Gartman Still Likes Stocks vs. Bonds

Dennis Gartman, editor of The Gartman Letter, said Monday that he's likely to buy more S&P 500 stocks and sell more 10-year notes.

"Two percent was an interesting number today. We peaked up above there, came back underneath it. My guess, though, is that we're going to go back through 2 percent," he said. "Money's coming out of bonds, and it's going to do it for a long period of time."

On "Fast Money," Gartman said that the question facing investors should be: "Do I buy more stocks? Do I sell more bonds?"

Gartman said he was likely going to go that route.

"I'm probably going to buy more stocks, buy more S&Ps and sell more of the 10-year note futures because that's what the trend is," he said. "That's what the market's doing, and I think that's going to continue for some while."

Gartman demurred stock picks, although he signaled liking shipping, railroads and steel.

"They have been boring. I'm a boring stock trader. So I'd rather say I'm bullish on stocks generally," he said. "I'm bullish of the S&P generally. That's the easiest way for me to effect the trade."