In terms of equities, Gartman made the contrarian case for China. "I'm bullish on both the U.S. and Chinese stock markets," the CNBC contributor said. "If I must buy one of the other and the current level, I'd rather own China than the U.S.," he said. According to Gartman, the Chinese stock market is extremely "oversold" as the consensus is "overwhelmingly bearish." China has been one of the most talked about stories in recent months, as wild swings in the country's stock market and continued concerns over the state of its economy have trickled down to equities across the globe. However, as Gartman sees it, "when they are crying you should be buying," and the negative sentiment could present an opportunity to profit.
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For his last pick, Gartman says there could be opportunity in one commodity that has had a particularly tough year: crude.
"The rig counts in both [natural gas and crude oil] are down materially, and one depends on the other," the editor and publisher of The Gartman Letter said. And while the so-called Commodities King has been quoted recently saying he is sitting the sidelines for crude oil and sees no reason to fight the trend in natural gas, he did say he would choose for the former to outperform the latter into year end. "I'll take up [the argument] for crude oil fearing that the sums of natural gas available are enormous and the prospects for the exports of U.S. crude are far better," added Gartman.