Gartman: Bear Market in Bonds Has Begun

It's time to short the long bond, Dennis Gartman of The Gartman Letter said Monday on CNBC's "Fast Money."

"I actually took a position being short of the bond market for the first time in a long time today," he said. "And I'm doing it in an unusual manner. I'm selling the very long end. I'm selling the long bond. I'm buying the 10-year."

Gartman noted that it has been a year and a half since bonds have made new highs.

"I'm short the very long end. I'm long something in the middle," he added. "I think you've set it up for the end of the bull market in bonds. I think you've started the beginning of the bear market."

Gartman said that the bond market was "wise enough" about what the Federal Reserve would do going forward.

"The bond market understands that the Fed has been there and the propensity for the Fed to step up and increase its exposure, I think, is reduced," he said. "I don't think the Fed is going to ramp up their purchases and increase the size at all."

Trader disclosure: On May 6, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: 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; Steve Grasso is long AAPL; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long BAC; Steve Grasso is long GDX; Steve Grasso is long GOOG; Steve Grasso is long LF; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MJNA; Steve Grasso is long PXD; Steve Grasso is long NVIV; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is funds long AAPL; Steve Grasso is funds long EMC; Steve Grasso is funds long HA; Steve Grasso is funds long MSFT; Steve Grasso is funds long OXY; Steve Grasso is funds long HPQ; Steve Grasso is funds long NEM; Steve Grasso is funds long ZNGA; Brian Kelly is long TREASURY FUTURES; Brian Kelly is long CORN; Brian Kelly is long WHEAT; Brian Kelly is long SOY; Brian Kelly is long JJG; Brian Kelly is long EWZ; Brian Kelly is long EWW; Brian Kelly is short OIL; Dan Nathan is long BBRY JUNE/JULY 14 PUT SPREAD; Dan Nathan is long IBM JUNE 205/295/285 PUT FLY; Dan Nathan is long CSCO MAY 21 STRADDLE.