we have dennis gartman joining us from the gartman group in gartman letter in virginia beach.hank you for being here. >> nice to be here. >> what trades did you put in today? >> i came in short. i spent the morning clamoring to get the other direction. i went to buy more alcoa, i had to buy more copper stocks. those were the things breaking out. they were all close yesterday to doing so. so, i had no choice. when you walked in this morning and saw the dollar as weak as it was, commodity prices were on fire. gold was moving higher, silver was moving higher, copper right out of the start last night in china and you knew it would be a commodity-driven -- or you knew that the commodity stocks would follow even if intel was the leader last night, alcoa and freeport-mcmoran were the leaders today. >> it sounded like you named the highest commodity stocks out there and that's why you jumped into them because you saw the signs from china or the weaker dollar? or you saw something with aluminum prices, and copper inventories are going down, what is it about the names other than >> they

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dennis gartman will be here. we'll talk to him about it. but that's an interesting phenomenon right now. >> plus the curve's flattening. these auctions are going sour. twos and five supposed to be the lay-ups. the five-year's become the new fulcrum of the yield curve. all the investors like to be in the five. it's not like being on the end of the teeter totter when the bottom falls out and rates go up on the long end. should supply become an issue. when the good ones, easy ones aren't good. doesn't make me a bit nervous. time for bull market or b.s. pimco's mohammed el-erian talking about it. >> -- on things like corporate profitability can continue to be driven just by cost cutting. that's not true. you need revenue growth. investment guides, look at the rally in equity especially what happened in july. you get a feeling that the equity market is now on a sugar high. >> where's the almonds? >> i tell you what, i don't know that we agree with the sugar or not but i think we all kind of do. hey, jon from monster.com, the monster himself. he'

no one knows, but a better base than we were. >> dennis gartman, what are you doing right here? >> trying to be smaller than i had been. i owned a lot of stuff. i'm trying to buy puts. pete had it nailed. i've sold calls against things. i'm trying to get as neutral as i can. i'm not sure we came too far too fast. we just came a little bit too far. and corrections are along the way. doesn't really matter much about the economic data. the case-shiller, you have to remember, michelle, is from may. it's a long time ago. really doesn't mean that much. >> michelle, let me jump in, as well. my clients believe we're still going to 1,000 in the s&p, but it might take a couple days to get there. i think the most important data we're looking at is still august 7, the employment situation. i think people are really gauging that. >> next week, we'll have to watch for that. next trade, topping the take today are the phrma names, shares of amgen pharmaceuticals leading the space higher after reporting better than expected results. both names higher by more than 2%. can you still get in? or is

dennis of the gartman letter joins us from virginia beach. always great to talk to you. >> good to be here. >> did you use this ss a buying opportunity for the commodities? >> no, i was using last week as a position to reduce my positions on crude oil. i had been long on the high beta stocks and short on the low betas. that was the oil trade. that was the bullish commodity trade. i've been trying to get out of that since last week when they had the outside reversal. as we went to new highs, it began to widen. all signs that the commodity market was getting well overdone and likely to correct. even i have to say i'm surprised by the seriousness and the viciousness of the correction. is it a buying opportunity? i don't think so. >> what are you looking for in terms of a bottom here in the commodities base? we had a chart of gold being leader in terms of where the bottom might be. which places the low for oil at the end of july, beginning of august. what do you use? >> gold is as good as any. right now, everybody you know is bullish on the gold

let's bring in dennis gartman of "the gartman letter." how do you explain this today? >> the dollar has been under pressure for a period of time. and it matters which currency. the dollar is strong against the yen but it's weak against everything else. that trend has been there for almost a year. there's no reason to think that's going to change. if you have to be a buyer of any currency, buy the euro, buy the canadian, buy the aussie. by the countries that create and mine and send out raw material. >> even with all of this talk about the economy getting less bad, the home sales data out today, which really cheered people. it means some people think that we are seeing a turn in the economy. "newsweek" has declared the recession is over. you may think the recession has just begun, knowing the way you may think, but if that's true, doesn't that help the dollar? >> it does help the dollar a bit but not much. the dollar has risen during periods of economic strength. the dollar has fallen during periods of economic strength. it's really quite interesting. interest rates hav

dennis gartman and patty edwards and j.j. kingaham of sink or swim.was expected goldman would knock the cover off the ball. it happened.. what does this mean for the rest of the banks, given that its expertise is prop trading and that's where it came from this quarter. can we draw any conclusions about the banks or not? >> the banks, the consumer banks, you can draw no conclusion. goldman sachs only lost $700 million. what does it mean? it means the world's biggest hedge fund, they are back. they're taking risk. i think that is phenomenal. if you look at their value at risk, it was at the highest levels it's been at, above this time last year. goldman sachs is back, the world's biggest hedge fund is here, they're in the markets. and in terms of the markets themselves, they're functioning properly. that's a good thing. >> dennis gartman is the pressure on somebody like a jpmorgan or morgan stanley to see what their value at risk has been and what their success has been on their prop trading desk? >> i think joe gave you a very good lead-in. yes, with g

joining us on whether the commodity craze is here to stay, dennis gartman of "thegartman letter" knowns king. what are you putting on today? >> well, i think the thing to take a look at is how strong these commodity stocks really are. look at alcoa and freeport mac more an, they're all moving up to the 200-day moving averages. after some consolidation, you have to pay attention to that sort of thing. and for the chartists, you left a gap on the up side in many of up side, you have to follow through. i wouldn't be surprised if we see more follow-through on those commodity stocks. >> thematically it's been about china, to learn china researches are over 2 trillion, record highs, diversification into strategic researching, is what john is doing. that will move this market tomorrow if they deliver on the up side. if they disappoint, i think we could see a pullback. >> what's your favorite in the space? >> go to the one with the most volume. i've liked alcoa for a long time. i like freeport mcmoran.n. >> dennis, thank you. >>> next take your position, jpmorgan, the second big bank is out to

. >> and on that note, jared, we have had had a number of commentators, david co, and dennis gartman saying his testimony today was crucial, because if he did not do well, it would risk his reappointmen . has he satisfied those concerns? >> well, he almost always does well on the hill. so he certainly hasn't put his reappointment in danger. but i think there is still a strong likelihood that larry summers is going to get the nod over ben bernanke when we get to this fall. i don't think that equation has changed. >> don't move. we're going to have you listen throughout the testimony and help us dip in, whenever there is news. in the meantime, let's show you what's going on with the markets. dow jones industrial turned negative after being in positive territory earlier this morning. a lot of people bolstered or investors bolstered by the words coming out of caterpillar and how they felt there was stabilization. and while caterpillar is still higher by more than 2 points, at this point the rest of the market has gone negative. a lot of the financials are weaker. let's head back to ben b

. >> well, at 5:06, it was actually 5, 6, 7, 8, the, our thanks to dennis gartman for pointing out this trivia. i can see you're not impressed. >> come on, like this is the nerdiest thing we do all day? >> no, but -- >> it's going to be 2010 before we get another shot at this, right? >> that is. >> right. >> i'm at a loss. has he gotten any comments on the oil speculating or is it focussing on this today? >> no. there is a lot of over things that were in there. this is the thing that jumped out at us. >> i think we have to be in base ten. number two, we happen to use the birth of jesus as the delineating line. it's not -- it just doesn't work for people in china. it doesn't work to jewish people. >> they have a totally different calendar and a totally different year. but i don't care. this is my six, seven, eight, nine moment. >> it's provincial for y to think that everything is revolving around -- >> coming from you, provincial. >> coming from someone who knows. >> copernicus. i'm very open. >>> quarterly results from alcoa, they're going to kick off earnings season today. analysts are

our mutual friend dennis gartman thinks the fed is already taking the punch bowl off the table in respecte tomorrow if we get a chance we can put up on your telestrator the monetary stock and people can see for themselves that it had a rocket shue and not is pulling back. there are a lot of strange things happening. u.s. treasury, mont tear stock. these will be an important several days here. >> yeah. we don't have the chart right now but you know we're going to at some point, art to play with this toy. talk to you soon. >> thanks. >> art cashin. >>> coming up, the "squawk box" two-minute drill. former delta ceo ron allen. talk with him in a moment. before we go to the break, a quick look at gold prices this morning. slightly higher. in fact now up by $17. "squawk box" will be right back. welcome to the now network. population 49 million. right now, 1.5 million people are on a conference call. 750,000 wish they weren't. - ( phones chirping ) - construction workers are making 244,000 nextel direct connect calls. 1 million people are responding to an email. - 151 accidentally hit "reply all