Dennis Gartman: 'We Have Now Created a Martyr'

Markets went up in reaction to Barack Obama’s announcement Sunday night that the Al-Qaeda leader Osama bin Laden had been killed, despite uncertainties as far as what this news will mean geopolitically.

But analysts warned that bin Laden's death did not mean the end of the war on terror.

“I think the first thing we have to be careful about is: remember what H.L. Mencken said be careful what you ask for, because you might just get it good and hard,” Dennis Gartman, founder of the Gartman Letter, told CNBC on an interview on Monday morning.

“The death of Osama Bin Laden is in fact the triumph of good over evil, but we have now created a martyr,” Gartman added.

As people flooded the streets of Washington DC and New York City at night, waving flags and cheering after hearing Obama’s announcement, the US State Department warned that the death of the leader of Al-Qaeda could result in retaliations against Americans around the globe.

“There will be a lot of burning of American flags, there will be a lot of hanging of effigies of American political figures," he said

"Do I actually think there will be anything of consequence effected by Al-Qaeda, or any of the other anti-American organizations? I really doubt it. Will there be a lot of little events? Probably so. Will there be somebody killed over the line? Of course, but do I think that there’s going to be another replay of 9/11? I would likely not,” Gartman pointed out.

“So I think this is good news to begin with — and the death of Bin Laden is something to be celebrated — but you’d better be careful,” he warned.

The news also renewed investors' confidence in the United States, boosting the dollar .

“The dollar is getting a bit stronger, as people do think that it will be, I think, properly a move towards safety,” Gartman also said, adding that he was “a little stunned by the strength of the stock market on this news, because I think when cooler heads prevail, they will realize this might be good news to begin with, but it may well be much more difficult news as the day progresses.

Contact Europe News


    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video

  • Did the Fed's meeting and the oil rebound dominate markets last week? Alan Knuckman, chief options strategist at Bulls-Eye Options, disagrees, saying that "profit-taking" was behind the U.S. markets moves last week.

  • "There's nobody left to buy the dollar, there's nobody left to short the euro" says Steve Sjuggerud, chief strategist at Stansberry Research, when discussing financial trends and 2015 trade predictions.

  • Brian Reynolds, chief market strategist at Rosenblatt Securities, weighs in about financial engineering driving the markets over the past five and a half years.