Dennis Gartman Feels The Best Thing For Investors Right Now 'Is Quietly Go To The Sidelines'

With the crash in China weighing on the markets world over, Dennis Gartman, The Gartman Letter editor, feels that it's time for investors to sit on the sidelines for now.

Gartman was on CNBC Monday to share his outlook for equity markets.

Closer To The Top

"I am afraid we are not close to a bottom," Gartman began. "I think, we are closer to the top and I hate to say that because there's an old friend of mine who once said, 'bears don't eat'. It's much more fun to have a bull market than it is to have any incipient movement in a bear market."

"But I am afraid that with the bond prices starting to go higher, with rates beginning to go lower, with commodity prices all generally trending downward, it is very difficult to put together a bullish case for stock prices."

He continued, "2-weeks ago, 3-weeks ago I was quite bullish of stocks and now [I've seen] actually a lot of reason to be at best neutral of stocks here in the United States and even slightly bearish of them."

'It's A Little Ugly'

Gartman emphasized that investors should sit on the sidelines for now, saying, "As I said 'bears don't eat'. It's not fun to be bearish of stock prices, but I am afraid that, I think, it's time to be at least at best neutral."

"I think, the best thing to do is quietly go to the sidelines and allow the circumstances in Europe and allow the circumstances in China to win their way through to clarify themselves. But right now, it's a little ugly," Gartman concluded.