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Dennis Gartman: Avoid stocks for a month or more

Gartman: Still a bull, but ...

After a two-day rally following his controversial call to get out of stocks, Dennis Gartman's sell-all thesis could prove to be spot-on if Thursday's action is any indication of where the market is heading.

On CNBC's "Fast Money" on Monday, Gartman said that a 15-minute shift in sentiment occurred on April 4, which 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."

Read More'Scared' Dennis Gartman: Get out of stocks

Gartman initially appeared to be on the wrong track, as the S&P 500 climbed around 1.5 percent during Tuesday and Wednesday's sessions. But in Thursday's edition of "The Gartman Letter," which is circulated before the opening bell, Gartman defended his recommendation to get out of stocks. "We stand by that decision, noting that we are not bearish of stocks; we are simply neutral."

Thursday's big reversal wiped out the previous days' gains entirely, playing right into Gartman's notion. On "Fast Money" on Thursday, Gartman reiterated his opinion that the downturn is just getting started.

"We heard a lot about the 200-day moving average in the S&P at 1760, my bet is that we probably go down and take a look at it," he said. That represents about another 4 percent of downside for the S&P 500 relative to Thursday's close.

Gartman also elaborated on how long he's planning to stay on the sidelines.

"Predominately, for the public, go to cash. I think it's the right place to be for a month or two, maybe even three at the outside most," he said.