Gartman said Monday that he thought crude oil wouldn't trade back above $44 "in my lifetime," though he did say oil may have hit a short-term bottom.
The price of crude oil, which has been driving the price action in the stock market for the past month, fell about 7% Monday but bounced back a bit early Tuesday.
Gartman is the publisher of the widely read "Gartman Letter," a daily markets newsletter, and is an omnipresent voice on CNBC. His calls are also often chronicled on Zero Hedge and taken as a contrarian indicator: When Gartman says he wants to be "long of" something, short it, and vice versa.
And given that Gartman's Monday letter said crude would never trade above $44 but his commentary on CNBC hinted that we may have hit a bottom in oil, you can understand where the whole "fade Gartman" thing comes from. He's hard to pin down.
Speaking on CNBC on Monday, Gartman said: "At this point I don't think I want to be short of crude oil. I've been very bearish on crude oil for a long period of time and I think the time for being bearish of crude is over ... I think there's a possibility that we have bottomed."
So there's that.