Dennis Gartman's Latest Market Concerns

Dennis Gartman, founder and editor of The Gartman Letter, appeared on CNBC's Squawk Box Wednesday morning as a guest host, where he discussed his views on the current state of the market. Gartman believes that we're still in a bull market and will be for a while, but got a bit worried when the

dipped, mainly because so many investors were becoming “overtly bullish at the time.” “Markets move more…by psychology in the short run than they do fundamentals. That's really all it is,” said Gartman, going on to note that he's slightly concerned again since the NASDAQ “bumped up into overhead resistance.” “It's probably not a bad idea, again, to become a little less aggressive on the long side and a little more interested in taking a little protection,” said Gartman. Gartman said that within taking a long-term perspective, positions should be adjusted according to trends, either increasing or decreasing your stake depending on the movements.

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“There's only three positions one can have in a bull market: really long, pleasantly long, or neutral. Sometimes neutrality is not a bad place, but one does not get short, it's still a bull market,” said Gartman. Gartman is long on gold and thinks both gold and oil are moving up from where they are.