You can?t have a market go up when everybody bullish. Nothing like getting the doom and gloomers back in the conversation,” according to Scott Wolf, CEO of Grace Century. “We maintain our opinion is to keep selling U.S. 10-year yields. Listen to this story [podcast], below on “buyers beware.”
Buyers beware, the bear market has begun: Gartman
The selloff in global markets is set to continue as a bear market takes hold “for a long period of time,” according to widely followed investor Dennis Gartman, who warned investors not to go long on stocks.
“This is the start of a bear market,” Gartman, the founder of the closely watched Gartman Letter, told CNBC Europe’s “Squawk Box” on Thursday. “You stay in cash and you stay in short-term bonds and you don’t move out, this is a very difficult period of time and I’m afraid – and I don’t like to think about it ? but this might be the very beginnings of a bear market that could last some period of time,” he warned.
Gartman’s comments come amid global market turmoil, particularly in the U.S. this week on the back of weaker economic data and fears of an economic slowdown in previous growth engines China, the U.S. and Germany.