Saturday, May 31, 2008

Gartman, Gartman, Gartman, Gartman, Gartman.......

the last couple weeks more new visitors have arrived at this site by searching for 'gartman letter' (or some variant of that) than by any other avenue. I guess if you can't afford his newsletter, the next best thing would be to read gossip written by others who can't afford his letter either.

it's somewhat ironic to me that that post is getting so much attention, as it was written after coming to the realisation that my weblog was completely inconsequential, hardly anyone was reading it, so I figured what's the harm in poking a little fun at a representative of the establishment (or however you'd properly pidgin-hole Dennis Gartman).

of course recently Mr G announced his renewed affinity for gold, and it made a nice rally, but then fell right back down in the fashion of a water fountain, or the style of a stalagmite, if you like.

gold may well hold up better than currencies or energies in the environment I see developing, but the fact is that we've yet to see an indication of a bottom in terms of moving averages, COT reports, or a real depression of sentiment. so experience tells us to wait it out.

my initial post and brief follow-up on the Norwegian Krone have also generated a fair amount of traffic from the search engines. apparently I'm about the only guy in the world talking about it, whether from a bullish or bearish perspective. the action last week in the USD/NOK pair affirmed my sentiment that a medium to longish term bottom is being formed. a move above 5.13 should induce me to buy a little more (meaning short Krone).

in related action, the prospect of a top in oil looks more convincing now. the longstanding equivolume trendline on the oil ETF (USO) has been broken, an event we anticipated (prematurely a wee bit) a couple weeks ago.