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Dennis Gartman: Head to the Sidelines in This Metal

After closely watching the action in one of the metals, widely followed commodities investor Dennis Gartman has moved to the sidelines.

Which metal? Copper .

“It’s had a nice run – actually an amazing move to the upside,” Gartman explains. Even I was surprised by how swift has been the rally.”

And as a nimble trader, Gartman thinks it’s time to take profits. “It has gone up so far, so fast – I’m getting out. That doesn’t mean it can’t go higher, it just means it goes higher without me.”

However it’s important to note that Gartman is making a trading call. If you’re a long term investor, Gartman remains bullish.

“I see no fundamental shift,” he adds. “– I’ve never been more bullish of the equity markets – that means eventually copper prices will go up – but (if you’re a trader) it’s time to go to the sidelines."




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Trader disclosure: On Jan 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; P. Najarian is long AAPL; P. Najarian is long BAC calls; P. Najarian is long C; P. Najarian is long JPM calls; P. Najarian is long MSFT; P. Najarian is long INTC; P. Najarian is long JCP; Murphy is long CHK; Murphy is long HAL; Murphy is long CSX; Grasso owns ASTM; Grasso owns AVAV; Grasso owns BA; Grasso owns D; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns WFT; Grasso owns XLU

For Steve Grasso
Stuart Frankel & Co and it’s partners own CSCO
Stuart Frankel & Co and it’s partners own CUBA
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Stuart Frankel & Co and it’s partners own HSPO
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(TXN)I, Vernon Essi, Jr., hereby certify that the views expressed in this research report accurately reflect my personal views about the subject company (ies) and its (their) securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report.

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