Gartman sounds the all clear for stocks

Dennis Gartman
Adam Jeffery | CNBC
Dennis Gartman

Dennis Gartman is back to buying stocks and is "pleasantly long" on the market after bailing out in early April.

Read More"I'm back to being pleasantly long," said Gartman Monday, on "Fast Money." "Two-and-a-half weeks ago, I became very scared and went to neutral...No question about that. Last week, I went back to being pleasantly long. I may even get to being aggressively long. The market wants to go higher."

Gartman, publisher of the "Gartman Letter" said on "Fast Money" April 10 that market action on the morning of April 4 scared him out of the market. "I'm not sure what happened, but something happened between 11 and 11:15, that everything turned on a dime," he said at the time.

(Watch this:Gartman: Staying on sidelines for now)

At that point, Gartman said cash might be the safest place to be for a month or two, but he changed his view last week.

Read MoreGartman: Avoid stocks for a month or two

"After a good two-week decline, after 50 big handles in the S&P (500), after going down and touching and barely going through and holding the 100-day moving average, you have to understand it's still a bull market," Gartman said.

High-flying momentum names in biotech, Internet and social media sectors had led the selling.

Read MoreValue stocks could stay in vogue as momentum fades

"I only own very simple things. I own aluminum and coal," he said. Gartman said he wants to "own the things if I drop them on my foot, they hurt."

By CNBC's Patti Domm

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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