Tuesday, February 11, 2014

Gartman admits being wrong last week

I have been neutral, honestly, of stocks. I thought we would have a 15 percent correction. But I also said it's still a bull market, and in a bull market you can only have one of three positions: Really long, nicely long or neutral. I'd say I was wrong. We got to a trend line that really did hold. I didn't think it would hold. It did, in fact, hold.

I looked at a lot of the indices. The Nasdaq did, in fact, break its trend line. The Dow began to diverge. You started to get less-than-exciting earnings coming out in various stocks. You had the currency markets, I think, in difficulty a couple of weeks ago. 

You had copper breaking trend lines. You had an awful lot of things happening, all in a five- or six-day period of time that certainly did look terrifying for a couple of days. And then, all of a sudden, it's as if the cover had been lifted off. The amount of selling that needed to be done was done — was done at higher levels than I thought it would be accomplished at.

via - CNBC