jones EURO STOXX 50 Index Horizons AlphaPro Gartman Fund (TSX: HAG): Yesterday’s Closing Price on the TSX: $8. Nonetheless. Good luck and good trading. They are currently proposing BIG spending cuts to reduce their spending to $72. At the same time. 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. selling or trading securities or other investments for their own accounts or for the accounts of their clients. $8. We reserve the right to change our opinions at a moment’s notice and we reserve the right to take positions opposite of what maybe in our “Notes” and ETF from time to time as market conditions warrant. or otherwise reproduced. stored in a retrieval system. Long of Four Units of Gold.81 vs. views and opinions are expressed as of the date of publication. The Gartman Index: 134. if he’s proposing draconian cuts then it must be the Republicans who are at fault in the budgeting process. 5% Soybean.S. dissemination or copying of this publication. The Gartman Letter L. but no representation or warranty. for there are exigencies in both that make such comparisons ill-advised and too simplistic. . However. Dennis Gartman Disclaimer: This publication is protected by U. sometimes holding more than we should and sometimes holding less. further transmitted. we find it jaw-droppingly dismaying when President Obama said last week and the week before that his proposals for spending cuts were draconian in nature and were the largest in the nation’s history.we are obviously wise enough to know that one cannot and one should not compare a government’s fiscal circumstances to that of a family. Last year our ETF rose 3.8% and our Index was up 19. However.09 previously. but when the hundreds of billions of previous increases are diminished rhetorically. 5% Corn. unadulterated idiots. The CIBC Gartman Global Allocation Notes portfolio for August is as follows: Long: 10% Canadian Dollars. hold or sell investments. 5% S&P 500 Index. the C$. we cut our position by half on Friday and we are content now to sit very. SUCH AS OPTIONS AND FUTURES. statements. downloaded. The information in this letter is not intended to be personalized recommendations to buy. the Gartman Index for our notes is exactly unchanged. 5% Australian Dollars. please notify us immediately by electronic mail or telephone.000 per infringement. 135. Affiliates of Gartman may at any time have.000 a year. Any further disclosure or use. with the cross trading 1. Gartman is financial publisher. “Oh. copyright law. the amount may be up to $150. acquire. and we shall be wrong if the cross trades to and through 1.41 previously. except for the subscriber’s personal use.0300. 112. IS SPECULATIVE AND CARRIES A HIGH DEGREE OF RISK. For the year our ETF’s NAV is down sharply…9. sectors and investments in which it believes subscribers may be interested. very tight. This publication is proprietary and intended for the sole use of subscribers. $8. decrease or dispose of the securities or other investments referenced in this publication.aspx?ProductI D=221&NumFixings=3 Existing investors in HAG should go to: http://jovian.41 vs. well. 20% Euro.  RECOMMENDATIONS 1. completeness or correctness. These are the actual proportions of the federal budget and debt reduces to a level that we can understand. The information. Gartman is not permitted to offer personalized trading or investment advice to subscribers.