‘It’s the Bottom’ for Stocks: Gartman

‘It’s the Bottom’ for Stocks: Gartman: ""Yesterday's lows better hold, and I think that they probably shall," he said. "I was really quite impressed by the ability of the stock market to accept a uniquely bad GDP report, second revision of a report that was due six months ago, and it took it very well."

(Read More: Futures Hold Gains After GDP Report)

Gartman also revealed a bit more detail about his positioning.

"Heretofore, I've been long of stock and short of gold, and I've been long of the stock market and perhaps every once in a while trading crude oil against it, but this is the first time I've actually stepped up to own stock indices outright long," he said.

"I got lucky and bought, I think it looks like, the day of the lows," he said. "I wish that I'd had enough presence of mind to have bought in the middle of the night, Monday night and Tuesday morning, but I bought Tuesday morning."

(Read More: Gold's Decline Is Feeding on Itself, Pros Say)

Gartman reiterated that he saw a near-term bottom for stocks.

"It's the bottom for this run, and it should hold," he added. "If the bottom doesn't hold, I'll go to the sidelines."

For the past week and a half, Gartman's trade was long stocks, long crude and short gold in U.S. dollar terms.

(Read More: Why You Should Still Own Gold: Pro)

"I think gold can rally $25, $30 from here, but it is a bear market in gold in dollar terms," he added. "Stay away from it. I think If you own some and you get a rally, get rid of it. It is a long-term bear market."

Gartman, who bought S&P futures at 1,575, noted his timing."

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