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Navigating this market is tough for even the most seasoned pros. With the Dow [.DJIA
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] making triple digit moves almost daily and crude oil gyrating in every direction imaginable, how do you keep from losing your cool?
We'll, tell you how. You ask for guidance from strategic investor Dennis Gartman, author of the Gartman Letter.
Of course this is a first for him, too.
“I have been at this since 1972 and I’ve never seen anything like this,” says Gartman on Fast Money. I’m cutting down the size of my portfolio and I’ve even wired money out of my account so I couldn’t get larger.
That may sound a bit worse that it actually is. Gartman feels confident that lawmakers will pass some kind of bailout by the end of the week. “We looked into the abyss last week and we can not do that again.”
And once a rescue plan has passed Congress Gartman expects “the brokers and banks to be the winners coming out of this.”
However, if you want to trade Gartman recommends caution, “I own Goldman Sachs [GS
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] and CME [CME
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] because I think (the bailout will generate) new derivatives that will have to be put on an exchange. And I think the banks will do quite well.”
“But you must hedge that trade by getting rid of the broad market risk and you do that by selling the SPDR Trust [SPY
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] or you get long the UltraShort S&P500 ProShares [SDS
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] which is the inverse position.
And Gartman cautions that he’s been wrong before. Of course he's right a whole lot more.
- Halftime Report: Dubai - First Ripple Of Larger Crisis?
- Your First Move For Friday November 27th
- Web Extra: Private Equity, Conviction Buy?
- Pops & Drops: Abercrombie & Fitch, Nucor...
- Giving Thanks: Seymour
- Your Questions About... Alcoa & The Dollar
- Best Wishes Regis
- Gartman's Annual Rules For Trading
- Chartology: December Outlook
- Holiday Toy Trades
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Trader disclosure: On Sept 23, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (MSFT), (WMT); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE): Najarian Owns (AAPL) And (AAPL) Collar:Najarian Owns (BBBY) Put Spread:Najarian Owns (MS), Is Long (MS) Puts, Is Short (MS) Calls:Najarian Owns (WB) Put Spread:Najarian Owns (XLF) Call Spread: Finerman Owns (GS); Finerman's Firm Owns (JNJ), (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (WM); Finerman's Firm Is Short (IYR), (IJR), (SPY), (IWM), (MDY), (COF), (BBT); GE Is The Parent Company Of CNBC
Gartman Owns (CME) And (GS), And Is Short (SPY) And Owns (SDS); Gartman Owns (DBA), (GLD); CIBC Gartman Index Owns Copper, Wheat, Corn, Soybeans, Natural Gas, Australian Dollar; CIBC Gartman Index Is Short Crude Oil, Sugar, Canadian Dollar, Euro
Data is a real-time snapshot *Data is delayed at least 15 minutes