zerohedge.com / by Tyler Durden / Oct 17, 2016 8:50 AM
Just when you thought it was safe to dip on the short side, here comes Gartman (and sadly we no longer recall if he was bullish or bearish last, at this point it is a daily blur based on what the S&P did in the handful of minutes just prior to the latest Gartman letter is released to the pulic)…
We find ourselves turning a bit more bearish of equities in global terms and quite a good deal more bearish of equities here in the US, for a number of reasons.
Firstly, we continue to look upon the peak in margin usage which was forged back in mid-’15 as evidence that a peak has been made, for margin usage tends to “top out” a year or more ahead of the equity market itself.
Secondly, we are more and more dismayed by the manner in which even the slightest “miss” regarding earnings manifests itself in sharply weaker share prices, and nowhere was that more evident than in the collapse of Alcoa’s price last week when earnings missed by only a few cents/share and yet share prices were down nearly 15%.
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