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Gartman: Nervous about stock swings, but not oil

The extreme volatility in the stock market is "shocking" and "wearing professionals out," closely followed market watcher Dennis Gartman said Wednesday.

"I'm trying to be as flat as I possibly can and I'm nervous," the founder and publisher of The Gartman Letter said on CNBC's "Squawk Box." He said stock valuations are being "sloshed around in the tide" and it's a "momentum-driven market."

A week ago, Gartman told CNBC he was afraid stocks were in a "very real bear market" and concerned individual investors were not prepared for the possibility.

He said Wednesday he sees opportunities in "extremely inexpensive" commodities.

With headlines screaming doom from newspapers around the world, he said he believes that trend may be a contrary indicator. "Those are the series of headlines that one gets as markets turn."

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Oil prices, for example, have probably seen their lows, he said.

The markets have "exaggerated the slowdown and circumstances in China," Gartman argued. "Give it two or three years and you'll see Chinese economic circumstances getting much better again."

Gartman generally takes traders' short-term approach to his investment decisions and his views on the markets.

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