"It was a Black Swan event"
There is absolutely no market for the truth today. Uber-bullish hopium, conspiracy theories, fake news, and political bias all have dedicated subscribers - the truth and reality, unsubscribed. Everyone wants their own personalized daily infotainment enema. Therefore, from a truly contrarian standpoint, it stands to reason that the most bearish financial/economic blog must be the most directionally accurate.
Today, Zerohedge was trolling Gartman's latest "short" position, as a contrarian argument for further potential upside. However, a lazy read will indicate that Gartman is in fact advocating a suicide "long" position aka. the currency hedged Nikkei which just fell -35% prior to the latest rally:
The BOJ meets tonight (Thursday in Tokyo). They are expected to taper their stimulus by 18% for the first time in several years. With the Fed and BOJ out of the way, what could go wrong?
Nevertheless, ZH wasn't really making a cogent point so much as capturing eyeballs - they were trolling Gartman who flip flops every other day. Whereas ZH flip flops every other blog post, keeping the attention deficit infotained...
In other words, it's all fake confidence. And fake news. And there is only one way this can end. With the fewest number of people seeing it coming as possible.