From time to time, we encounter some really strange comments from people who are generally well respected in the world of stock market analysis.
Meet Dennis Gartman, since 1987, the author of the Gartman Letter, and frequent commentator on CNBC. Here's what he saidabout the current state of the stock market just last week, on Wednesday, 21 May 2014:
The stock market is in the midst of a correction, closely followed investor Dennis Gartman told CNBC on Wednesday.
"I think the process began several weeks ago … [with] the Nasdaq," the publisher of The Gartman Letter said in a "Squawk Box" interview. "We're in a correction right now."
A correction is defined as a 10 percent decline in major averages from their highs. As of Tuesday's close, the Dow Jones Industrial Average was down 2 percent, the S&P 500 was down 1.5 percent, while the Nasdaq was off 6 percent from their 52-week highs.
It doesn't sound like much of a correction, does it? And if you paid attention to where stock prices went on to finish the week, as the S&P 500 closed at a new record high, it's pretty difficult to square Gartman's declaration with apparent reality.
But, what if there was a correction - a major one - that nobody noticed because it was invisible?
Political Calculations is a site that develops, applies and presents both established and cutting edge theory to the topics of investing, business and economics.
Be the first to read Political Calculation's column. Sign up today and receive Townhall.com delivered each morning to your inbox.
Today, at 11:20 AM PT: Get the Market Movements in Advance: William's Edge Webinar for October 24th, 2014 | John Ransom
In Other News: List of "Useless Government Spending" Strangely Doesn't Include Biden's Salary | Michael Schaus
Today, at 11:20 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for October 22nd, 2014 | John Ransom
In Other News: Massachusetts School Board Moves to the Right of Democrats - Becomes Socialist | Michael Schaus