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Friday, August 31, 2012

Noted Investor Dennis Gartman Exits Stocks: 'I'm Flat and Nervous'

Too much uncertainty -- from China, the Federal Reserve and technical indicators -- led noted investor Dennis Gartman to liquidate his equity positions last week, he said Wednesday on CNBC.
On "Fast Money," the editor of The Gartman Letter said "there was a number of concerns," among them: "China was one of them. Expectations -- far too many expectations -- that we'd have some round of QE-ing again announced at Jackson Hole.
"We saw divergences between the transports and the Dow Industrials -- old-style, Dow-type theory things -- a lot of people having been bullish," he said. "Now I'm just neutral."
Paraphrasing an old colleague, Gartman said, "I'm flat, and I'm nervous."

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