Dennis Gartman has changed his tune about oil. The noted investor was short the commodity, but is not anymore.
"Is it the bottom? I don't know, but I think the time for being short has probably passed us by," Gartman said in an interview with CNBC's "Closing Bell."
Specifically, it was action in the futures market on Thursday that caused the editor and publisher of "The Gartman Letter" to move to the sidelines. The oil market was collapsing, yet futures for front months fell slightly less than the back months. That's a "very unusual circumstance," he said, because usually when the market collapses, the front months fall more dramatically than the back months.
"The term structure was not bearish on a decidedly bearish day," he said. "I've been very lucky. It was time to stand aside."