Dennis Gartman of The Gartman Letter isn’t holding back or taking a soft approach to his investment advice: Dump your stocks right now, the market is indeed a dangerous place.

"You don't know how much worse it could be, maybe this goes away in the course of a week, but as I like to say there's never just one cockroach,"he recently told CNBC. "Get out of stocks."

The Third Avenue Focused Credit Fund recently announced it was liquidating and that it was blocking investors from taking money out of the fund. Third Avenue's CEO lost his job as a result.

Historically, major recessions including 2008, were preceded by downturns in the high-yield market, CNBC explained. But Gartman maintains that we are still in a bull market environment.

"Right now, given the Fed, given what's happening in high yield, given the trend lines that are being broken, it's a measurement to me of more uncertainty than normal," said Gartman.

"It's still a bull market. And in a bull market I've always said there are three positions that one can have: really long, pleasantly long and neutral. And neutral I think is the right place to be."

He said the sidelines are the best place to be right now.

"You can only sell what you can sell," he said. "And sometimes that even means good investments."

To be sure, Gartman isn't the only respected financial voice to sound an alarm about the high-yield meltdown.

Anthony Valeri, fixed income investment strategist with LPL Financial, told CNN Money that junk bonds typically get killed during times of heightened market volatility. So the recent turmoil should not be a huge surprise.

"This goes beyond energy. Energy is a part of it," Valeri said. "But when China worries first popped up in July, the high-yield market was the first sector that got hurt."

Junk bonds are by their very nature among the riskiest bonds you could buy. That's why the yields are so high — it's a tempting reward for assuming the possible risk of default, CNN Money explained.

Brian Battle, director of trading at Performance Trust Capital Partners, thinks more junk bond funds are in danger of going under — especially ones with exposure to risky short-term bank loans and energy company debt.

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