Gold is one of the assets he's been selling in March, he said, because "you’re not getting the diversification benefits you got historically."
"The market was very risk-averse ending last year and there was a lot of opportunities. We were building copper positions last year based on the hope China would begin restocking," Armstrong said. "We’ve had very good performance on that and we're taking profits right now."
The "supply and demand balances can go either way" when it comes to China and industrial metals, such as copper and tin, he said.
"It’s not going to come down to growth" in China, "it’s going to come down to whether China will build inventories," Armstrong said. "We do think China will come in and build positions in all the industrial metals should you see further price deterioration here."
He sees value in trading currencies, particularly those of China, Singapore, and Mexico.
Finally, Armstrong likes large-cap stocks over smaller companies. The larger companies, such as Coca-Cola and Tiffany , have exposure to emerging markets, revenue growth and the ability to pass along higher prices to customers.
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Trader disclosure: On Mar 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Brian Kelly is long XLF; Brian Kelly is long SPY; Brian Kelly is short YEN; Brian Kelly is short EUROSTOXX; Steve Cortes is long GOOG; Steve Cortes is short CAT; Steve Cortes is short LVS; Steve Cortes is short AAPL; Steve Cortes is short XLI; Steve Cortes is short EUR VS. JPY; Steve Cortes is short DIS
For Stephanie Link
Stephanie Link is long AAPL
Stephanie Link is long JPM
Stephanie Link is long IBM
Stephanie Link is long FCX
For Amelia Bourdeau
Nothing to disclose
For Mike Harris
Mike Harris is long CME / COMEX GOLD
Mike Harris is long CME / COMEX HIGH GRADE COPPER
Mike Harris is short CME / NYMEX NAT GAS
For Jim Suva
Citigroup Global Markets Inc. or an affiliate received compensation for products and services other than investment banking services in the past 12 months from RIMM
Citigroup Global Markets Inc. currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment banking, non-securities-related: RIMM
The Firm is a market maker in the publicly traded equity securities of RIMM
For Patrick Armstrong
Patrick Armstrong is long EURO STOXX 2014, 2015, 2016
Patrick Armstrong is long KO
Patrick Armstrong is long EUROPEAN HEALTH CARE
Patrick Armstrong is long @PL.1
Patrick Armstrong is long SINGAPORE $ / SHORT EUR
Patrick Armstrong is long CNY / SHORT USD
Patrick Armstrong is long WTI 12 MONTHS FORWARD
Patrick Armstrong is long SOY BEANS
Patrick Armstrong is short NAT GAS
Patrick Armstrong is short RUSSELL 2000
Patrick Armstrong is short EURO STOXX 50
Patrick Armstrong is short front month WTI
CNBC.com with wires.