Any bounce in U.S. stocks will be short-lived, widely followed market watcher Dennis Gartman cautioned on Tuesday.
The warning came as U.S. stocks were poised to open higher following data that showed China's economy grew by 6.8 percent, easing fears of a more significant slowdown.
What has the publisher of The Gartman Letter concerned is the decline in money supply as measured by the St. Louis Fed's adjusted monetary base.
"That's the real money supply. As I like to say, that's the stock from which the other soups of monetary aggregates are derived, and it has plummeted," he told CNBC's "Squawk Box."