How else did you play Tuesday's market?
I got less involved in stocks as the day wore on, Gartman replies. I learned that when panic breaks out – just give orders to cover. But I’m not calling a bottom by any stretch.
This is a real bear market, he adds. It probably got started about 6 months ago, and I think there’s still a lot farther to go on the downside.
How about crude?
I’m long natural gas and short a little crude. But I wouldn’t be a seller of crude. The volatility is too frightening.
What’s your best trade?
I’m still long of gold , overall. And long Petrobras. Also we’re short the financials.
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Trader disclosure: On Jan 8, 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 (YHOO), (SWY), (INTC); Najarian Owns (BIIB), (MCD), (MSFT); Najarian Owns (AAPL) Options, (CFC) Options, (VLO) Options, (YHOO) Options; Najarian Is Short (WM) Through Options; Finerman's Firm Owns (CROX), (DVA), (GS), (YHOO), (DSW); Finerman's Firm Is Short (IJR), (IYR), (IWM), (SPY), (SPG), (TCO); Finerman's Firm Owns Russell 2000 Puts; Finerman's Firm Owns S&P 500 Puts; Finerman's Firm Owns (MDY) Puts And Is Short (MDY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; Finerman's Firm Owns (MSFT) Options; Gartman Owns (UNG) (GLD), (SJT), (PBR),(CEO); Gartman Is Short (C); CIBC Gartman Index Owns Crude Oil, Natural Gas, Wheat, Gold