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‘It’s the Bottom’ for Stocks: Gartman

Stocks have bottomed, and it's time to go long, Dennis Gartman of The Gartman Letter said Wednesday.

"I own a little bit," he said. "I think it's the right thing to do."

The Dow Jones Industrial Average rallied 149.83 points, or 1.02 percent, to end at 14,910.14. The S&P 500 climbed 15.23 points, or 0.96 percent, to close at 1,603.26. And the Nasdaq bounced 28.34 points, or 0.85 percent, to finish at 3,376.22.

(Read More: Stocks Close Up 1%, Dow Soars 150; AAPL Ends Below $400)

On CNBC's "Fast Money," Gartman said that he was now reversing his previously "agnostic" view on the stock market.

"Yesterday's lows better hold, and I think that they probably shall," he said. "I was really quite impressed by the ability of the stock market to accept a uniquely bad GDP report, second revision of a report that was due six months ago, and it took it very well."

(Read More: Futures Hold Gains After GDP Report)

Gartman also revealed a bit more detail about his positioning.

"Heretofore, I've been long of stock and short of gold, and I've been long of the stock market and perhaps every once in a while trading crude oil against it, but this is the first time I've actually stepped up to own stock indices outright long," he said.

Gartman, who bought S&P futures at 1,575, noted his timing.

"I got lucky and bought, I think it looks like, the day of the lows," he said. "I wish that I'd had enough presence of mind to have bought in the middle of the night, Monday night and Tuesday morning, but I bought Tuesday morning."

(Read More: Gold's Decline Is Feeding on Itself, Pros Say)

Gartman reiterated that he saw a near-term bottom for stocks.

"It's the bottom for this run, and it should hold," he added. "If the bottom doesn't hold, I'll go to the sidelines."

For the past week and a half, Gartman's trade was long stocks, long crude and short gold in U.S. dollar terms.

(Read More: Why You Should Still Own Gold: Pro)

"I think gold can rally $25, $30 from here, but it is a bear market in gold in dollar terms," he added. "Stay away from it. I think If you own some and you get a rally, get rid of it. It is a long-term bear market."

Trader disclosure: On June 26, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long MGM; Jon Najarian is long EXC; Jon Najarian is long DFS; Jon Najarian is long NKE; Jon Najarian is long FL; Jon Najarian is short AGQ; Jon Najarian is short NEM; Jon Najarian is short ABX; Jon Najarian is short TOL; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long C; Karen Finerman is long JPM; Karen Finerman is long TGT; Karen Finerman is long GOOG; Karen Finerman is long M; Karen Finerman is long OCN; Karen Finerman is long HLSS; Karen Finerman is long SPY; Karen Finerman is long MDY PUTS; Josh Brown is long AAPL; Josh Brown is long VGK; Josh Brown is long P; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long MHY; Steve Grasso is long HPQ; Steve Grasso is long HERO; Steve Grasso is long LNG; Steve Grasso is long MJNA; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long QCOM; Steve Grasso is long S.

Symbol
Price
 
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%Change
DJIA
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S&P 500
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NASDAQ
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OIL
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GOLD
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