"I'm looking to get shorter," he said. "I think you have to look at any time that you get any sort of 2 or 3 at most a 4 basis-point decrease in yield, increase in price. You need to sell into that bond market."
ADP reported that U.S. private payrolls increased by 215,000 jobs in November, beating estimates of 165,000 to 173,000.
(Read more: Wall Street reacts to ADP employment numbers)
On CNBC's "Fast Money," Gartman said that he placed more weight on the ADP numbers than on those from the Bureau of Labor Statistics, which are expected Friday.
He said he expects interest rates to continue to rise.
"I think you could take the 10-year sometime next year well above 4 percent. Four percent does not stop anything. I'm amused that you go, 'Wow,' to 4 percent," he said. "To me, I can remember trading the long bond when it was 14¼ percent. I can certainly trading it when it was 10 percent. Eight percent seemed to be a high yield."
(Read more: Data confuses traders; stocks await jobs report)
Gartman argued that rates above 4 percent were perfectly reasonable.
"It's not even anywhere close to an outlier," he said. "And I think the Federal Reserve Bank— understanding that positively sloping yield curve does more benefit to the banking system than anything else—would be happy to see the long bond trading in price demonstrably lower, the yield trading reasonably higher to keep that positive slope to the curve."
Rates above 4 percent "wouldn't touch" the housing market, Gartman added.
"My first mortgage was 9 percent. We survived that," he said. "A 4 percent mortgage? Please, come now."
Gartman first announced that he was shorting bonds Nov. 11 on CNBC.
(Read more: Dennis Gartman sees 'massive top' in bond market)
Crude oil prices appeared set to rise, he also said, pointing out that he had been bearish until the term structure changed several days ago.
"I think crude wants to rally a little bit, but not much. There's a lot of $110 crude oil to be found," Gartman said. "There's a gob of $100 crude oil to be found."
With increased production via fracking, prices could test $80 a barrel, he said, adding, "That would not shock me at all over the long term."