“I got stopped out of a lot of long positions on Thursday and Friday of last week,” the chairman of the University of Akron Endowment told Bloomberg Radio on Monday. “I’m happy to be basically as flat as I’ve been in a long period of time.” Stopped out refers to the execution of a stop-loss order.
While Gartman, the former publisher of the influential “The Gartman Letter,” in the past said he was wrong about a bear market in“It could go quite a good deal farther to the downside,” he said. “The use of margin has been declining. That’s always one of the signs of a top in the market. Be careful. I think it goes down another 5%-10% from here. At least. Maybe more.
“I’ve been very consistent about that fact and actually had the university reduce the size of its portfolio 12% to 15% on Dec. 31 of last year,” he said. The Fed is widely anticipated to raise the overnight lending rate by 50 basis points next month, after a quarter-point increase earlier this year. Gartman in January said stocks could face a decline of as much as 15% in 2022. The Standard & Poor’s 500 Index is down 11% so far this year.
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