Wall Street posted its biggest loss since June on Thursday, prompting investor Dennis Gartman to not only admit he got equities wrong, but to confess his recent stock market trades were "terrible."
"If a market moves and gets me by 2.5 or 3 percent, that to me is an egregious move. It tells me that I'm wrong," said Gartman, founder, editor and publisher of The Gartman Letter, after stocks finished near their session lows Thursday.
Though the major indexes posted their biggest two-day loss in nearly two months, the stock market had been on tear. For the past two months, Gartman had been very bullish on equities, but got out ahead of the August jobs report. He got back into the market early this week, only to wind up regretting the move.
"The market is telling me that I'm wrong. I'm going to the sidelines," Gartman told "Closing Bell," adding he has other trades that are working now, including long positions in cotton, gold and natural gasoline. "But my trades in the stock market? Terrible. I want out."
Looking forward, Gartman thinks stocks could continue to tumble. From unrest in Egypt to bearish technical indicators and traders who simply got a little too bullish, there are a lot of factors that could send stocks lower, but Gartman thinks the losss are probably just due to the "summer doldrums."
"Let Labor Day come, let everyone come back from the beach," Gartman said. "Let's see what kind of buying we have first week in September. I think that's probably the best place to be."