Confused by today's whipsawed market action, which as much about month end flows, as it is about newsflow, post Powell jitters, breakevens, inflationary fears, and of course, whatever it is that Gartman may be doing? You are not alone: in its intraday macro update, the bank that is also the world's largest currency trader, had some (very) simple advice for its clients: "Don't try to make sense of this."
It then clarifies, and we use the term loosely: "Price action today has been messy to say the least. The shortest explanation is, it's month end and so there is little point in making sense of the move."
Still, it highlighting a few notable moves:
What is however most troubling - and fascinating - by far, is that having gone short overnight, Gartman appears to be right this time.