(UPDATE: I wrote this post during Labor Day, the holiday; more proof of Gartman’s power can be seen here, which happened after I wrote the post, when Gartman went strongly bearish; all the markets, of course, exploded higher immediately thereafter. It was a heartbreaker to see his bearishness in the wee hours this morning; I knew what would happen next.)

Many have made much chatter (and a fair bit of profit) about the powerful contra-indicative force Gartman’s words have vis a vis whatever market he happens to be examining. I’ve written about it myself in places like here and here, and of course ZH has had an abundance of articles and tweets that effectively provide, free of charge, one of the most powerful trading indicators man has yet devised.

I think Dennis the Menace might be on to the whole schtick however, as evidenced by this most recent interview at his perpetual forum, CNBC (a network which has provided him countless appearances for reasons we can only dare imagine). At first, it may seem like just another firm declaration which can be faded…except for one suspicious new word: may.

Now the text of this piece – as the late, great George Carlin might say – pisses me off. Give it a read:

It may come…within the next few months?? And he wouldn’t be surprised if oil prices were higher…two years from now?????? What kind of analysis is this?

First of all, there are a thousand different ways to interpret this. Maybe the bottom is in. Maybe it isn’t. Maybe it’ll be in next week. Or next month. Or in six or eight weeks. And, if in the span of two years (which these days is the equivalent of a few centuries), he declares not necessarily that crude oil prices will certainly be higher (which, given the timeframe, you’d think he’d be able to put a stake in the ground) but that he would not be surprised if they were.

Well, we’re all quite relieved, Dennis, to know that you’ll be spared any consternation in your emotional makeup. I, for one, can sleep again.

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