half yen and nearly one half EUR since we marked prices

here yesterday morning. The commodity markets remain

under very severe pressure; the debt markets are stable
and the equities markets are rebounding… slightly… from
the levels of yesterday morning. If one wishes to have
lived in interesting times, these are those times.

The news from the reactor problems in Japan seems only

       to get worse, not better, with the workers briefly earlier
  Wednesday, March 16th, 2011       today forced to abandon the stricken reactors as the
Dennis  Gartman:  Editor/Publisher                                 
radiation levels leaped higher for a short period. The
Phone  757‐238‐9346        Fax  757‐238‐9546                     crews involved have already been reduced from several
Email  dennis@thegartmanletter.com                         
hundred to a bit more than 50 and clearly those men are
London  Sales:  Donald  Berman,  Alberdon  International                       
exhausted from days of labour. As soon, however, as the
Phone: 011 44(0) 79 8622 1110 
radiation levels subsided, the crews returned to their
efforts to cool the stricken reactors by continually dousing
the reactors with what water
RICE: We are bullish of 
rice in the aftermath of the  they can muster. At times it
tsunami and quake in Japan,  does appear that the various
but we cannot recommend 
cores in the three reactors
the trade given the utter 
lack of liquidity. As a friend  involved in the problems were
told us yesterday, “Be  “exposed,” and in one or two
careful; rice trades by 
appointment only.”  instances it does appear that
the cores have been and
continue to be exposed to the air.

OVERNIGHT NEWS:  At this point we need to emphasis that there are no further

reactions taking place in the reactors. The usual day-to-
THE PANIC IS SUBSIDING, AND A BIT day reactions that are at the centre of these “boiling water
OF SANITY IS RETURNING to the forex reactors” ended within hours of the earthquake last Friday.
market this morning and if we have to judge the US However because of the quakes and because the fissile
dollar’s trend it is quietly weaker for it has fallen nearly one materials were brought into too-close proximity one to the
other, there has been some “core” melting… but
there are no reactions and certainly there is
absolutely no chance that there shall be a nuclear
explosion. That simply shall not
A SIMPLE  and cannot happen for there is
SCHEMATIC  insufficient fissile material to
OF A  allow for this sort of holocaust,
BOILING  and ever if there was sufficient
WATER  fissile material available, it is
NUCLEAR  insufficiently refined to create a
REACTOR  nuclear chain reaction that
would become a fully fledged
nuclear explosion, no matter what the US media
would have us believe [Ed. Note: we suggest that our position and its losses continue to mount. There is some
clients drop any and all coverage of the situation in Japan possibility that the Bank may yet again attempt to halt the
as reported by the US media, and franc’s rise by intervening in the
especially by CNN, for the The EUR vs. The Swiss Franc forex market, but we cannot
coverage has been nothing short imagine that the authorities there
of “yellow” journalism in most will put their employment into
instances, hyping the worst further jeopardy, for one more
circumstances and doing much to round of unsuccessful intervention
keep the world on edge. The would likely be sufficient to
BBC’s coverage, that of the CBC mandate the forced retirements of
in Canada and even al-Jazerra's the Bank’s President… Mr.
have been better than what CNN Hildebrand… and his closest
continually reports.]. associates.

The most important considerations regarding the forex Adding to the EUR’s problems
market is, in our opinion, the fact that the Swiss franc was the news that Portugal’s debt rating was cut by
continues to gain rather sharply upon the EUR and the Moody’s Investors Service, citing a weaker outlook for
British Pound Sterling. We consider this evidence of the Portugal’s economy, risks to the government’s deficit-
fact that capital is still frightened, and that when push reduction plans and an increasing and ever more possible
comes to forex shove that capital is looking for the safest need to recapitalize that country’s banks.
of harbours and it believes that Switzerland is that
harbour. Note then the chart of the EUR vs. the Swiss Moody’s rating was downgraded to A3, which puts
franc this page. For the neophytes among us as this chart Portugal’s debt now only four steps from “ junk status…”
tumbles from the upper left to the lower right it means that this according to a statement from Moody’s yesterday.
it takes fewer and fewer Swiss francs to buy one EUR. A Worse, Portugal’s outlook was noted as “negative,”
year ago it required 1.44 Chf to buy one EUR. Now it meaning that further downgrades were likely… perhaps
requires 1.2805 CHf to do the same thing, and the trend is even certain. Worse even still, Moody’s noted that this
such that we can reasonably expect that it shall take less rating changes does indeed take into consideration the
than 1.24 CHf to accomplish that same task a few weeks measures announced by Prime Minister Socrates’
into the future if the past is reasonable prologue to the government last week. Moody’s also noted that higher
future. interest rates that the ECB may force upon the European
economy will serve only to
Capital is fleeing to worsen Portugal’s economic
Switzerland because it fears prospects and therefore may
the problems attendant to the result in a swifter rather than
EUR and the European Union a slower moved to an even
of themselves, but when the lower credit rating.
situation in Japan as added to
Moving on then to the
the mixture the trend escalated
economic data of the day
in the franc's favour. The
yesterday in the US, the
Swiss National Bank tried
TIC’s report showed that
vainly to stem the franc’s
China has been reducing its
strength in months past, but
holdings of US federal debt and did so by cutting those
gave up when the losses it incurred swept past $20 billion.
holding by 0.5% in January to $1.15 trillion. That is, we
The EURs that the SNB bought remain in its reserve
believe, the the third consecutive monthly cut in China’s
holding of US Treasury debt securities. Japan, at the The economy is now seen by the Fed to be strengthening
same time, increased its holding of US Treasury debt by and that strength is itself "on a firmer footing" as noted in
0.4% to $885.9 billion. In aggregate, foreign holdings of the 1st paragraph. Further, the labour situation is
US Treasury debt securities rose 0.3% to $4.45 trillion in “improving gradually" and that strength and that of the
January, proving both the safety factor that that debt economy generally is only partially offset by "weak"
implies and offering support… of sorts… to the US dollar. investment in nonresidential real estate and by a generally
"depressed" housing market. However, on balance one
Today we’ll see the always interesting housing starts gets the sense that the FOMC is far more encouraged by
figure for February, and as the chart the page previous recent economic developments… at least those extant
suggests it shall be difficult for “starts” to be more than 50 prior to Friday’s earthquake in Japan… that it had been in
thousand either side of 600 thousand annualised starts. the past.
Housing starts have been stagnant between 550-620
thousand for months and we see every reason to believe Regarding its policies concerning the O/n fed funds target
that that stagnation continued in February. We’ll be the language in this communiqué was precisely that of the
interested and shall take notice if starts fall below 560 previous statement and perhaps most importantly the
thousand our rise upward beyond 620 thousand, but "considerable period” statement remains wholly intact.
otherwise we shall let this number pass on into economic Further, and almost finally, the statement made it clear
oblivion: that QE II is on quite perfect track to be finished at the end
of June. There was no mention of a possible QE III, and
03/16 03/15 although some were surprised by that fact, we were not.
Mkt Current Prev US$Change Finally, there were no dissents at this meeting. We’ve
Japan 80.75 81.45 - .70 Yen
EC 1.3968 1.3935 - .33 Cents included copies of yesterday post-meeting communiqué
Switz .9180 .9225 - .45 Centimes alongside that of the communiqué from the previous
UK 1.6105 1.6085 - .20 Pence meeting below.
C$ .9820 .9800 + .20 Cents
A$ .9930 .9955 + .25 Cents
NZ$ .7335 .7340 + .05 Cents COMMODITY PRICES HAD BEEN
Mexico 12.01 11.94 + .07 Centavos
Brazil 1.6650 1.6590 + .60 Centavos COLLAPSING; THEY ARE NOW
Russia 28.81 28.52 + .29 Rubles
China 6.5720 6.5700 + .20 Renminbi REBOUNDING HOWEVER, as the pressure
India 45.20 45.13 + .07 Rupees
from margin liquidation and from capital raising has run its
Turning then to the FOMC meeting yesterday, the Fed did course… at least for the moment. However, even the first
nothing and no one anywhere was or should have been small signs of increased problems in any of Japan’s
surprised by this fact. nuclear reactors will re-ignite swift selling in the
commodities markets, as it will ignite selling in the equities
There was no change at all in the Fed’s policies, however markets around the world. At times in the past 48 hours
we shall admit that we were somewhat surprised by the the selling became manic and enormously over-extended
rather significantly more optimistic “tone” of the post- as such selling does tend to become over-extended from
meeting communiqué as noted in the first paragraph of the time to time. This is normal in most capital markets, and it
communiqué. Further, we found it interesting that the is especially so in the commodities markets given the
FOMC still believes that any effects upon the economy leverage so often applied there. A perfect case in point is
stemming from higher energy prices shall be transitory. the collapse in rubber futures trading in Japan. Last
We shall take issue with that position, but then again we autumn, rubber was trading at or near ¥280/kilogram and
are not members of the FOMC and we’ve not a Ph.D. in only two weeks ago it had risen to ¥550. Since the
economics. earthquake, it has plunged, falling precipitously to ¥330. A
40% decline in something as widely traded and as widely
used as rubber in a handful of trading sessions is beyond We cannot officially recommend trading rice futures on the
rationality... but it is, nonetheless, reality. CBOT here for we fear the limited nature and liquidity of
that market. As a friend of ours noted… and thanks Eric
The more we for the
have considered comment…”Rice
what has trades by
happened in appointment
Japan, and the only.” Trading
more we rice futures
watched as the makes trading
tsunami swept oat futures seem
6-8 kilometres like a holiday of
inland, the more liquidity and by
certain we were his comments
that the rich, our friend meant
agricultural that one trades
lands in Miyagi rice gingerly, and
and surrounding with limit orders
prefectures had rather than
been market orders.
damaged… This shall also
perhaps nearly make exiting any
permanently. It positions taken
is one thing for difficult at very
floods such as best. Thus, we
those that hit shall not... repeat
eastern shall not… make
Australia to do this an official
the damage recommendation
they do to the , but we can
crops present understand why
then, but it is some might wish
entirely another to entre this
when salty sea market despite
water floods the our caveats
land. Rain otherwise.
water flooding may ruin this year’s crop, but salt water
flooding ruins this year’s, and next year’s and the many 03/16 03/15
years thereafter. Japan’s demands for grain, and perhaps Gold 1400.0 1415.3 - 15.30
Silver 34.39 35.26 - .87
most certainly for rice… rice of almost any kind … shall Pallad 700.00 729.00 - 29.00
have to rise. Rebuilding can take place later; but now… Plat 1683.0 1725.0 - 42.00
immediately… people shall have to be fed, and the land GSR 40.70 40.15 + .55
DJ/UBS 157.58 163.10 - 3.4%
that fed them previously has now been laid waste to. Reuters 338.14 350.61 - 3.6%
Moving on, gold is bouncing this morning, and is trading
back above $1400/ounce as we write. We, however,
continue to stand hard upon the sidelines watching. When
we trade gold again we shall trade as a buyer, for the long
bull market obtains and one can only trade bullishly.
However, we still expect to see gold trade to $1375 and
we shall see how it trades when it gets there before re-
entering the market. The old-guard Gold Bugs are waxing
enthusiastic about gold’s performance yesterday and are
making much of copper’s bounce from its lows also. We,
on the other hand, make little of each other than as
markets needing to bounce.
Yes, we were impressed with the strength of copper
stocks yesterday and stand respectful of FCX’
performance above almost all else. But was that sufficient
strength to draw us from the sidelines? No… but it has our
interest and it has our respect.
Finally, when it comes to Bubbles, let’s look at one
obscure metal… neodymium oxide which is used in
magnets needed in hybrid cars, large wind turbines and
computer disk drives. It is used extensively in the
automotive industry with many applications including
starter motors, brake systems, seat adjusters and car
stereo speakers. Its largest application is in the voice coil
motors used in computer disk drives. Seven years ago, it
sold at approximately $10,000/tonne… a high price in and
of itself certainly. It has gone on a tear to the upside,
passing through $40,000/tonne mid-year last year;
passing through $80,000 earlier this year and trading all
the way to $170,000 last week. Now that is a “Bubble.”
CRUDE OIL AND PRODUCTS ARE A
BIT WEAKER, BUT NAT-GAS PRICES
ARE HIGHER as the market becomes convinced
Japan shall have no choice but to turn to other sources of
energy to fuel its electricity generating facilities; however,
we must always remember that nat-gas is not nearly as
“fungible” as is crude oil, for crude can be, has been and
shall be rather readily transportable via tankers. Nat-gas,
on the other hand, can only be transported via pipeline or
via LNG tankers, and LNG tankers are far fewer in number
and far more expensive to operate than are oil tankers.
Nat-gas therefore can move from Russia to eastern and
western Europe, as it can move from Canada to the US,
or from the Dakotas to the rest of the Midwest. However,
there are no pipelines from Russia to Japan. Only LNG
tankers can effect the movement of nat-gas to Japan.
Coal is perhaps a better “Japan” trade than is that of nat-
gas, which has suddenly become uncommonly popular.
At the same time, we note that Germany is shuttering at
least seven of its nuclear reactors and the concern is that
the US will do the same given the age of the US’ nuclear
power facilities. We need to remember that the last
nuclear reactor built in the US was in 1974!... 1974!!!!!... If
Japan’s plants were old, ours here are ancient. That may
mean that the coal, nat-gas and oil fuelled power plants
shall have to run at much higher rates, and that too is
putting a bid beneath energy prices, and nat-gas in
particular.
The API numbers last night were uncommonly boring as
crude inventories rose 0.1 million barrels; as distillate
inventories rose 0.5 million barrels and as gasoline
inventories fell 0.5 million barrels, leaving the aggregated
inventory to rise 0.1 million barrels.
Apr WT down 113 97.96-01
MayWTI down 137 98.74-79
Jun WTI down 141 99.32-37
Jul WTI down 140 99.88-93
AugWTI down 144 100.23-28
SepWTI down 148 100.49-54
OPEC Basket $110.71 03/10
Henry Hub Nat-gas $3.71
SHARE PRICES CONTINUE TO
WEAKEN as measured by our Int’l Index as the
weakness in European and N. American shares weighed
upon the Index; however, there has been a rather brisk
rebound in shares in Japan and in the rest of Asia
overnight and that certainly is reasonable given the
violence of the moves downward in the past several
sessions. A market does not lose 20% of its value as
Japan had lost without some rebound… without some
bounce. As the old saying goes, “Even dead cats bounce
if thrown down hard enough.” The Nikkei was that dead
cat and it has been thrown down hard in the past week.
The question before us then is, “Was yesterday’s violently more violent than the rift between Islam, Christianity and
lower opening in US equities, alongside the already weak Judaism.
levels in European share dealing the low?” We have our
doubts, although certainly we’d like to believe that those Further, Bahrain is the theatre where the enmity between
were the lows if for no other reason that the world does Sunni Saudi Arabia and Shi’ia Iran is playing out. The
indeed breathe collectively better when share prices are Iranians want nothing more than that ramp up Shi’ia
collectively rising. dissent in Bahrain in order to embarrass the Saudis and to
show that the power of Shi’ia Islam trumps that of Sunni
Our fear is that the upward sloping trend lines that can be Islam. Iran has Hezb’ollah in the Gaza and it has its Shi’ia
drawn back into the early autumn of last year have been acolytes in Bahrain, and its intention is to use both when
definitively broken, and it matters not which index one and where they can be used. The most recent reports as
points to or uses. The trend for the Dow Industrials has of 3:30 a.m eastern time have two people dead and
been broken; that of the NASDAQ has been broken; that perhaps 250 hurt in fighting in cities outside of the capital
of the DAX, or the FTSE or the TSE have been broken… of Manama. This is only going to get worse, we fear.
and all have been broken decisively. Today’s strength
has to be seen as a bounce of dead cat like quality and Finally, and a good deal less ominously, we came across
should be sold into rather than weakness being a most interesting bit of data in the realm of politics noting
accumulated: the rise of women into positions of authority. Back in the
mid-50’s around the world… and these stats are pieced
Dow Indus down 137 11,855 together by the Inter-Parliamentary Union and not by
CanS&P/TSE down 72 13,547 TGL… right at 5% of the members of Parliaments around
FTSE down 80 5,595 the world were held by women. Last year that had risen to
CAC down 97 3,781
DAX down 219!!! 6,648 18%... progress but not progress enough obviously. As for
NIKKEI up 489 8,094 heads of state, back in the mid-50’s there were but a
HangSeng up 174 22,669
handful; last year 6% of the world’s heads of state were
AusSP/ASX up 29 4,558
Shanghai up 48 2,927 women; again progress, but not progress enough.. ask our
Brazil down 164 67,005 wife, the President of TGL, and our daughters.
TGL INDEX down 0.6% 8,202
COMMENTS ON THE
ON THE POLITICAL FRONT, the situation in
Bahrain has suddenly moved to the very centre stage this
CAPITAL MARKETS
morning following the decision on the part of the Bahraini
and Saudi governments to have crack Saudi troops move THEY DON’T TRUST THE EUR: We really
across the causeway separating the don’t blame Mr. and Mrs. Schmidt in
two countries earlier this week in a Germany for their concerns regarding
show of strength. Now we understand the EUR, but we are somewhat
that Saudi and Bahrain troops have surprised just how widely spread is
fired upon the assembled protesters… that concern and just how deep is the
most of which are Shi’ia while the disdain for the EUR. A recent poll
Bahrainis and Saudis are Sunni reported by The Financial Times of
Muslims. We in the West often fail to London noted that back at the turn of
understand the enmity that exists the century when the EUR was still
between Shi’ia and Sunni Islam, but in quite in its infancy and had not yet
many instances the theological rift proven itself as a viable currency,
between the two schisms of Islam is nearly 75% of the German public
“lacked trust” in the EUR. That lack of trust fell to 40%...
in other words 60% “trusted” the EUR… by the middle of
’02. It has worsened since.
Having “jobbed about” between 45-60% “mistrust,” the
number broke out to the upside late last year when the
mistrust level rose to 65% and now is up to 70%. 7 of 10
Germans mistrust the EUR and we are left to wonder how
sustainable the EUR can be when 7 of 10 Germans
distrust it.
Further, we wonder how strongly Ms. Merkel can make
her case for Germany’s support for the EUR. She is
facing one election after another in the German “lander,”
and she is likely to lose badly… or more properly the
Christian Democrats shall lost badly, for Ms. Merkel is
obviously not on the ballot in Baden-Württemberg next
week… as she continues to push Berlin to the EUR and to
the European Union generally.
This mistrust of the EUR is not merely Germanic in
orientation. In Finland… a nation one can usually expect
to be amongst the strongest supporters of the Union
generally… we note that the True Finns Party, which
opposes the EUR and is openly opposed to the economic
union… has seen a marked rise in popularity, and last
year we noted that the archly anti-union Freedom Party in
the Netherlands won 15 more seats in the Parliament
there than in the previous election.
WHILE ALREADY DISCUSSING
EUROPE: The economies in Europe have been
doing better of late. Of that there is no doubt. The data
concerning that fact is not soft; it is very hard. Certainly
the growth is not exuberant, but it is real and it has been
on-going. However, people in the various countries of
Europe have shockingly different views of how things are
going. Let’s have a look.
In Greece when recently queried about how they viewed
job prospects in the future, barely over 20% thought the
worst was behind them, while nearly 80% felt that worse
lay ahead. In Portugal, 20% felt that the worst was behind
them; 70% felt that worse times were their future, with
10% being confused. Ireland’s data was almost precisely
that of the Portugal. The Spanish were somewhat more
optimistic, for there at least 35% felt the worse was behind
them, but 55% felt that worse times were still ahead.
In the non-PIIGS countries, things were at least not
horrifying. For example, in Finland, 55% felt that the worst
has been passed, while only a bit more than 40% felt that
worse was yet to come. In the Netherlands, approximately
58% felt that the worst was behind them and only 30% felt
that worse time were ahead. Finally, in Germany, 55% felt
better times were the future for jobs while 30% felt there
were more poor times in Germany’s future, with 15% not
certain. The point being, however, that there is a lack of
hope in the future in Europe, and that cannot bode well for
the currency. At least we cannot imagine that it shall.
THE STUPIDITY OF THE LEFT:
Sometimes one simply cannot imagine how utterly stupid
the Left truly can be. This is the case even amongst those
on the Left with Ph.D’s in Economics, and our case this
morning is Bolivia, government by the always interesting
Mr. Morales, who does indeed have a Ph.D. in economics.
Clearly he got it from a somewhat inferior school deeply
indebted to leftist ideology, for he continues to make one
stupid decision after another.
The stupid decision we are dealing with here this morning
is his decision some while ago to freeze fuel prices. As
crude oil prices have gone skyward everywhere but
Bolivia, something not all that unusual has occurred:
people are selling Bolivia’s fuel to the nations that border
Bolivia. This might well give Bolivia a strange balance of
trade surplus; however it is one that will not show up in the
official figures because the transactions are obviously
being done underground rather than above. But it also
means that Bolivia’s demand for crude oil and other fuels
is much higher than might otherwise have been forecast
by the leftists in the various ministries, so her official trade
figures show an imbalance far higher than had been
feared as she imports more and more fuel at steadily
higher prices and the nation becomes poorer and poorer
and poorer by the hour… which Morales blames upon the
oil companies and the US, obviously. Only an Ivy Leaguer
would go down this path. A “land grant” educated person
would understand the human side of the equation and
would adapt to it and would simply know better.
SPEAKING OF THE IVY LEAGUE: It was
amusing to us, as we flew across the country Monday on
the way to LA to learn that Larry Summers was one of the
first to take up the idea that rebuilding Japan will be a
huge benefit to the global economy. Probably it shall be,
but if that really is the case, then perhaps the Ivies would
suggest laying waste to the world generally so the whole
thing can be rebuilt and we can all enjoy an age of
massive economic growth.
RECOMMENDATIONS
1. Long of Six Units of the Swiss Franc/short
of Two Units of the British Pound Sterling
and Four of the EUR: Initially on Jan. 19th and then on
Thursday the 20th we began this trade. Three weeks ago we added a
third unit, giving us an average price on the trade of approximately
th
1.5150. Our target is 1.3900-1.4000 . On Thursday the 17 we added to
this position by buying yet another unit of the Franc and selling a unit
of the EUR upon receipt of this commentary with the cross trading
th
1.2980 as we wrote, and then on Friday, the 18 , we “swapped”
Sterling into EURs… two units being sufficient… to better balance this
position.
Yesterday morning we added to this trade, buying another two
units of the Swiss franc and selling one unit each of the EUR and
the British pound sterling upon receipt of this commentary. As
we wr0te, the CHf/EUR cross was trading 1.2835… that is, it took
1.2835 CHf to buy one EUR. The CHf/Sterling cross was trading
1.4798, and that is it took 1.4798 CHf to buy one Pound Sterling,
We look for the former to trade to 1.2400 or lower and for the
latter to trade to 1.4200 or lower. 1.2940 and 1.5225 shall be our
stop points, and we should understand that the trends are well
enough established to put the odds of success on these trades
nicely in our favor.
The following is not a recommendation, a solicitation or an offer to sell
the securities and reflects publicly available pricing information
provided for informational purposes only. The Gartman Letter L.C.
serves as a sub adviser to the products mentioned below. Investors in
the CIBC Gartman Global Allocation Deposit Notes should go to:
https://cibcppn.com/ScreensCA/CANProductUnderlyings.aspx?Produc
tID=221&NumFixings=3 Existing investors in HAG should go to:
http://jovian.transmissionmedia.ca/fundprofile_hap.aspx?f=HAG&c=&l
The following positions are “indications” only of what we hold in our
ETF in Canada, the Horizon’s AlphaPro Gartman Fund, at the end of
the previous trading day. We reserve the right to change our
opinions at a moment’s notice and we reserve the right to take
positions opposite of what maybe in our “Notes” and ETF from
time to time as market conditions warrant.
Long: We own “stuff” and the movers of “stuff.” We have exposure
to the energy space via a Canadian oil sands company, two nat gas
trusts, an international oil and gas company, a North American
midstream energy company, and two natural gas producers. We own
two agriculture-related companies as well as an ETF that tracks
agricultural commodity prices generally. We have positions in an iron
ore miner, a palladium/platinum miner, and a domestic rare earth
elements mining operation. Lastly, we own an “Asian” short term
government bond fund, the C$, the A$, Swiss Francs, and gold.
Short: We are short the Euro, the British Pound, and the Yen. We
own a double inverse broad equity index ETF and a leveraged ETF that
tracks the VIX Index to hedge the positions mentioned above.
The CIBC Gartman Global Allocation Notes portfolio for
March is as follows:
Long: 15% Canadian Dollars; 5% Australian Dollars; 5% Swiss Franc;
10% Gold; 10% Corn; 5% Soybeans; 5% Sugar; 5% Crude Oil; 5%
Natural Gas
Short: 15% Euros; 10% British Pound Sterling; 10% Japanese Yen
Horizons AlphaPro Gartman Fund (TSX: HAG): Yesterday’s Closing
Price on the TSX: $9.14 vs. $9.11 Yesterday’s Closing NAV: $9.19
vs. $9.20
CIBC Gartman Global Allocation Deposit Notes Series 1-4; The
Gartman Index: 133.58 vs. 134.02 previously. The Gartman Index II:
109.00 vs. 109.34 previously. 
For the year-to-date our ETF’s NAV is -1.5% while the Gartman
Index for our notes is down - 1.5%. Last year our ETF rose 3.8%
and our Index was up 19.3%. Last week was not fun!!!
Good luck and good trading, Dennis Gartman
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