Published: Friday, 9 Mar 2012 | 2:06 PM ET
By: Bruno J. Navarro
“I’m comfortable sitting on the sidelines,” he said on “Fast Money.”
Gold [GCCV1 1695.40 -16.10 (-0.94%) ] hit a high of $1,714.90 per ounce midday after dropping to $1,670 in earlier trading.
The editor and publisher of the widely followed Gartman Letter said he remained positive on gold — “violently bullish in yen terms; I’m avoiding it in dollar terms” — and was “dead-solid neutral” on equities.
That position appeared solid, especially as the Indian rupee weakened and may have spurred buyers at the bottom.
“If you owned gold in yen terms, you never even get spooked,” he said, adding that a $10 drop earlier in the day did not cause him any worry. “It’s simply a better trade.”
The Labor Department employment report — showing a net gain of 227,000 new private-sector jobs — could bode well for equities.
“Let’s be blunt. Today’s number was really quite a good number, and I don’t think enough people are paying attention to how important the revisions are,” he said. “I always say that the direction of revision in most economic data is as important as the data itself, and the revisions have consistently been for the better.”
Gartman said the jobs report clearly showed employment was improving in the United States.
“Clearly, the economy is doing better,” he added.
The indicators suggest that the stock market would do well, but Gartman said they already have shown strength and he did not like its exposure at this point. In fact, he said he owned some shipping and natural gas, but was betting on the S&P to outperform them.
© 2012 CNBC.com