North Korea Not a Reason to Sell: Dennis Gartman

There are serious issues with the stock market rally, but news out of Pyongyang isn't one of them, Dennis Gartman of The Gartman Letter said Wednesday.

"They have very few capabilities. They have land forces. If they decided to make a rush over the border, they could do that," he said. "They have no real nuclear capabilities whatsoever. Their missiles are very, very old, very immature. They can't move more than 1,500 kilometers.

"It's fun to watch the pictures, but are they going to do anything? No."

On CNBC's "Fast Money," Gartman said that news that North Korea would close a $2 billion factory zone and restart a nuclear reactor certainly weighed on the stock market.

But that wasn't a long-term reason to sell, he added.

"There are other reasons the market's going to go down, not because of North Korea," Gartman said. "Sell bounces."

Gartman also said that he saw lower commodity prices ahead on waning demand in copper and ag.

Trader disclosure: On April 3, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is short GLD Puts; Jon Najarian is long TXN; Jon Najarian is long VXX calls/Short puts; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long C; Tim Seymour is long PNC; Tim Seymour is long GS; Tim Seymour is long JPM; Tim Seymour is long WFC; Tim Seymour is long GDX; Tim Seymour is long INTC; Tim Seymour is long MSFT; Dan Nathan is long GS MAY 145/135 PUT SPREADS; Dan Nathan is long MASFT APR 28 PUTS; Dan Nathan is long AMZN APR 240/200/160 PUT FLY;