What’s the trade?
“I’d get long Family Dollar and short Simon Properties against it,” says Gartman. It keeps working and I’m going to stay with it until it doesn’t.
There doesn’t seem to be much panic in gold, Gartman tells the traders. "I think it’s more likely it goes higher than lower. And I’d play the miners rather than the spot price of gold."
On Friday’s show Jon Najarian said much the same. As you might remember he told us, “the spread of the GDX under the GLD suggest a better opportunity in the miners. I believe miners will play catch up to the spot price of gold and the higher that spot goes, the greater the profits will be for the miners.”
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Trader disclosure: On Feb. 23rd, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders Najarian Owns (GE) Puts; Najarian Owns (GDX) & (GDX) Short Calls; Najarian Owns (HPQ) Calls; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (X) Put Spread; Najarian Owns (WFC) & (WFC) Calls; Seymour Owns (AA), (BAC), (EEM), (FXI); Seymour Is Short (NUE); Seymour's Firm Owns (PCU); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (MSFT), (RIG); Finerman's Firm Is Short (IYR), (IJR), (MDX), (SPY), (BBT), (VNO)
Gartman Owns (FDO); Gartman Is Short (SPG)