zerohedge.com / by Tyler Durden / May 5, 2017 8:09 AM
From Dennis Gartman’s latest letter to clients, presented without comment.
Thus we want truly to believe that the bull market continues but we are beginning to have real doubts. Certainly a correction of some very real magnitude is upon us.
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We suffered our worst days of the year these past two days in our retirement fund here at TGL, losing nearly 3% this week and in the process we cut back our positions dramatically and in violent, swift fashion. We cut back our steel position entirely; we cut back our positions in closed end bond funds entirely; we cut back our position in grains entirely, leaving us only with a position in the US’ largest ball bearing manufacturer (which we had threatened to buy on a correction and which we did yesterday) and with our positions in gold predicated in EURs and Yen.
We know only this: that when things go awry it is best to cut positions as swiftly as one might. As Jesse Livermore was told by a more senior mentor about a position that he… Livermore… had had in
Read more ... source: The Bitcoin Channel
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