The weak momentum seen in equity markets is starting to trouble Dennis Gartman, the editor and publisher of the "The Gartman Letter," who believes that it might be the right time to take some risk off the table.
U.S. stocks erased record-setting gains on Thursday afternoon, turning lower in a late-session shift despite the European Central Bank's (ECB) unexpected announcement of rate cuts and a bond-buying program. European stock markets were also signaling a lower open on Friday and this has left Gartman dismayed that ECB President Mario Draghi hasn't caused more of a pop for stocks.
"In the States we opened up strongly, higher, finished the day lower, you should never see that sort of activity," he told CNBC Friday.
"That causes me a great deal of concern. I've been very bullish of stocks, perhaps it's time not to be quite so bullish."