Dennis Gartman, publisher of the Gartman Letter, was scared out of equities earlier this month. Now, Gartman says he's “pleasantly bullish.”
On April 4, Gartman got scared, trimmed his equity exposure from about 100 percent to nearly zero, and decided to ride out the “long-awaited and much-needed correction,” in gold and cash, reported
MarketWatch.
Gartman said that day, between 11 a.m. and 11:15 a.m. “everything changed: stocks changed, bonds changed, gold changed, currency changed — the whole world switched.”
At that point, Gartman said cash might be the safest place to be for a month or two, notes CNBC.
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But fast forward only about three weeks and Gartman says he is now “pleasantly bullish” and may even become “more aggressively long.”
Though this seemingly drastic shift in sentiment attracted attention this week, Gartman told CNBC that he has been saying “it's time to be a buyer again of equities” since last week.
“There are three ways to be bullish in a bull market—this is still a bull market,” Gartman explained. “You're either very aggressively long, pleasantly long or neutral.”
“I went to neutral several weeks ago. No question about that. Last week I went back to being pleasantly long,” he added.
Gartman told
CNBC that he may become more aggressive because the market seems to still want to move higher.
“After a good two-week decline, after 50 big handles in the S&P 500, after going down and touching and barely going through and holding the 100-day moving average, you have to understand it's still a bull market,” Gartman said.
Gartman believes the market is still driven by the Federal Reserve. And MarketWatch says this week he advised his newsletter subscribers “there's no point in fighting the tape nor the Fed.”
But he reiterates that while his sentiment may have changed what he chooses to hold in his portfolio has not.
Recently its momentum stocks, such as social media and biotech, that have seen the heaviest selling. But those aren't Gartman picks anyway.
“I only own very simple things. I own aluminum and coal...the things if I drop them on my foot, they hurt, he said.
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