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Tuesday, April 22, 2014

Still a Bull Market? Dennis Cartman Thinks So

     Obviously it's just one man's opinion, still opinions are sometimes notable just based on who has them. When a long time player like Cartman says he is now 'pleasantly long and considering being aggressively long' I think you have to stand up and notice. Particularly as he's often very pessimistic and bearish and was sounding the alarm just a few weeks ago. 

    "I'm back to being pleasantly long," said Gartman Monday, on "Fast Money." "Two-and-a-half weeks ago, I became very scared and went to neutral...No question about that. Last week, I went back to being pleasantly long. I may even get to being aggressively long. The market wants to go higher.".

    "Gartman, publisher of the "Gartman Letter" said on "Fast Money" April 10 that market action on the morning of April 4 scared him out of the market. "I'm not sure what happened, but something happened between 11 and 11:15, that everything turned on a dime," he said at the time.
     "After a good two-week decline, after 50 big handles in the S&P (500), after going down and touching and barely going through and holding the 100-day moving average, you have to understand it's still a bull market," Gartman said.
     http://www.cnbc.com/id/101600027
     That's been my sense too-that the market wants to go higher. Certainly my own portfolio is 'aggressively long' to say the least-two weeks ago my big position was lots of puts in Citi. I made out big on that one-an initial investment of about $1,400 got to over $3,700. Since then though I no longer felt there was much down side.
    Right now I'm long Citi, BAC, and have bought 100 shares of the 'Chinese Twitter'-Weibo. My happiest postion though is Johnson and Johnson-JNJ. I bought 20 more calls in it yesterday-for a total of 40-and now I see JNJ which finally broke $100 yesterday is up $.56 in the premarket. If it opens up big as it is in the premarket I'll be able to get out of it today for another big gain. 
   Let's hope the market gets 'aggressively long' for C and BAC which have just been running in place the last 3 trading sessions. 

     

1 comment:

  1. One can publish the ratio of academic to non-academic staff, which is essentially a meaningless ratio because it absolutely depends on the tasks each staff is responsible for.

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