"There really is a large sum of money left upon the sidelines and there are huge short positions that must be unwound," wrote Dennis, in the widely followed Gartman Letter. Following a move to this targeted range, "the shorts will have been driven in; new longs will have become exited and will have put their money at work, and the stage will be set for another round of weakness."
Many traders and viewers still have their doubts about whether this is "the" bottom, but that is not stopping them from placing strategic bets to benefit from this bear-market bounce. In his note this morning, Dennis Gartman targets the 7,800 to 8,000 range as a potential high for the Dow average.
-March 11, 2009
http://www.cnbc.com/id/29637619/
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