Dennis Gartman, an economist and editor of the Gartman Letter, talks with Bloomberg's Betty Liu about the outlook for the equity market. Gartman also discusses his concerns over sovereign debt in Europe and investment strategy in stocks, gold and currencies.
Last summer’s 7% decline did not concern Gartman as much as the recent market drop. Now the markets ascended 60-70% worldwide since the market lows so it becomes a global phenomena.
Gartman argues that market turns bullish long before the fundamentals turn around, likewise, it may decline long before the fundamentals turns sour.
The Greek sovereign debt itself does not warrant panic but similar concerns with Portugal and Italy debt tear the fabric of the Euro zone. “Confidence is broken” he said.
Gartman advises individual investor not to go aggressively long on equities. The market could easily go 10-15% by the summer.
On the long side, he is long on the “dollars”: US Dollars, Canadian Dollars. He also advises investors to build up a gold position.
(Source: Bloomberg)
Last summer’s 7% decline did not concern Gartman as much as the recent market drop. Now the markets ascended 60-70% worldwide since the market lows so it becomes a global phenomena.
Gartman argues that market turns bullish long before the fundamentals turn around, likewise, it may decline long before the fundamentals turns sour.
The Greek sovereign debt itself does not warrant panic but similar concerns with Portugal and Italy debt tear the fabric of the Euro zone. “Confidence is broken” he said.
Gartman advises individual investor not to go aggressively long on equities. The market could easily go 10-15% by the summer.
On the long side, he is long on the “dollars”: US Dollars, Canadian Dollars. He also advises investors to build up a gold position.
(Source: Bloomberg)
