Backing Off Resistance

Stocks bounced between slight gains and losses today as investors looked ahead to major earnings reports this week.

INTC reported after the close and is down about 4%.  JPM also reported and is down about 2%.

I have imparted my thoughts to you guys on the financial media many times over the years .  I’ve gone as far to say never watch CNBC, its bad for your brain. Its useless drivel by clownish charlatans.  Over my gazillion years on Wall Street I have made many friends at the big institutions, as a result I receive , every morning, like clockwork,  institutional research from the best and brightest in the business. About 40 to 50 pieces of “research” every morning. (from guys that never traded).

I read none of it because as I have always said about analysts. ‘You don’t need them in a good market, and they will kill you in a bad market”. But my point here is that Gartman’s letter is the first one that I trash. I have NEVER opened it because the man is just horrible.

Anyway, you have to get up really early in the morning to find a guy that would lose money even if he had tomorrow’s newspaper, and that’s Dennis Gartman.

My pal Tim Knight over at Slope of Hope has been beating on this man for weeks now, articulately and accurately keeping track of his ridiculous statements, his back peddling and outright lies about the positions he takes.

Anyway, read his most recent post below. If anything, it will finally make you turn off that pretty peacock on CNBC. You don’t have to watch the videos (unless you have the time) Tim does a pretty good job here.

Here’s the link.

I added new names today.

SRTY long

LOPE short

BIS long

See you folks in the morning.

Comments welcome anytime. Let me know what you guys think.


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