University of Akron Endowment Investment Committee Chair Dennis Gartman told FOX Business’ "Mornings with Maria" Tuesday that a "laborious" bear market is beginning amid the jump in oil prices fueling inflation concerns.
DENNIS GARTMAN: Two big topics. Let’s first of all talk about the fact that bear markets are a process. It takes a while… for a bull market, and it's been a wonderful bull market… I hope the bull market shall continue, but I have my doubts because I fear that the process is taking place. We saw the high end in the Russell take place earlier this spring. We've seen highs take place in the more narrowly defined indices the Dow, the S&P, the Nasdaq taking place over the course of the last month and a half or two.
Volume seems to come in on the downside, instead of coming in on the upside. Trend lines have been broken. Moving averages are turning lower and the Fed, as has now begun the process or soon shall begin the process of tapering its expansionary monetary policy. So I think quietly, slowly, the process of the ending of the bull market, the beginning of a bear market has begun. Do I think it will be severe? Do I think it'll be sharp? No, I think it will be slow and laborious… rather boring. I hope that's what we have.
WATCH THE FULL INTERVIEW BELOW: