Dollar Talk With Gartman
The traders spoke with strategic investor Dennis Gartman, author of the Gartman Letter, about the U.S. dollar. Gartman said the only place you can be long right now is the U.S. dollar, because our banking system is in better shape than Europe's. Government bailouts and job losses are mounting in Europe. “It seems to me Europe is just waking up to the fact that their banking system is in trouble.” Gartman says he's long the U.S. banks and short the stock market in general. "Our banks aren't injured, but our investment community probably has been," he added. Gartman says China is just pausing from 15% growth to 8%, and this is "a tidal wave that isn't going to stop anytime soon," he said. Gartman says that for the first time in 45 years he has been frightened. "I think the legislation that has been passed will allow everyone to take a deep breath. I think in one year from now everything will be fine," he said.
The traders spoke with strategic investor Dennis Gartman, author of the Gartman Letter, about the U.S. dollar. Gartman said the only place you can be long right now is the U.S. dollar, because our banking system is in better shape than Europe's. Government bailouts and job losses are mounting in Europe. “It seems to me Europe is just waking up to the fact that their banking system is in trouble.” Gartman says he's long the U.S. banks and short the stock market in general. "Our banks aren't injured, but our investment community probably has been," he added. Gartman says China is just pausing from 15% growth to 8%, and this is "a tidal wave that isn't going to stop anytime soon," he said. Gartman says that for the first time in 45 years he has been frightened. "I think the legislation that has been passed will allow everyone to take a deep breath. I think in one year from now everything will be fine," he said.
