Touching upon some familiar themes, commodities trader Dennis Gartman on Monday shared his top five trades to close out the year.
5. Short U.S. Treasurys
While Gartman said that he had taken off his short position on Monday, he added, "You give me a point and a half rally on the long end, I'm selling the long end of the market."
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Bearish news for bonds on Friday didn't spark a selloff, said Gartman, editor and publisher of The Gartman Letter. "But I'll sell the first rally."
4. Own metals
"I want to own copper. I want to own steel. I want to own railroads. I want to own ships," Gartman said. "The very basic plumbing of basic economic growth. Old story, it's a good story. It's a been a story that has worked for a long period of time. It's a simple story."
The industrials play is a bet on growth, he said, pointing out that China held potential.
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"This is a very clear, rational bet on global growth," he said. "No question about that."
The underlying assets are attractive, Gartman added.
"I want to own copper. I want to own iron ore. I want to own nickel," he said. "I want to own all of those things. Give me a basket of all of them, and I want to own them because it's all the same trade. All of those, if I drop them on my foot, it's going to hurt."
3. Long the Nikkei
Gartman looked to Japanese Prime Minister Shinzo Abe's monetary policies.
"It's being long of the equities market predicated upon the fact that the Bank of Japan is expanding its reserves even more aggressively than has been the Fed," Gartman said. "It's going to continue. It has no choice. Mr. Abe has three arrows that's he's firing on the economy. The only one that's really working at this point is No. 1, which is to expand reserves."
Noting strength in Japanese equities, Gartman said that it would continue to strengthen.
"You can actually be short other markets, but you want to be long the Nikkei," he said.
2. The gold trade
"You want to own gold in yen terms," Gartman said, echoing a trade he has long espoused. "It's been a terrible trade for the last year. It's down 7 percent, but if you've owned gold in dollar terms, you're down 35 percent."
Gartman said that one way to own gold in yen terms was to buy, say, GLD, the gold exchange-traded fund and sell an equal amount of a Japanese yen ETF.
Being long the Nikkei, he added, was the same as selling the yen.
"Do one or the other," Gartman said.
1. Playing a currency-cross
"Just today, it's started to take off again," he said.