The Tell: Dennis Gartman sees at least a 5% drop for stocks — and shades of Watergate

What’s next for U.S. stocks after the S&P 500 suffered its biggest percentage drop in five months?

Dennis Gartman has warned “this is the start of at least a 5% correction, and perhaps something far worse than that over time.”

“Only time shall tell, but I view it very seriously,” the publisher of the Gartman Letter said early Wednesday in a CNBC interview.

To be sure, some traders view Gartman as a contrarian indicator, noting that he turned bullish on oil around Feb. 22, and that call was followed by West Texas Intermediate crude CLK7, +0.71% dropping 11% over the past month.

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