Dennis Gartman Long Both Bonds and Equities (SPY, TLT)

In this morning’s “The Gartman Letter,” famed trader Dennis Gartman noted that his AlphaPro Gartman Fund, which is run in Canada, is now long of both Ten-year Treasury Notes and U.S. equities.

Garman said that they bought the Ten-year note seven weeks ago somewhere near 120 ¼, then six weeks ago at or near 122.20, and once again at 123.04 on Friday of three weeks ago.

He also noted his position in U.S. equities, saying that they bought equities Wednesday, the 21 of July and added to the trade on the following Friday morning at the opening. Which equities you might ask? He noted, “We wish to own the things that if dropped on your foot shall hurt and that means steel, or copper, or coal, and we wish to own the railroads and the shipping companies.”

When asked if they would exit their Treasury position because they turn long of stocks, they answered, “‘No! Why should we?’ The trade is working and it tends to hedge our position in equities even as the trend remains in our favor.”

U.S. equities, as tracked by the SPDR Trust (NYSE: SPY), are lower on the session by 0.29%, trading at $112.43

U.S. Treasury Bonds, as tracked by the iShares Barclays 20+ Year Treasury Bond Fund (NYSE: TLT), are higher on the session by 0.67%, trading at $99.41.