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Strategic investor Dennis Gartman, author of the Gartman Letter, joins the panel for this conversation. Following is a summary of his main points.
-- The Fed's decision last week was inflationary but proper.
-- We are seeing a rebound in commodities from last week's panic liquidation.
-- The commodities bull market has not ended: some commodities (like wheat) have topped, but others (like corn, soybeans, cotton) probably have not.
-- Expect spot gold to find resistance between $940-$960 on this bounce -- but also watch for higher highs eventually.
How do you trade?
Get smaller, counsels Gartman. I’m flat and I’m nervous.
How about long term?
Are we going to see higher prices in cotton, corn and gold a year from now; quite likely, says Gartman. Gold could trade at $1000, as soon as the summer and personally, I’m long gold. Also I’m buying copper stocks as an infrastructure trade.
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Trader disclosure: On Mar.26, 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), (INTC), (EMC), (ATVI), (DIS); Najarian Owns (AAPL), (CSCO), (EMC), (MS), (MSFT), (NOK), (ORCL), (TSO), (XLF), (YHOO); Najarian Is Short (CAG); Najarian Owns (COP) Calls, (RMBS) Calls; Najarian Owns (MER) Puts; Najarian Owns (BSC) Calls; (CHK) Calls; Najarian Owned (RMBS) Calls On 1/30/08; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm Owns (CLWR), (MO), (MSFT), (SUN), (VLO), (WMT), (YHOO), (TSO), (BCE), (BJS); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (GLD); Finerman's Firm And Finerman Own (KALU); Seymour Owns (AAPL), (CSCO), (INTC), (MER), (MSFT), (S), (TSO), (F), (HAL); Seygem Asset Management Owns Severstal, (TTM)
Gartman Owns (PCU), (NFLX), (JPM), (AAPL), (HOV), (DCR), (UNG), (SDS); Gartman Is Short (WFMI); CIBC Gartman Index Owns Wheat, Corn, Soybeans, Gold, Crude Oil, Natural Gas; CIBC Gartman Index Is Short S&P Futures,
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