Gartman: Even government can't ruin this rally, buy stocks
The Commodities King is bullish on stocks. Very bullish.
Dennis Gartman, the founder of The Gartman Letter, told CNBC.com that despite D.C. dysfunction, a schizophrenic Federal Reserve and a volatile Middle East, he's the most positive he's been on stocks in months.
"There are three things you can count on," Gartman told "Futures Now." "You can count on the fact that the sun is going to rise. You can count on your Mom loving you. And you can count on the fact that debt ceiling talk has been discounted by the market. The economy is clearly getting better, not just here but around the world."
Gartman is quick to point out that despite all the chatter and hand-wringing about the recent decline in the S&P 500, the index has only fallen about 2 percent from its recent high—not exactly something to get too worried about. In fact, stocks have been so strong, that the S&P 500 hasn't seen a 10 percent decline since April of 2012. That would be 16 months. Prior to April 2012, the longest stretch without a 10 percent decline took place from March 2003 to July 2007.
"The trend is up, so why would you fight it until that changes?" asked Gartman.
So what would it take to change the Commodities King from a bull to a bear? Surprisingly, it's economic strength rather than weakness that Gartman fears most.
He reasons that if there is too much strength in the economy, stocks will have a hard time competing for capital, and that could leave equities vulnerable. In the meantime, Gartman's near-term investment strategy remains simple: buy stocks.
So what about the possibility of Washington throwing cold water on this rally with never-ending debt ceiling talks?
"Even the government can't ruin this rally," Gartman said.