On June 22, Citi called the bottom in oil to the day, when in a not too subtly titled note it said “Here Comes The V-Shaped Rebound In Oil.” Since then, both WTI and Brent had risen for 8 trading days in a row, the longest stretch since February 2012. Meanwhile, surprisingly not too many, Gartman went short and, in his latest note, he explained the he remains bearish. End result: the oil rally just closed higher for 9 consecutive days.
Below is the relevant excerpt from Gartman’s latest note, according to which oil bears may want to keep a low profile at least until Gartman does what he does best, and once again succumbs to price momentum.
CRUDE OIL PRICES ARE RATHER BRISKLY HIGHER and we shall continue to view this as nothing more than a much needed, long over-due technical correction in what is and shall continue to be a long term bear market.
This post was published at Zero Hedge on Jul 3, 2017.