Gartman: “Clearly We Were Wrong To Short Crude The Day Before The OPEC Meeting”
Gartman has done it again, and luckily, the following “advice” does not require much in terms of commentary. It was, as Gartman might perhaps say, to be expected in self-explanatory terms.
From yesterday’s, November 30, Gartman letter:
In all, it is a guessing game what shall eventually come out of today’s final meetings, but as noted above some sort of agreement has to be put forth or OPEC is indeed finished, if it is not finished already in light of the US shale industry’s advances. We are short of crude oil from yesterday; we’ll have stops on those positions on a closing basis this afternoon here in the States, with the intention of adding to those short positions once the OPEC meeting is behind us. We’ll wait until at least tomorrow to add to the positions and we may wait until Friday perhaps.
This post was published at Zero Hedge on Dec 1, 2016.