Two weeks after making a substantial call to get out of equities, Dennis Gartman now says that he's re-entered the market and has become "pleasantly long" of stocks.
On CNBC's "Fast Money" on April 7, Gartman said that he was "scared" out of all of his positions in stocks by a market reversal the previous Friday. "I'm not sure what happened, but something happened between 11 and 11:15, that everything turned on a dime," he said.
On "Fast Money" on Monday, Gartman explained the rationale behind his most recent reversal to a now long-equity position. "Two and a half weeks ago I became very scared and went to neutral, no question, absolutely, I did. Last week, on this show and in my newsletter, I said it's time to be buyers of equities again generally," he said.
Gartman said that the market's ability to bounce off of a key level compelled him to resume a more bullish stance. "I became nervous 3-and-a-half weeks ago. But after a good two weeks' decline, after 50 big handles in the S&P, after barely going through but holding the 100-day moving average, you have to understand: it's still a bull market. So it's back to being pleasantly long again."
As far as his next move in stocks, Gartman struck an increasingly bullish tone in Monday's edition of "The Gartman Letter," saying, "If we change again any time soon it shall be to increase our exposure to equities, rather than to decrease it."
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