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Written by Dennis Gartman
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Tuesday, 03 August 2010 06:42 |
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This brief initial comment from the Legendary Trader Dennis Gartman. For subscription information for the 5 page plus Daily Gartman Letter L.C. contact - Tel: 757 238 9346 Fax: 757 238 9546 or E-mail:
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STOCK PRICES ARE QUITE STRONG, and we are quite bullish, but today is “Turnaround Tuesday” and with the late collapse in Chinese shares earlier today we can expect to see a good deal of yesterday’s strength corrected. A correction following the recent strength is reasonable and rational and perhaps even overdue. Tuesday’s have tended to be corrective days, and we look for today to be precisely that. Those who have not yet gotten long of equities…and especially of those equities that produce or move the "things that if dropped on your foot shall hurt" should use today’s weakness… or more properly today’s close… to become long of equities. Otherwise, we intend to sit tight with our positions as we have them presently:
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