Gartman: Commodity Stocks Are Broken (FCX, X, MT, SU)

Dennis Gartman said on Fast Money Wednesday evening that he believes some of the market's most important stock are broken based on their trading charts.

Gartman is looking specifically at commodity names such as Freeport McMoRan (NYSE: FCX), U.S. Steel (NYSE: X) and Arcelor Mittal (NYSE: MT). He says such stocks are important because they make materials used in such things as automobiles and refrigerators. These stocks are weakening because the dollar is getting stronger and pressuring commodities.

Gartman says he is selling stocks that depend on high commodity prices and buying stocks that are dependent on lower commodity prices. He adds that restaurants would benefit from lower commodity input prices.

Gartman is also selling oil, but he recommends buying Suncor Energy (NYSE: SU) against that position. He thinks Suncor is an oil company that is worth owning.