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."
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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.
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