That position appeared solid, especially as the Indian rupee weakened and may have spurred buyers at the bottom.
“If you owned gold in yen terms, you never even get spooked,” he said, adding that a $10 drop earlier in the day did not cause him any worry. “It’s simply a better trade.”
The Labor Department employment report — showing a net gain of 227,000 new private-sector jobs — could bode well for equities.
“Let’s be blunt. Today’s number was really quite a good number, and I don’t think enough people are paying attention to how important the revisions are,” he said. “I always say that the direction of revision in most economic data is as important as the data itself, and the revisions have consistently been for the better.”
Gartman said the jobs report clearly showed employment was improving in the United States.
“Clearly, the economy is doing better,” he added.
The indicators suggest that the stock market would do well, but Gartman said they already have shown strength and he did not like its exposure at this point. In fact, he said he owned some shipping and natural gas, but was betting on the S&P to outperform them.
Patty Edwards of Trutina Financial said she was a gold buyer — but she also liked coal player Walter Energy and natural gas via CVR Energy.
Got something to to say? Email firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published online, email email@example.com.
Trader disclosure: On March 9, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karabell is long AAPL; Karabell is long IBM; Karabell is long TGT; Karabell is long JOYG; Karabell is long SBUX; Karabell is long ADSK; Karabell is long FCX
For Zach Karabell
River Twice is short XLF
River Twice is short JCP
For Patty Edwards
Trutina Financial is long AAPL
Trutina Financial is long QCOM
Trutina Financial is long WLT
Trutina Financial is long CBI
Trutina Financial is long GLD
Trutina Financial is long SNPS
Trutina Financial is long SBUX
Trutina Financial is long HD
Trutina Financial is long HLF
Trutina Financial is long PGM
For Dennis Gartman
Gartman is long of gold in yen terms
Gartman is long an “Asian” short term government bond fund
Gartman is long Corn
Gartman is long Soybeans
Gartman is long C$
Gartman is long A$
Gartman is long Gold
Gartman is long Copper
Gartman is long S&P 500 Index.
Gartman is long Euro
Gartman is long Swiss Franc
Gartman is long Yen
For Romit Shah
(TXN) Nomura Securities International makes a market in securities of the issuer
A Nomura Group Company holds 1% or more of any class of common equity securities of the issuer
For Camilla Sutton
For Tobial Levkovich
For Keith Siegner
(SBUX) The analyst(s) responsible for preparing this research report received compensation that is based upon various factors including Credit Suisse's total revenues, a portion of which are generated by Credit Suisse's investment banking activities.