Just one week after predicting a bear market in stocks was beginning, Dennis Gartman now admits his market call was all wrong. However, he's still not getting long, instead maintaining a neutral positon on the market as a whole.
On Oct. 16, Gartman told CNBC Europe's "Squawk Box" that a bear market was beginning.
"You stay in cash and you stay in short-term bonds and you don't move out," Gartman advised. "I don't like to think about it, but I'm afraid that this might be the very beginnings of a bear market that could last for some period of time. I think it's going to be more than a mere 7 to 10 percent correction…. This is the start of a bear market, and it could last for several more months I'm afraid."
Gartman made those remarks just hours after the S&P 500 closed at the lowest level since April, and nearly reached correction territory on an intraday basis. Six sessions later, the S&P is 5 percent above where it closed on Oct. 15 (and more than 7 percent above its Oct. 15 lows).
"In retrospect, I should have thrown all caution to the wind, covered any short positions, and spent cash and bought stocks," Gartman said Thursday on CNBC's "Futures Now." "Clearly, in retrospect, I should have bought it. I'm not that smart, nor should I ever be. Clearly, I missed the V-bottom. And I'm going to be okay with that fact."