Gartman: I Was Wrong Exiting Stocks
Although the stock market rallied 3 percent since Dennis Gartman announced he had exiting equities, the editor of The Gartman Letter said Monday on CNBC that he's sitting out.
"I loved stocks at one time, and I'm going to stay upon the sidelines," he said. "There's no reason, having been wrong – and let's not mince words, I was wrong getting out – I've been wrong for 3 percent."
On "Fast Money" Feb. 21, Gartman said that he "changed his opinion on stocks" and was "a little bit net short," as he called for a 7 percent correction in the market.
Still, that wasn't enough to lure Gartman back.
"I have more interest going on in what's happening in the currency market, far more interest to me what's going on in the grain market. Far more interest what's going in gold vs. yen," he said. "If I miss the stock market by 3 percent, it could go up again without me."
Gartman also admitted that "for the first time in a long time," he bought shares of Apple.
Apple stock, which had skidded to a low of $419 per share last week, popped on speculation of a buyback and a dividend increase.
But Gartman wasn't completely an Apple bull.
"I bought some, but I went ahead and hedged S&P futures on it," he said.
(Read More: Apple Chart Looks 'So Bad That It's Good')
Gartman added that he wouldn't try to call the top in the stock market.
"I've been at this far too long to try to do that sort of thing," he said. "The gods don't like it when you think you're smart enough to have called the top in something and go the other way."
While acknowledging that stocks could still climb another 3 or 4 percent, Gartman revealed what might get him to reconsider."When you have a nice 8 percent, 7 percent, 6 percent correction, I'll probably come back and buy stocks," he said.
Trader disclosure: On March 11, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long AAPL stock; Pete Najarian is long C calls; Pete Najarian is long INTC stock; Pete Najarian is long JPM calls; Pete Najarian is long XLF calls; Pete Najarian is long CSCO calls; Pete Najarian is long YHOO stock; Pete Najarian is long BBRY stock; Pete Najarian is long SBUX stock; Pete Najarian is long FB stock; Pete Najarian is long MSFT stock; Pete Najarian is long VLO calls; Pete Najarian is long NOK calls; KAREN FINERMAN FL FKL AAPL; KAREN FINERMAN FL KFL BANK OF AMERICA; KAREN FINERMAN FL KFL CITIGROUP; KAREN FINERMAN FL KFL JPMORGAN; KAREN FINERMAN FL WALMART; KAREN FINERMAN FL TGT; KAREN FINERMAN FL KFL MSFT; KAREN FINERMAN FL KFL GOOG; KAREN FINERMAN FS SPX; KAREN FINERMAN FS SPY; Tim Seymour LP AAPL; Tim Seymour LP BAC; Tim Seymour LP SBUX.