Is is time to stop betting against financials? Yes, according to Dennis Gartman, founder of The Gartman Letter and a well-known investment strategist.
He's been short on banks, that is betting against increases in their stock prices, for several months. But now he's stopping those bets.
"Historically when you get dividend cuts, such as we've had, especially with Citigroup the other day, that tends to mark the lows," he said on CNBC's "Squawk Box" Thursday. "I think most of the fun of being short of the financials is probably behind us. But it's long way from covering shorts to being long." (See the full interview in the accompanying video).