Dennis Gartman: Buy Dollar, but Not US Dollar

Strategic investor Dennis Gartman is bullish dollars but not the US dollar. He likes the Canada’s dollar and New Zealand dollar and the Aussie.

That may seem counter-intuitive considering the Aussie rose to its highest level against the U.S. dollar in 29 years.

However, if you’re instinct tells you to play it short you’d be flat wrong, according to Gartman.

"Good traders always buy something that makes new highs. It's hard for the public to understand that but we’re in the business of buying high and selling higher," he says.

Sound far fetched?

Gartman suggests taking a look at the chart of the Aussie. "If you bought the Aussie highs 6 months ago, if you bought the Aussie highs 3 months ago, if you bought the Aussie high 1 month ago, you're doing quite well," he says.

"It's difficult to buy the highs but that's what one must do," he adds. "That's the way to trade!"

______________________________________________________
Got something to to say? Send us an e-mail at [e-mail] and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to [e-mail].

Trader disclosure: On March 28, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Grasso Owns (AMD); Grasso Owns (ASTM); Grasso Owns (BA); Grasso Owns (BAC); Grasso Owns (C); Grasso Owns (CPX); Grasso Owns (CSCO); Grasso Owns (D); Grasso Owns (JPM); Grasso Owns (LIT); Grasso Owns (LPX); Grasso Owns (MHY); Grasso Owns (NDAQ); Grasso Owns (PFE); Grasso Owns (PRST); Finerman's Firm Is Short (IJR); Finerman's Firm Is Short (MDY); Finerman's Firm Is Short (SPY); Finerman's Firm Is Long S&P Puts; Finerman's Firm Is Long Russell 2000 Puts; Finerman's Firm And Finerman Own (AAPL); Finerman's Firm Owns (BAC) Leap; Finerman Owns (BAC); Finerman Owns (C); Finerman Owns (GOOG); Finerman's Firm Owns (JPM), (JPM) Leaps; Finerman Owns (JPM); Finerman's Firm Owns (TGT); Finerman's Firm Owns (WMT); Finerman's Firm And Finerman Own (MSFT); Terranova Owns (VRTS); Terranova Owns (C); Terranova Owns (GS); Terranova Owns (JPM); Terranova Owns (UPL); Terranova Owns (MS); Terranova Owns (PBR); Terranova Owns (BAX); Terranova Owns (TEVA); Terranova Owns (IBM); Terranova Owns (XOM); Terranova Owns (JNPR); Terranova Owns (AAPL), (AAPL) Puts; Terranova Owns (AKAM), (AKAM) Calls; Terranova Owns (DIS); Terranova Owns (CVI); Terranova Owns (RSX); Terranova Owns (CNQ); Terranova Owns (BTU); Terranova Owns (CNX) Puts

For Steve Grasso:
Stuart Frankel & Co. And Its Partners Own (CSCO)
Stuart Frankel & Co. And Its Partners Own (CUBA)
Stuart Frankel & Co. And Its Partners Own (GERN)
Stuart Frankel & Co. And Its Partners Own (HPQ)
Stuart Frankel & Co. And Its Partners Own (HSPO)
Stuart Frankel & Co. And Its Partners Own (MSFT)
Stuart Frankel & Co. And Its Partners Own (NYX)
Stuart Frankel & Co. And Its Partners Own (PFE)
Stuart Frankel & Co. And Its Partners Own (PRST)
Stuart Frankel & Co. And Its Partners Own (SDS)
Stuart Frankel & Co. And Its Partners Own (XRX)
Stuart Frankel & Co. And Its Partners Are Short (QQQQ)
Stuart Frankel & Co. And Its Partners Are Short (AAPL)

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of (CCG)
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LPHI)
Virtus Investment Partners Owns More Than 1% Of (NCRI)
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of (DOM)

For Brian Kelly
Accounts Managed By Kanundrum Capital Own (EBAY)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (RDC)
Accounts Managed By Kanundrum Capital Own (VLO)
Accounts Managed By Kanundrum Capital Own (TSO)
Accounts Managed By Kanundrum Capital Own (MON)
Accounts Managed By Kanundrum Capital Own (BBT)
Accounts Managed By Kanundrum Capital Are Long U.S. Dollar
Accounts Managed By Kanundrum Capital Are Long Gold
Accounts Managed By Kanundrum Capital Are Long Silver
Accounts Managed By Kanundrum Capital Are Long Wheat
Accounts Managed By Kanundrum Capital Are Short Copper
Accounts Managed By Kanundrum Capital Are Short Yen
Accounts Managed By Kanundrum Capital Are Short (XLF)
Accounts Managed By Kanundrum Capital Are Short (IXG)

For Dennis Gartman
Funds Managed By Dennis Gartman Are Long Canadian Dollars, Australian Dollars, Swiss Franc
Funds Managed By Dennis Gartman Are Long Gold, Corn, Soybeans
Funds Managed By Dennis Gartman Are Long Crude, Natural Gas
Funds Managed By Dennis Gartman Are Short Euros
Funds Managed By Dennis Gartman Are Short Sterling
Funds Managed By Dennis Gartman Are Short Yen

For Joshua Brown
***No Disclosures On KOP

For Mike Khouw
Cantor Fitzgerald & Co. Is A Market Maker In (POT)

For Anthony Scaramucci
SkyBridge Capital Is A Fund Of Funds Manager
Funds Held May Or May Not Own The Recommended Securities

For Robin Farley
(LVS), (WYNN) Is Or In Past 12 Months Has Been An Investment Banking Client Of UBS Securities LLC
UBS Securities LLC Has Recieved Compensation From (LVS), (WYNN) In Past 12 Months
UBS AG, Affiliates Or Subsidiaries Owned 1% Or More Of (WYNN) As Of Last Month's End

For William Power
Robert W. Baird & Co. Is A Market Maker In (VZ), (S), (T), (LEAP), (PCS)
Robert W. Baird & Co. And/Or Affiliates Expects To Receive/Seek Investment
Banking Compensation From (VZ), (S), (T), (LEAP), (PCS) In Next 3 Months

For Zachary Karabell
***No Disclosures On GSIC, EBAY
River Twice Capital Owned (GSIC) On 11/29/10

Karen Finerman/SOT
Finerman's Firm Owned (TGT) On 3/2/11

CNBC.com with wires.