Gartman on Technical Damage Done to Markets, Euro (Bloomberg, 5/21)

Dennis Gartman, who runs the Gartman Letter, talked about the Euro and technical damage done to just about every market (from US equities to England to China) on BloombergTV Friday 5/21. Back in February I threw up charts of the PIIGS (Portugal, Ireland, Italy, Greece, Spain), Goldman Sachs ($GS) and Shanghai ($SSEC, $FXI) that were below their 200DMA.  I noted that John Murphy's ChartWatchers blog mentioned that we'd test the 200DMA, and we broke it last week (first during the "flash crash"). A few days ago Gartman said to sell gold positions (as a trade) and he timed the sell off very well.  Gold hasn't officially broken down yet. I'm watching the 50 day moving average and uptrend from the lows on GLD (SPDRS Gold ETF). If those levels get taken out there could be a $100 support test (from breakout). I'm watching to see how the market reacts at 200DMA resistance.  Enjoy the video courtesy of BloombergTV.

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