Gartman Is About To Short “Industrialized World” Markets

One day after gloating at Bill Ackman over his $4 billion loss on Valeant, Dennis Gartman is back with his latest trade reco which may be worth paying attention to: he says that while he is getting “bullish of Japanese shares”, he is offsetting this with an imminent short of markets across the “industrialized” world. To wit:
We are bullish of Japanese shares and have an initial position in place long of the Japanese stocks via ETFs here in the US, but we wish only to be long of those ETFs that hedge away our exposure to a weaker Japanese Yen. Our preferred position then is in DXJ:Wisdom Tree’s currency hedged Japanese ETF. Further, it is our intention to add to this position but not until such time as the ‘spot’ Nikkei closes ‘materially’ above 16,600. Indeed, yesterday we clarified that statement, saying that when and only when the Nikkei has traded above 16,750 shall we act. We stand by that statement. Secondly, although we’ve not yet acted upon this thesis, we wish also to err upon the side of owning Japanese equities while being short of the markets of the rest of the ‘industrialized’ world. We’ve refrained from taking that position ahead of the FOMC meetings and we shall refrain from doing so today; but barring some untoward and/or surprising event at the meeting’s end today, almost certainly we shall take such action tomorrow. Until then, we shall sit tight.

This post was published at Zero Hedge on Mar 15, 2017.