Gartman: Bear Market At Hand

Hedge fund manager Dennis Gartman stated today that he believes we are in the "infancy of a bear market", and advised his clients to trade accordingly. In his daily Gartman Letter, the analyst cited erratic trading patterns as being evidence of a move towards a bear market, in conjunction with the recent correction in the markets. "[Watch the market] open firmer, trade a bit better, slow down its strength, begin to wane and then close hard upon or toward the day's lows late in the sessions," said Gartman. "When the pattern changes, we'll change." While several other analysts are also predicting a bear market with a 20% or more correction, it is far from the consensus. Still, increased amounts of fear and volatility in the markets, along with the market hitting four-month lows, speak to the possibility of a bear market looming in the near future.