Gartman said he likes stocks in motion as the long-time Wall Street veteran says it's still a bear market for equities.
As the market heads into the new week, the attention is still very much on Friday’s jobs report showing an unexpected 528,000 increase in nonfarm payrolls. “It was quite a surprise to me,” said Dennis Gartman, the retired publisher of the Gartman letter and now the chairman of the University of Akron’s endowment and investment committee, in an interview with Bloomberg Radio.
“I must admit that the rally has been a little more exuberant than I had thought. I was a little surprised by the response on Friday. Maybe it’s just a rally in a bear market, which I think is what it is, but I have to admit I have been somewhat taken aback by the fact the market has remained as strong as it has, given the fact that the yield curve is inverted and will continue to invert even more,” he said.
Gartman said the bond market is more likely to be right than the Fed on long-term growth. “I’ve only been doing this for 45 years, so I’m still a newcomer,” he said. “The bond market reversed over the last week. We had a new high in price, made a new low in yields, and suddenly on Friday, after the numbers came out, you had a technical reversal. I learned to pay attention to reversal days, and I pay real attention to reversal weeks, which are rare.
Fed Gov. Michelle Bowman said over the weekend that she supports 75 basis point hikes until inflation is subdued. “My view is that similarly-sized increases should be on the table until we see inflation declining in a consistent, meaningful, and lasting way,” she said.
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