Dennis Gartman on Fed: “Terribly Bearish” for Dollar

Commodities guru Dennis Gartman joined Fast Money to give his views on the Fed decision and what he’s buying in its wake.

The U.S. is “exploding” its currency, Gartman lamented. It seems the Fed has given up entirely on fighting inflation and is now only concerned with fighting weakness in the economy. Energy and food costs are soaring, gold is higher every day and the bond market is taking a hit. All that amounts to a “terribly bearish” outlook for the U.S. dollar, according to Gartman.

He remains long gold – in fact he bought more Wednesday – and is now bullish on the financials. He picked up JPMorgan but is still short tech, echoing a Jeff Macke maxim that even if earnings are good, tech stocks are still getting sold off.

On oil, Gartman said he was doubtful that OPEC would turn up the spigots in its upcoming meeting and the U.S. needs to open up domestic drilling so it doesn’t have to pander to OPEC to get it to increase production.

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Trader disclosure: On Jan 30, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Finerman's Firm Is Short (IJR), (IYR), (IWM), (SPY), (MDY), Finerman’s Firm and Finerman Own (CROX), (HD), Finerman Owns (CROX) Calls, Finerman Owns (GS), Finerman’s Firm Is Short (LEH) and Owns (LEH) Puts Finerman’s Firm Owns (MO), (SUN), (TSO), (VLO), (WMT), (YHOO); Najarian Owns (AAPL) Calls, Owns (C), (CSCO), (ETFC), (MCD), (MS), (MSFT), (XLF), (RMBS), Calls, (YHOO) Calls; Macke Owns (ATVI), (YHOO), (DIS), (INTC)

CIBC Gartman Index Owns Sugar, Natural Gas, Crude Oil, Is Long Grains
Gartman Owns (CIM), (PBR), (GLD), (JPM), (UNG), Is Short (GOOG), (AMZN), (COH), (TIF), (HOG), (SBUX)