Dennis Gartman Sees 7% Market Correction, Doug Kass Is Bearish On Stocks

Are the perma-newhighists starting to get nervous? Dennis Gartman, who writes The Gartman Letter, told CNBC today that he sees a 7% correction ahead for the market. And hedge fund manager Doug Kass, founder of Seabreeze Partners, wrote yesterday at TheStreet.com that he's very bearish on stocks. I agree that technicals say a correction is due for the market. I will show you a chart in my next post.

First, here is the video of Dennis Gartman on CNBC's Fast Money today.



Here are a few quotes from Doug Kass' piece at the TheStreet.com:

"Dialing up free money masks the secular problems temporarily, and, if done dramatically, and for an extended period of time (as is now the case), the consequences can be negative and the ability to dial back down more problematic."

"The disconnect between weak economic fundamentals, ebullient investor sentiment and elevated stock prices form an unhealthy and potentially toxic cocktail."

"I am as bearish on stocks as I have been in some time"

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