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Dennis Gartman: Buy Dollar, but Not US Dollar

Monday, 28 Mar 2011 | 6:10 PM ET

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!"

Gartman's Likes Canadian & Aussie Dollars
Dennis Gartman, The Gartman Letter, says he's buying Australian, New Zealand and Canadian dollars, even with the government turmoil across the northern border.




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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

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