Dennis Gartman covers short oil position

Dennis Gartman speaks on CNBC

The market was collapsing. On a day when the markets are collapsing, the front months should be falling far more dramatically than the back months. Instead actually the front months fell slightly less. Thats a very unusually circumstance.

I watched the Term Structure and how it moves and the Term Structure was not bearish on a decidedly bearish day. It told me cover in, go to the sidelines, I've been very lucky. It was time to stand aside. I think the time to be short [oil] has passed us by. 


VIA CNBC