Gartman: “We Are Going To See Tax Legislation Pass Either Tonight Or Tomorrow”

In a dramatic showdown on the Senate floor on Thursday afternoon, the Senate tax bill came this close to being killed by deficit hawks, and in the resulting chaotic aftermath, votes and debates which were scheduled for Thursday evening have now been pushed back to Friday morning. Who could have possibly foreseen it? Well, anyone who listened to Dennis Gartman on CNBC this afternoon, for one.

The “world renowned commodity guru” and closely followed market strategist – for all the wrong reasons – appeared on CNBC’s Power Lunch to discuss the market, saying the fact that the stock market wants to climb even higher is “stunning” but true.

“You’re at this point in the stock market where it can do anything. It’s gone parabolic,” the Gartman Letter published said. “It is stunning to me, surprising to me, but it still wants to go up.”

Sharing some of his expert insight, Gartman said the bull market “will stop one of these days”, having recently called the market “egregiously overpriced” and declared on November 15 that “the bear market is upon us we fear.” He also predicted when the bull market does end, it “will end badly.”

Well, he may be right, but for all the wrong reasons: what caught our attention was not his forecast, we have published enough of those to know their true worth, but his prediction about what happens in the Senate tonight or tomorrow:

“We are going to see this tax legislation be passed by the Senate either tonight, or tomorrow morning some time.”

Well, it’s not gonna be tonight… and tomorrow morning’s chances just went limit down.