What I'm buying now: Dennis Gartman
Three commodities are on Dennis Gartman 's "buy" list. "I'm going to continue to buy stuff. Stuff has done very well for me," he said. "The most important one is Alcoa (AA)." On CNBC's " Fast Money ," the editor and publisher of the widely followed Gartman Letter said that he had sold out of Alcoa about a month and a half ago but didn't buy it back during the stock's recent selloff. "We're going to start seeing more and more use of aluminum , so I like aluminum," he said. Read More 'Oracle of Tampa' picks 4 stocks Next, was a derivative fuel play.
"I like propane, not because I like stocks but because the size of the corn crop is so large, we're going to be drying corn for the next six months, a year," he said. "We're going to see corn piled up on the ground. It's piling up in the elevators. It's going to have to be continuously dried. I like propane. I think that makes sense." Lastly, steel was attractive, Gartman said. Read More I was wrong-it's still a bull market: Gartman "You have to look at steel," he said. "Again, it's another one of those things that if you drop them on your foot, it's going to hurt." Gartman also added a look at his trading style. "Remember, though, I'm always hedged," he said. "I own derivatives against things, or I'll sell calls against them. I'm not an outright player, never have been, never shall be." Last week, Gartman said crude's days were numbered, to be replaced by fusion. "It goes the way of whale oil at the turn of the 20th century when crude oil came on line," he said at the time.
Read More Crude to 'go the way of whale oil': Dennis Gartman Gartman reiterated his bearish outlook. "We're going to see lower prices," he said. "I doubt they'll get below $70 before the end of the year, but the trend is from the upper left to the lower right, and it's going to continue to be that way.
