Having declared back in January that “we won’t see crude above $44 again in my lifetime”…
… only to watch crude surge above $44 and far higher just three months later – while mysteriously staying alive – “commodity guru” Dennis Gartman failed to learn his lesson, and appearing on CNBC one month ago he again made one of his bombastic forecasts, saying “investors shouldn’t expect the commodity to break through $55 for a few years.”
While that may or may not happen, an amusing twist, literally, took place for the momentum-chasing retirement account manager overnight, who observing the surge in crude in the past few days, found himself unable to resist and made the following recommendation:
WTI CRUDE OIL: The Trend Line’s Been Broken and The Term Structure’s Bullish: Supply has never been a problem; there is plenty of… indeed an increasing supply of… crude; the problem is with demand. But the contangos are narrowing and the trend line’s been broken and any correction over the next week or two back to this trend line is to be bought.
What happened next? This:
- WTI CRUDE FALLS TO SESSION LOW AT $49.77/BBL