GLASS HALF-FULL TONE AND IT IS
SHOWING UP IN THE WAY OF
CONSUMER CONFIDENCE AND CONSUMER
SPENDING.
THE EDITOR AND PUBLISHER OF THE
GARTMAN LETTER, DENNIS GARTMAN.
HE IS NOT AS OPTIMISTIC.
AND WE HAVE VISION FOUR HEATHER
ZUMARRIAGA.
>> HAD IT SURE DOES.
FINANCES AND ECONOMY AND THE
EMPLOYMENT SITUATION ESPECIALLY
AT WALMART.
I THINK WALMART IS A BIGGER
MIDDLE AMERICANS, CONSUMER
SPENDING AND LOWER AMERICANS,
SORRY INCOME AMERICANS SPENDING.
RICH ARE BENEFITING FROM TAX
CUTS AND DEREGULATION.
THAT IS SIMPLY NOT TRUE.
JUST AS NOTED IN THE CASE OF
WALMART UP 10% ON THE DAY.
THIS IS BIG NEWS.
TRISH: THIS IS HUGE NEWS.
THIS IS GREAT NEWS.
I LOVE TO SEE THE MARKET
REACTION UP 426 RIGHT NOW.
TENNIS, NONETHELESS HE IS
SOME MORE?
>> WELL, WHEN I WALKED IN THIS
MORNING AT 1:00 TO WRITE MY
NEWSLETTER AND SAW THE NEWS,
FIRST OF ALL THAT THE UNITED
CHANGE IN SENTIMENT.
NO QUESTION I WAS FEARFUL WE
WERE WALKING DOWN A VERY
SLIPPERY SLOPE AND AT LEAST WE
YOU GOT THE NEWS ON WALMART AS
THE YOUNG LADY PREVIOUSLY SAID,
IT'S A BELLWETHER, BAROMETER OF
MIDDLE CLASS AND LOWER CLASS
AMERICA, FEELING HOW MUCH BETTER
THEY FEEL AFTER THE TAX CUTS ARE
PUT INTO THEIR POCKET AND
UNEMPLOYMENT RATE HAS FALLEN.
YOU HAVE TWO ABUNDANTLY DEMON
STABLE PIECES OF BULLISH NEWS.
I CAME IN, ONLY MONEY I MANAGE
IS MY OWN, A FEW MILLIONS OF MY
OWN MONEY.
I WALKED IN MARGINALLY NET SHORT
THIS MORNING.
FIRST THING I WAS RUNNING
AROUND.
SEND AN ORDER BACK TO THE FELLOW
THAT TAKES CARE OF THIS, AND BUY
A LITTLE MORE STOCK AND COVER
SOME OF THE SHORTS AND WE HAVE
BEEN BUYING MORE TODAY.
THE NEWS TODAY IS DEMONSTRABLY
DIFFERENT THAN THE PAST SEVERAL
MONTHS.
IT'S A BIG DEAL.
TRISH: I THINK THIS, THIS IS AN
IMPORTANT MOMENT IN TIME, WE
JUST REMEMBER IT.
2:09 ON THIS THURSDAY AFTERNOON,
THAT DENNIS GARTMAN IS STARTING
TO FEEL A LOT MORE POSITIVE.
SUDDENLY, YOU'RE BUYING THIS
MARKET?
YOU'RE BUYING THIS MARKET, EVEN
AFTER LEVELS LIKE THIS, 25,591
WHICH SAYS SOMETHING IN OF
ITSELF.
HEATHER?
>> YEAH, EVEN IF WE GET SOME
TRADE DISPUTES RESOLVED OR CHINA
NEGOTIATIONS ARE BACK ON THE
TABLE, THE MARKET HAS ANOTHER
LEG HIGHER.
I DO THINK IF YOU'RE, IF YOU'RE
AN INVESTOR ON THE SIDELINES
WAITING FOR A PULLBACK, I THINK
YOU MIGHT GET ANOTHER
OPPORTUNITY OR TWO BEFORE
YEAR-END REGARDLESS OF TRADE
DISPUTES.
SO THIS IS A POSITIVE BUT
INVESTORS ARE BUYING ON THOSE
DIPS.
TODAY, A GOOD EXAMPLE OF THAT,
UP OVER 420 ON THE DOW.
>> LET US HOPE --
TRISH: IF HE PULLS ALL THIS OFF
AND HE IS REALLY ABLE TO CREATE
AN ENVIRONMENT THAT IS MORE FAIR
AND IS MORE FREE, THAT WE
ACTUALLY HAVE FREE TRADE, WHERE
DOES THAT PUT US?
FAIR TRADE BECAUSE FAIR TRADE IS
ALWAYS HE PRECURSE COO SORE FOR
TRADE PROTECTION AND TARIFFS.
>>
TRISH: USING TARIFFS AS
AMMUNITION AND THOSE ARE HIS
BULLETS.
ECONOMIC WARFARE TO GET WHAT WE
NEED AND WANT WHICH IS A BETTER
ENVIRONMENT FOR EVERYONE.
>> OTHER COUNTRIES TOO.
>> TRISH UNDER NAFTA MEXICO DID
WELL, WE DID WELL, CANADA DID
WELL.
THE CONSTANT REFRAIN THAT WE
HAVE GOTTEN A BAD DEAL OUT OF
NAFTA JUST MAKES NO SENSE TO ME.
TRISH: DENNIS, WE LOST 700,000
MANUFACTURING JOBS.
THEY'RE DOWN THERE NOW INSTEAD
OF HERE.
SO I GUESS IT IS ALL RELATIVE,
RIGHT?
IF YOU'RE THE COMPANY, IF YOU'RE
CEO, IF YOU'RE SHAREHOLDERS --
ISN'T UNEMPLOYMENT RATE AT 3.9%?
SO WE LOST MANUFACTURING JOBS.
WE PICKED UP JOBS IN OTHER
AREAS.
THAT IS WHAT WE DO IN THE UNITED
STATES BETTER THAN ANYBODY.
TRISH: DENNIS, THAT SAID, I'M,
AS EXCITED AS ANYONE BY THESE
JOBS NUMBERS, BUT WAGES, THEY'RE
NOT WHAT THEY WERE.
THEY'RE, CONTINUING TO STRUGGLE.
>> STAGNANT.
TRISH: THEY'RE PRETTY STAGNANT.
I WONDER IF THAT IS SOMEWHAT
ATTRIBUTABLE TO BETTER-PAYING
MANUFACTURE JOBS GOING TO PLACES
I GREW UP IN AKRON, OHIO, WHERE
'50s, '60s.
OTHER JOBS IN HIGH-TECH,
PETROLEUM AND MEDICINE.
WE DO THAT IN THE UNITED STATES.
I THINK WE'LL BE FINE.
HOW MANY TIMES DO WE WORRY ABOUT
HOW MANY TELEPHONE OPERATORS
HAVE WE LOST?
WE WANT TO PROTECT THE TELEPHONE
OPERATORS JOBS IN THE WORLD ANY
THINK NOT.
TRISH: THE DOW JUST TOUCHED
SESSION HIGHS, UP 432 POINTS.
>> BECAUSE OF DENNIS.
TRISH: YEAH.
I MEAN LIKE I SAID, 2:09, WHEN