U.S. stock futures and oil prices were tanking again Thursday morning, and closely followed market watcher Dennis Gartman said he believes the selling is going to persist.
“I don’t think there’s too much selling at all. I think there’s going to be even more selling going on,” the founder and publisher of “The Gartman Letter” told CNBC’s “Worldwide Exchange” Thursday. “Sovereign funds are in the process of liquidating. They have no choice.”
In early trading, Dow futures were off more than 300 points at one stage, U.S. crude was falling more than 3 percent to under $27 per barrel, the 10-year Treasury yield was dipping to around 1.569 percent, and the dollar was down more than 1 percent against the Japanese yen.