Dennis Gartman And Joe Terranova Disagree On Basic Materials (SMN, UYM, FCX)
Dennis Gartman said on CNBC's Fast Money Half Time report that the dollar will continue to move higher which will hurt basic materials stocks. He said that he would be a seller of any rally because the gains made today are just a bounce.
Joe Terranova is on the opposite side of that trade. He believes that we have a great opportunity to buy basic material stocks and says that the bull market is intact by current correction. He added that Copper futures were strong on Friday and other commodities are also doing well today.
If you agree with Dennis Gartman you can play this trading idea with ProShares UltraShort Basic Materls (ETF) (NYSE: SMN).
You can follow Joe Terranova's idea with ProShares Ultra Basic Materials (ETF) (NYSE: UYM) or you can buy Freeport-McMoRan (NYSE: FCX).
