When we pointed out yesterday that “world-renowned commodity guru” Dennis Gartman remained bearish of oil, we quoted him as saying that “it has been our intention all along to await the opportunity to sell crude oil short on protracted rally and we are getting that rally as we write. We can be patient a while longer.” His patience lasted less than 24 hours, because one day later – as oil is on the cusp of extending its bullish run for a near record 9th consecutive day – Gartman this morning that “the time then has come to be short of crude oil once again.”
The section of note:
CRUDE OIL PRICES CONTINUE TO ADVANCE and have now risen for 8 or 9 days in a row, depending upon when one has marked the close. Going by the CME’s official closes, yesterday was the 8th day in row higher and the ‘bounce’ from the lows made two weeks ago amidst what was then panic liquidation has now taken the market to an almost equally over-bought, hyper-extended level to the upside. We have maintained that the ‘bounce’ would take crude back to The Box marking the 50-62% retracement in nearby WTI crude to somewhere between $47.00-$48.15 and for all intents that was satisfied yesterday when the high of $47.07. Note then the chart of nearby August WTI and note The Box.
This post was published at Zero Hedge on Jul 4, 2017.