correction of 7 percent

I just don't like them(stocks) now," he added. "Cash is not such a bad thing to hold."

Gartman reiterated that stocks could be headed for a 7 percent decline from their highs.

When I watch something move 2, 3 percent against me, I get concerned," he said. "I'm on the sidelines and happy to be there.

Markets are turning lower

Did you hear/feel and then understand the tectonic plates shifting beneath our feet in all of the capital markets yesterday?

If you did not, you should and if you cannot you must for the plates have indeed shifted.

US to be big oil producer

We have found five times more proven reserves of crude oil than we had in 1968. And I guarantee that in 20 years we’ll have more than five times the crude oil we’ve found today. Just (recently) they announced in South Texas that they found three billion more barrels of proven reserves of crude.

America is the biggest supplier of oil to America. The President has said we’re going to end the United States dependency on Middle East crude oil, and my response is that we’ve already done that.”

2013 good for the dollars

Dollars are where you want money invested, U.S. dollars, your dollars, Australian dollars and New Zealand dollars. The United States, Canada, Australia and New Zealand have stuff.

I think the Yen is doomed

China looks good near term

Next month if the PMI falls below 50 perhaps we’ll wail and gnash our teeth as others are doing with the 0.2 decline month-on-month in this number, but until then we’ll simply say that China’s economy is moving 'from the lower left to the upper right', albeit modestly,” Dennis Gartman, editor of the Gartman Letter said.

Gold to be flat this year

Dennis Gartman says he sold off his gold holdings in December, expecting the price to be flat in a year, and has turned to the currency markets.

Expect no fed monetary policy action this week

Dennis Gartman, editor of the Gartman Letter, expects that the Fed's monetary policy committee will take no action whatsoever this week.

Indeed, the only things that might come from the meeting is further clarification, if any, of its intentions moving forward regarding purchases and/or dispensing of assets from its balance sheet.

The debate at the meeting very well may focus on upon potential losses that might be suffered by the bank on its balance sheet as debt prices weaken and interest rates rise.

Dennis Gartman's biggest fear is.........

Gartman's biggest fear is that it will take at least two years before the U.S. realizes it has a spending problem, not a revenue problem.