Stocks Risk Falling Another 10% as Rates Rise, Dennis Gartman Says

Dennis Gartman is moving away from stocks and investors should be aware that his bearishness is getting stronger.

The chairman of the University of Akron Endowment said that he was stopped out of a lot of long positions last week.

In the past, Gartman said he was wrong about a bear market in 2021.

He said that it could go quite a good deal farther to the downside. That is always a sign of a top in the market. Be careful. I think it will go down another 10% from here. At least. Maybe more.

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Gartman has been calling for a bear market for a long time, and predicted that the catalyst would be a Federal Reserve regime of higher interest rates.

He said that the university reduced the size of its portfolio to 15% on December 31, last year. The Fed is expected to raise the overnight lending rate by 50 basis points next month.

Gartman said in January that stocks could decline as much as 15%. The Standard and Poor's 500 Index is down more than 10% this year.