“In a reversal of his more bullish take on U.S. equities in recent weeks, Dennis Gartman said Monday that he’s getting out of equities and sticking with cash and gold to ride out the recent pullback, which he called a “long-awaited and much-needed correction.”
On CNBC’s “Fast Money” on Monday, the editor of the Gartman Letter said simply, “I got scared.”
Gartman said that Friday’s action made it seem as though a switch was flipped in the minds of investors. “The whole world switched at that period of time,” he said.
That same switch evidently dimmed Gartman’s view of stocks as well; he pared down his exposure to equities from an average of 100 percent, to close to zero.
“In a bull market there are only three positions you can have: Really long, pleasantly long and neutral. It’s time to be neutral. It’s still a bull market. You don’t need to be short, but you don’t need to be long at this point. I think cash is the right place to be,” he said….”
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