In an effort to reduce panic in world markets, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday.

Perhaps the most notable actions came from ECB Chief Jean-Claude Trichet who was widely believed to be somewhat hawkish. Clearly he became convinced that unity among the world banks was more important than the risk of inflation.

In a CNBC exclusive he told us, “It is a confirmation that the cooperation (between nations) is good and intimate. Trichet then added, “I trust it was an important signal.”

If you're brave enough to face the market, where do you put your money at a time like this? For insights we turn to Dennis Gartman, author of The Gartman Letter.

“The fact that Trichet and company came out of the cold and joined in the rate cutting was important,” Gartman tells us. For the first time in weeks we have the makings - the early…very, very, early makings of a bottom."

But that doesn’t mean rush in a buy with abandon. “I’ve increased the size of my positions a little bit but everything I do is absolutely hedged,” says Gartman. “I’m still buying bank stocks

KBE loading...

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[KBE  Loading...      ()   ] but I’m hedging it by being short the stock market

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[SDS  Loading...      ()   ]. "

"Also, I’m buying the CME

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[CME  Loading...      ()   ] and ICE

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[ICE  Loading...      ()   ] because of the Fast Money interview with Craig Donohue but I’m hedging it by being short the stock market.”

And in commodities Freeport McMoran

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[FCX  Loading...      ()   ] is on Gartman’s radar as a buy. (Don't buy yet, he says wait for copper prices to begin to rise.)

Also, you might want to watch shipping rates. “When the Baltic Freight Index holds and gold stops going up, that’s the time when you can start being a buyer.”

What do you think? Tell us now!

Read More:

Click here for CNBC’s entire interview with ECB president Jean-Claude Trichet

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Trader disclosure: On Oct.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 (MSFT), (WMT), (BNI), (MCD): Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (FCX) Call Spread; Najarian Owns (GS) Call Spread; Najarian Owns (MS), Owns (MS) Puts, Is Short (MS) Calls; Najarian Owns (NOK) And Is Short (NOK) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (WB) Calls; Najarian Owns (XLF) Call Spread; Najarian Owns (IWM) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NOK), (DEO), (PM), (MO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM), (COF), (BBT), (USO)

Gartman Owns (KBE), (FXA), (FAX), (CME), (ICE), (SDS); CIBC Gartman Index Owns Copper

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