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Gartman Exits Stocks: ‘I’m Flat and Nervous’

Too much uncertainty — from China, the Federal Reserve and technical indicators — led noted investor Dennis Gartman to liquidate his equity positions last week, he said Wednesday on CNBC.

On “Fast Money,” the editor of The Gartman Letter said “there was a number of concerns,” among them: “China was one of them. Expectations — far too many expectations — that we’d have some round of QE-ing again announced at Jackson Hole.

“We saw divergences between the transports and the Dow Industrials — old-style, Dow-type theory things — a lot of people having been bullish,” he said. “Now I’m just neutral.”

Paraphrasing an old colleague, Gartman said, “I’m flat, and I’m nervous.”

Trader disclosure: On Aug. 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is short VALE; Stephen Weiss is short TCK; Stephen Weiss is short X; Stephen Weiss is short AKS; Stephen Weiss is short AAPL PUTS; Stephen Weiss is long QCOM; Stephen Weiss is long JCP; Stephen Weiss is long JWN; Stephen Weiss is long CLNY; Stephen Weiss is long AMLP; Stephen Weiss is long AMTG; Stephen Weiss is long HK; Stephen Weiss is long WLP; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long STSI; Jon Najarian is long GLUU; Jon Najarian is long call spreads AAPL; Jon Najarian is long call spreads JPM; Jon Najarian is long call spreads GS; Jon Najarian is long call spreads SBUX ; Jon Najarian is long call spreads FB; Jon Najarian is long call spreads JOSB; Jon Najarian is long call spreads JOY;

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