"The volatility has been up $3, down $3, taking all the professionals that you know out. Whether you were bullish, whether you were bearish, you were getting stomped on both sides," he said. "I don't think we're going to see the end of this volatility for quite some time but I think we've seen the end of the bull market."
"I don't think you're going to see crude oil go back above $145 again for quite some period of time," he said. "I think you go a lot lower." Asked if the price could fall below $80, Gartman said, "Oh yeah, sure."
"I'm not a great believer that just because we've used a lot of crude oil and because crude oil went to $145, I'm not a believer we're running out of crude oil," he said. "We will find a way to get by, we'll find new technology, we'll move beyond crude oil eventually."
But he is not shorting the market either.
"I am so frightened of what's going on, I'm still staying away," Gartman said. "There are other places to go trade, other things that I'm doing. I'll leave people who are either far wiser or far dumber than I" to trade oil.
-CNBC
(very well said)
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