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Dennis Gartman says go to cash, 'if you’re not already there’

Investors should stay out of the stock market after Republican Donald Trump's stunning win, Dennis Gartman, founder and editor of The Gartman letter, said Wednesday.

"I think the first thing you want to do is go to the sidelines, if you're not already there. If you didn't get to the sidelines before the vote, get to it now. If you're long on the fact that the Dow has rallied 300 or 400 points from the lows … use that as an excuse, as a reason to get closer to the sidelines," he told CNBC.

Trump shocked the world by beating Democratic nominee Hillary Clinton in the race for the White House. His success was only part of a larger, crushing victory for the Republican Party, which retained the House and appeared poised to maintain Senate control.

"I voted for Mr. Trump, but I was not happy to have done it. I did it by holding my nose and [pressing the button], but I am fearful of his trade protectionism, I'm fearful of his movement towards trade tariffs around the world and I'm fearful of what this means globally," Gartman said.

Dennis Gartman
David Orrell | CNBC
Dennis Gartman

Financial markets across the globe were pricing in a victory for the former secretary of state, the GOP retaining control of the House and the Democrats clinching a majority in the Senate. The outcome, however, sent shock waves through all asset classes.

Dow futures traded about 280 points lower at 4:52 a.m. EST after briefly falling more than 800 points. In currencies, the Mexican peso hit a record low against the U.S. dollar. Gold prices, largely seen as a safety trade, posted their biggest rally since late June, when the United Kingdom voted to leave the European Union.

The U.S. stock market quickly bounced back from its sharp post-Brexit losses, trading at new all-time highs in August. Gartman, however, does not expect another similar bounce.

"I think this is something far more serious and far more onerous," he said. "We're the United States; we're not the U.K. We are far more important in world trade than the U.K. could be or has been. I think that the movement towards rising tariffs and greater movements away from free trade towards populism is a philosophy that is catching on around the world."

— CNBC's Everett Rosenfeld contributed to this report.