It's time to sit out the stock market, Dennis Gartman said Tuesday.
On "Fast Money," the editor of The Gartman Letter said that he had been bullish on stocks for months.
"I just don't like them now," he added. "Cash is not such a bad thing to hold."
Gartman reiterated that stocks could be headed for a 7 percent decline from their highs.
"When I watch something move 2, 3 percent against me, I get concerned," he said. "I'm on the sidelines and happy to be there."
Asked what would bring him back into the stock market, Gartman remained noncommittal.
"Probably nothing for a while, at any rate," he said, adding that if stocks traded sideways for a month, "you might convince me to come back."
"It'll be price action that'll bring me back into the market," he said.
Gartman also cited action in copper, tin and crude oil for his bearish view. He added that he remained long gold in yen terms and might consider adding long gold positions in euro terms.
"It's a risk-off environment," he said.
Trader disclosure: On Feb. 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is short SPY; Karen Finerman is short IWM; Keith McCullough is long TLT; Keith McCullough is long XLF; Dan Nathan is long BBRY MARCH/APRIL 14 PUT SPREAD; Dan Nathan is long XHB APR 27/25; PUT SPREAD; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU.
