Commodities and emerging markets expert Dennis Gartman suggested staying away from Brazilian stocks, because he is not confident that the election in Brazil will have the result those on Wall Street are hoping for. Brazilian stocks were up on news that pro-business candidate Aeico Neves is in the second place position in the polls behind incumbent Dilma Rousseff, who is ex-Marxist. He told CNBC that even though she is described as an “ex” Marxist, Gartman says “ex Marxists do not change their stripes. I am concerned with this lady being president again. I think she will move even farther left … anyone who got excited about the fact that Mr. Neves was in second place is ill-advised.”
Dennis Gartman has noted that “steel has fallen precipitously, ” about 35% in the past few weeks. He is bullish on steel as well as aluminum, Gartman suggests buying Alcoa, a major aluminum producer which will be reporting earnings. Gartman also likes railroads. In spite of current hiccups, Gartman is confident the global economy will be strong.
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