As the DOW crossed the 13,000 mark, beating its 2011 high, CNBC reporter Scott Wapner asked investor and publisher of The Gartman Letter, Dennis Gartman, if he was becoming less bullish on equities. Gartman was clearly uncomfortable with the line of questioning and got very defensive on the topic:
“Did i make a mistake by reducing the size of my enormously long position? yes. Am I still long? yes. You make it sound like I’m short of equities. Not on your life. Not right now.
…I trade only from my own account, so I have only my own money at risk at this point. And I am embarrassed by the fact that I hit the market perfectly in December, got long, and the oldest rule in the book, is when the trade is working, try and do more of it. I added to it, I added to it, I added to it and then I got caught up and said there’s a little to much euphoria and I broke one of the oldest rules which is continue to hold on to a winning trade.”
Watch the entire interview at CNBC: