Dennis Gartman has a call on oil.
Gartman said Monday that he thought crude oil wouldn’t trade back above $ri_44 “in my lifetime,” though he did say oil may have hit a short-term bottom.
The price of crude oil, which has been driving the price action in the stock market for the past month, fell about 7% Monday but bounced back a bit early Tuesday.
Gartman is the publisher of the widely read “Gartman Letter,” a daily markets newsletter, and is an omnipresent voice on CNBC. His calls are also often chronicled on Zero Hedge and taken as a contrarian indicator: When Gartman says he wants to be “long of” something, short it, and vice versa.
And given that Gartman’s Monday letter said crude would never trade above $ri_44 but his commentary on CNBC hinted that we may have hit a bottom in oil, you can understand where the whole “fade Gartman” thing comes from. He’s hard to pin down.
Speaking on CNBC on Monday, Gartman said: “At this point I don’t think I want to be short of crude oil. I’ve been very bearish on crude oil for a long period of time and I think the time for being bearish of crude is over … I think there’s a possibility that we have bottomed.”
We’d note that back in October 2014, Gartman said we were seeing the end of an era for crude oil, at one point comparing it to whale oil.
So there’s that.