There are problems emerging in the U.S. stock market, and that means it's time to sit on the sidelines, widely followed investor Dennis Gartman said Thursday.
"I am really quite fearful about what's happening here. We're breaking technical support levels; the fundamentals seem to be tipping over," the founder and editor of The Gartman Letter said on CNBC's "Closing Bell."
"It will be a long while before I'm a buyer of equities.... The sidelines are a safer and better place for one's money now."
Commodities have also taken a beating lately, with oil hitting a multimonth low Thursday. U.S. crude closed down 1 percent at $44.66 a barrel, a fresh March low.
"Everything seems to be going down these days," said Gartman, noting that cotton and all of the grain markets are weak.
"We've had wonderful weather and the American farmer is extraordinarily productive so we're producing enormous crops," he said.
That's putting downward pressure on commodity prices, especially food, he explained. Couple that with the pressure of the strong dollar on grain markets, and Gartman said it will also be a long time before he's a buyer of commodities.
—CNBC's Evelyn Cheng and Reuters contributed to this report.