On Friday morning, ahead of Congressional and market rollercoaster resulting from the Republicans’ failure to repeal Obamacare, we reported that Dennis Gartman had “moved to the sidelines” and covered his recent short:
Regarding positioning… and please do remember that the only money we manage is our own retirement fund and although it is only a few small millions it is still our money and we do indeed value it!… we came into yesterday’s session modestly net short of equities. However considering that the passage or non-passage of the health care legislation was a veritable coin toss circumstance we moved to cover those short derivatives positions early in the day and took to the sidelines. We remain there this morning. In our retirement account are long of several monthly dividend paying closed end short term bond funds; we are long of gold in EUR and Yen denominated terms and at the very close of trading yesterday we took small ‘punts’ on the long side of crude oil.
Fast forward to Monday morning, when Gartman had this to say about the overnight action:
This post was published at Zero Hedge on Mar 27, 2017.
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