From
CNBC at:
In
a live interview on CNBC’s Fast Money Strategic investor Dennis Gartman said,
“I think the sell-off gets worse….Considering the market weakness and the
string of negative economic data that's come out recently, “I think we’re
looking at lower prices and a correction that could get reasonably more serious...” When asked how serious, he replied, “Another
5-10% to the downside. Let’s just say
the trend is down and over the course of the next several weeks we’re probably
going to be lower.”…
…AND
that was before the 1% selloff in the afternoon today.
When
all of the CNBC analysts are talking about selling out, that is usually the
time to buy. We have not yet reached the
CNBC buy signal.
NTSM
analysis switched to Sell on Friday, 3 June; it switched to HOLD today. We are getting closer to a Buy is some areas
of the NTSM analysis; other areas are deteriorating, so at this point, we could
go either way. (See the page “How to Use
the NTSM System”).
I
am defensively positioned with 30% invested in stocks.
