FYI | May 25 2011
By Rudi Filapek-Vandyck
Is the correction over yet? Surely equities cannot continue falling?
US based trading guru and publisher of daily The Gartman Letter, Dennis Gartman would probably respond to these questions along the lines of "the selling won't stop until it does". He does remain convinced, however, there's more pain in store, even after recent broad weakness.
Last week, reports Gartman in the latest edition of his subscription newsletter, he was forced out of his short positions in US equity markets, and it happened "at the very worst possible time: right as the market was about to plunge".
However, he is not to be deterred. Earlier today Gartman issued the following missive to his subscribers: "We’ll reenter those short positions either late today if the rally is sufficiently intense… carrying the S&P to 1322-1324 as a reasonable target… or sell it tomorrow at the same level…"
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