Avoid Amazon, Dennis Gartman says while admitting a wrong call on stocks

The bull market will continue, according to perma-bear Dennis Gartman, editor and publisher of The Gartman Letter, admitting that his initial “slightly net-short” call was wrong.

“I had the bond market right, the dollar right… gold right… the foreign exchange markets correct -- I even had crude oil correct, but I embarrassed myself in the stock market,” Gartman told Stuart Varney on “Varney & Co.”

Stocks rallied Monday, boosted by the decline in Treasury yields, and were on track for a third day of gains. Even with his mea culpa, Gartman still maintains some skepticism around the recent rebound in the stock market.

“The only thing that bothers me about the market is that the rallies occur on lesser volume. The breaks occur on larger volume—that’s not how good markets should act,” he added.

Gartman also predicted a spike in the 10-year Treasury Yield.

“I wouldn’t be surprised if we are above four percent a year and half from now,” he added.

Varney also asked Gartman to share his thoughts on Amazon shares.  While the e-commerce giant has “revitalized” and changed the retail industry, he has personally “decried it for years,” because “it’s too high” to buy.

“I want to own things that if I drop them on my foot it can hurt. Software can’t hurt. I don’t understand it,” Gartman added.

Amazon shares hit a new all-time high on Monday, trading around the $1,517 level and have advanced 28% this year.