“Europe seems to be in serious economic circumstances. I don’t see any chance of the ECB raising rates and after the first of the year the Fed could tighten monetary policy a tad,” Gartman adds. Both of which are bullish for the dollar.
How do you trade it?
“The best way to play it is with the ETFs. Short the euro and getting long the dollar is probably the way to do it,” Gartman concludes.
I think Dennis is right, adds Guy Adami. And I would not be long gold right now.
You can also short the British pound , reveals Karen Finerman.
Or take a look at Australia's dollar and Canada's dollar, adds Joe Terranova, but only for a trade.
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Trader disclosure: On Aug 28, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Jon Najarian Owns (C), (JPM); Jon Najarian Owns (AAPL) Calls, (MRVL) Calls, (NKE) Calls, (XLF) Calls, (AFL) Calls, (PMCS) Calls, (TIE) Calls; Jon Najarian Owns (UNG) Call Spreads; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) Leaps; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Short The British Pound; Terranova Owns (AAPL), (RIMM), (EOG), (FCX), (GS), (KOL), (NOV), (POT), (SA), (X), (VLO); Terranova Owns (AIG) Puts; Terranova Is Long Dec. 2008 Reformulated Gasoline Futures; Terranova Is Long Crude Oil Time Spread (Long Oct. 2008 Crude Oil Futures, Short Dec. 2012 Crude Oil Futures)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BRE), (CNTY), (CLB), (OFC), (DLR), (ESS), (EXR), (FL), (IAT), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (SKT), (BLV)
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
Gartman Owns (SJT), (UNH), (QCOM), (TRLG), (CSCO), (AAPL), (SU), (SDS); Gartman Owns (ANDE) And Is Short (ADM); Gartman Is Short (TAP), (GS), (GRMN), (UYG), (GOOG), (POT)
CIBC Gartman Index Owns Copper, Aluminum, Wheat, Corn, Soybean, Natural Gas, 10yr Canadian Bond, Candian Dollar; CIBC Gartman Index Is Short Crude Oil, Euro