With gold jumping to a record high Tuesday, is it too late to get in the game?
Strategic investor Dennis Gartman, author of The Gartman Letter joins the panel for this conversation. Following is a summary of his main points.
Is it too late to get into gold?
We’re probably getting toward the end of the run in gold, says Gartman. I’m still bullish but it’s probably a little overdone on the upside. I actually sold a little bit of gold today (Tuesday).
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