A sober look at the Horizons AlphaPro Gartman ETF (HAG)

This article from the SoberLook blog is making the rounds today:

Risk aversion the lowest in over two years
Given the recent demand for “risk-on” assets, it is worth taking another look at the risk indicators to see how much risk appetite is currently in the markets vs. for example in March – after the second 3-y LTRO. The first two indicators to consider are the CS Risk Appetite Index and the Fisher-Gartman Risk-On Index.

Both show a recent “risk-on” spike. However, while the CS index is materially below its March-April peak, the Fisher-Gartman index is at the highest level since the index was launched.

I just laughed out loud, because in an ironic twist, Dennis Gartman’s Horizons AlphaPro Gartman ETF (HAG) — a fund he foisted on poor Canadians that he NEVER refers to on CNBC — is near it’s all-time low.

Play with the chart at The Globe and Mail.