“When you see the monetary authorities of any major country cut reserve requirements, I like to say that’s a 2x4 to the forehead of the donkey,” he said. “You want to get somebody’s attention when you change reserve requirements. It expands to the entire economy.”
This is the perfect example of a market that wants to go up, Gartman added. It wants to own cooper, steel and the railroads—all “real” economic activity.
MercBloc’s Dan Dicker agrees. And if you think you missed the move, you’re wrong, he said.
“This is the first of a number of moves not only by the ECB but by China and you are going to have a furthering of this rally. So you have to get onto the high beta names,” Dicker said.
The high beta names in the energy space are the big E&P names like Anadarko Petroleum, Apache and EOG Resources , he added.
“Fast Money” trader Jon Najarian is also bullish.
“As we get more bones on this, rather than just the idea of what they’re going to do, I think you could see the rally continue.”
Trader Steve Cortes is the lone bear.
“Markets love liquidity and the central banks of the world have brought a whole tub of jungle juice to the fraternity house,” he said. “But I think the party does not necessarily end well. “
He thinks the rally is not sustainable and has initiated shorts across the board. He suggests if you are bearish at all, now is the time to start shorting.
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Trader disclosure: On Nov 30, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Dan Dicker Long IBM, BHI, RIG; Jon Najarian Long: CIGX, CBOE, CME Long Call Spreads: AAPL, AMZN, FCX, MS, BAC, X, NUE, ANR, ACI, MT, NEM, GG, NGD; Steve Cortes Long: Treasuries, Short: EUR, GBP, AUD, MXN, QQQ, DB, XRT, AAPL, Dennis Gartman Long: gold in euro, long canadian dollar in euro terms, long wti crude oil, long australian dollar short: sp 500 index, british pound
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CNBC.com with wires.