Gartman: “The Bull Market Has Ended And The Bear Market Has Begun…In Earnest”

Read more on this subject: Stock Market
News Story Source: https://www.zerohedge.com, by Tyler Durden
With bulls panicking as visions of a big market drop – if not crash – suddenly dancing in their heads amid the confused babble of growing stagflation risks, an imminent start to tapering, Chinese property sector defaults, a global energy crisis and a looming debt ceiling showdown, an unexpected boost to their optimistic views has emerged courtesy of Dennis Gartman who in his latest Gartman Letter (now available only to "close friends and family") writes that the bull market is over and the "bear market has begun in earnest."

We excerpt the key sections below:

I begin this week by noting that the term "transitory" has itself become transitory as Fed Chairman Powell stated clearly before Congress that inflatiion is now proving to be more serious and likely to remain extant far longer than he had previously thought and had promoted. Stocks and the bond market responded as they should: manifestly bearishly and that having been said I shall state for
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