Point of No Returns, Pt. 3 - With Dennis Gartman


If you're hurting right now you're not alone. Hedge funds are coming off what could be their worst month in a decade.

Even the visionary David Einhorn, who foresaw Lehman’s wipeout is among the losers. And while Warren Buffett is making headlines with some sweet, high paying investments in Goldman and GE , his shareholders aren't getting paid yet; Berkshire shares are still down for the year.

It's enough to make you think we've reached the dreaded "point of "no returns"

But take heart weary investors, as bad as things may be on our home turf, conditions across the pond are even murkier. Government bailouts and job losses are mounting in Europe. On Friday troubles abroad triggered the euro’s biggest weekly decline against the dollar, ever.

Sounds bleak but don’t despair. Although it may seem like nothing's working right now the fast money is just waiting in the wings. Here's how to catch a ride.

“I think the only place you can be is long the dollar,” says strategic investor Dennis Gartman, author of the Gartman Letter. “It seems to me Europe is just waking up to the fact that their banking system is in trouble.”

But it’s important to remember, “there is a divergence between what’s happening with the banks and what is happening in the brokering community. I’m long of the banks and short of the stock market and I would recommend others do the same. Our banks are not injured although our investment community probably has been.

Also, Gartman has no doubts that we’ll come out of the crisis none the worse for wear. “Are we going to be okay a year from now? Oh, Of course,” he says. “But getting to Tuesday is a whole other question.”

Read More:

> Point Of No Returns, Pt. 2

> Point Of No Returns, Pt. 1

Got something to to say? Send us an e-mail at fastmoney-web@cnbc.com and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to fastmoney@cnbc.com.

Trader disclosure: On Oct. 3, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Karabell Owns (AAPL), (AGU), (BHP), (GOOG), (JPM), (MS), (RIMM); Seymour Owns (AAPL), (INTC), (MER); Terranova Owns (AAPL), (EOG), (FCX), (FTO), (GS), (MA), (NOV), (POT), (X), (VLO)

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.; Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW)
, (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.

Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO; Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

Gartman Owns (CME), (KBE), (SDS)

CNBC.com with wires