- Hostage to Headlines
- Facebook Analyst Reports All Over the Map
- More Fallout From the Facebook Fiasco
- Facebook and Morgan Stanley's 99 Problems
- Lousy Economic Numbers, but Stocks Hold Up
- Eurobond Talk: Good News and Bad News
- Hopes Fading for Big Announcement From EU Leaders
- European 'Crisis Tennis' Again
- Facebook IPO 'Conspiracy' Theories Abound
- OK, Facebook Is Embarrassing
- Citigroup Lost $20 Million on Facebook IPO Trades
- Sticker Shock: What College Is Likely to Cost in 18 Years
- JPMorgan to Shake Up Risk Team After Big Loss: Report
- Icahn Raises Stake in Chesapeake, Wants Board Seats
- Marc Faber: Chance of Global Recession Is Now 100%
- Week Ahead: Europe Has Wall Street Bull on Short Leash
- What Happened to Stocks? Most Unloved in 50 Years
- Cool Jobs: From Gold Stacker to Bed Tester
- Many Greeks Moved Their Money Abroad Long Ago
MOST SHARED
- Marc Faber: 100% Chance of Global Recession
- Zero China Growth Is ‘Probable’: Gordon Chang
- Time for Flash Sales to Adapt or Die
- Citigroup Lost $20 Million on Facebook IPO Trades
- 5 Spots Where the Dollar Buys a Great Vacation
- Facebook: The Song — Yes, We're Serious
- How to Trade on the Jobs Report
- China Growth Risks Signal Need for Fiscal Action
- What College Tuition Will Look Like in 18 Years
MOST POPULAR
HOT ON FACEBOOK
Oil Prices Could Skid Below $80 a Barrel, Gartman Says
Text Size 
The unprecedented surge in oil prices is over and crude could fall below $80 a barrel, investment strategist Dennis Gartman told CNBC.
 |
Gartman, publisher of the Gartman Letter, an investor newsletter, said he's given up his long positions on oil and is out of the trade altogether. His comments come as US light, sweet crude [US@CL.1
Loading...
()
] has tumbled to three-months lows to about $120 a barrel.
"The volatility has been up $3, down $3, taking all the professionals that you know out. Whether you were bullish, whether you were bearish, you were getting stomped on both sides," he said. "I don't think we're going to see the end of this volatility for quite some time but I think we've seen the end of the bull market."
Gartman said the drop in oil prices could be precipitous and predicted there won't be a rally for two years.
"I don't think you're going to see crude oil go back above $145 again for quite some period of time," he said. "I think you go a lot lower."
Asked if the price could fall below $80, Gartman said, "Oh yeah, sure."
Watch the interview at left.
"I'm not a great believer that just because we've used a lot of crude oil and because crude oil went to $145, I'm not a believer we're running out of crude oil," he said. "We will find a way to get by, we'll find new technology, we'll move beyond crude oil eventually."
But he is not shorting the market either.
"I am so frightened of what's going on, I'm still staying away," Gartman said. "There are other places to go trade, other things that I'm doing. I'll leave people who are either far wiser or far dumber than I" to trade oil.
As for plays he is making, Gartman said he's short Toyota [
Loading...
()
] and long motorcycle maker Harley-Davidson [
Loading...
()
] as the country continues to downsize vehicles.
Data is a real-time snapshot *Data is delayed at least 15 minutes
