Dennis Gartman expects below $80 oil

Dennis Gartman publisher of the famous 'Gartman Letter 'was on CNBC this morning. He is one of the best traders on commodities.

Highlights of interview:

* Completely out of oil. Doesn't even trade oil.

* "The volatility has been up $3, down $3, taking all the professionals that you know out. Whether you were bullish, whether you were bearish, you were getting stomped on both sides," he said. "I don't think we're going to see the end of this volatility for quite some time but I think we've seen the end of the bull market."

* "I don't think you're going to see crude oil go back above $145 again for quite some period of time," he said. "I think you go a lot lower."

* Asked if the price could fall below $80, Gartman said, "Oh yeah, sure."

* "I am so frightened of what's going on, I'm still staying away," Gartman said. "There are other places to go trade, other things that I'm doing. I'll leave people who are either far wiser or far dumber than I" to trade oil.

CNBC Video here