we do want to go to dennis gartman. he's got the latest from the alcoa conference call. dennis, what's the latest news here? >> it's actually quite a boring conference call. there's not much going on. as you can see, the stock is down a little bit. i hate to tell you that. >> come on. >> but what are we seeing here? talking about the fact that there's a decline in housing that they're concerned about, that's going to continue. there's a change in, let's see, some of his -- housing has been offset by other areas. airlines are down. they're concerned about that. productivity, however, seems to be picking up. they're very consent with what they're seeing going on there. and they spent a lot of time talking about the problems that they have, their exposures to the aussie dollar. that's their biggest exposure as far as currencies are concerned. on balance, however, it's a very boring conference call thus far. >> all right. try and stay awake with that old-fashioned phone of yours. i haven't seen one of those in i don't know, a decade. does it have a dial? did you have to dial

joining us now is dennis gartman, the founder of the gartman letter, and still with us, with eric quickenpierce kuran, our guest host, is still with us. so we have a big discussion going on about goldman. dennis, i want to start with you because are some come out and saying this isn't the smoking gun of the business. what do you think, smoking gun or water pivotal? >> i think what a wonderful met f metaphor that is. the public senses blood in the streets, wants to see it on the water and is after goalman sacks. it's an inopportune time to have this thing to happen. but in my mind, did goalman do anything untoward? no. did paulson? no. paulson was looking for a way to get short. honestly, i was looking for a way to get short at the time. i wish i had had the wisdom and the ta mayorty to go to goldman and say, look, will you put together a product for me. >> you did it. you're coming out of it now and we're looking at what was 2007, of course, with paulson wasn't paulson at the. how does gold man get in front of this? >> i think managing their reputation or recovering it will be like pushin

dennis gartman, talk to me about the fast food companies and the restaurants. names if you would. >> names if i would. darden. you have to own darden. pane panera. what's going on in there? consumer spending is increasing at a relatively quick pace. the economy's getting better. and the input costs in grains primarily are continuing to go down. it's an easy story. >> how much higher do you think darden could go? >> write this down. until it stops. >> write it down. okay? >> hold on. you're not a technical analyst by any chance? >> we own a lot of it, and i talk to the young men who work for me and i thought of getting out of it earlier this week, and they said are you kidding? this is your story, dennis. believe this one. it continues to go up. you don't get out at this point. >> the gartman rules. >> it's one of my rules. and i was attempting to break them. >> here's your trade, simon, again, in fast food. let's look at mcdonald's, who reports in a couple weeks. goldman sachs has an interesting note out to say talking about the call options saying that they're

we do want to bring in dennis gartman of "the gartman letter" for his thoughts on goldman. and dennis, you probably heard pete talking about how investors in the market have a level of comfort when it comes to the goldman story. still, tomorrow we get the earnings. we have the conference call. we get a press release after the close today saying that they're bringing in their general counsel to answer questions. >> sure. >> to me this seems like this does not go away. tomorrow it looks like another round of this. >> first of all, do you really think they're going to have anything but gangbusters earnings? it will be phenomenal earnings that come out. don't come out and announce ahead of time that we're going to give you a preannouncement. i think this is something that doesn't go away for a long period of time. my old line is there's never just one cockroach. there's always a problem that keeps coming out. the press understands how to ask new questions. prosecutors understand how to ask better questions. they go and find different things in the documentation. germany's alread

we kick off with special guest dennis gartman. a violently mixed day on commodities, dennis. >> a violently mixed day on commodities. you had to look at which ones were moving. crude, for example, got beaten up. the contango came in, very interesting phenomenon. crude oil down about a dollar at one time. on the other hand gold up, what, 15, 16, $17. the grain market rallying very dramatically. copper then gets crushed. so you look to the commodities, if you looked at each individual one, something strange was happening out there, but it was violently mixed and that's not something that you say very often. >> well, what wasn't strange was that the greek market led the dollar higher and that's something i think was part of today's rally. another part of this is we had a fantastic ten-year auction. so people were very worried about rates going above 4%, we spent time talking on the show, people are going to come out of the show and talk about how rates are going higher, but the bottom line is this is the best auction in 16 years and

the concern that this is a major distraction like dennis gartman said last night, and that clients are not actively trading. and i think that is not right. >> i hear you. but back to reality, which is that stocks were in trouble before this goldman news. i mean, we were ringing the bell on a number of stocks. the reality is this market is exhausted. the earnings are fantastic. there's no reason to run for cover. there's reason to take chips off the table. we're all traders. this is what you do. but again, 80% of the s&p is beating. this is better than the fourth quarter. these numbers are beating on the top line and the bottom. the market's -- >> but what you're seeing is shifting. people are taking money off the table and they're shifting to somewhere else. they're shifting out of the financials. even goldman sachs the following day after their earnings that stock was 167. 2 was up $7 and then it pulled back after that. jpmorgan. all these financials. i think people want to get out of knows only because of the performance. >> even the best trade for the last six weeks. so why wouldn't

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. >> dennis gartman, thank you. >> the hedge fund community is very predatory, as you know.if they catch whiff mr. paulson is liquidating any of his gold positions, they'll absolutely run him up. just a thought. i don't think gold's performance today is that inspiring. see how it closes today. >>. >>> let us now move on. the market's one bright spot, a lot of restaurant stocks are higher along with a lot of the retailers. karen, what do you make of this? there is a lot of interesting data points but nothing necessarily that would say, you know what? 2% higher in jcpenney or 2% higher on some of the other names out there. >> i don't know if it is just rotation out some of the names. the medical device space getting hit hard today. maybe that has investors turning to consumer stocks. but across the board, restaurant space is amazing to me. just just mcdonald's. they put up very good earnings but cheesecake which we talked about. it was a bad trade, been up a lot higher since then. they all seem to be levitating. cake reports tonight. i wouldn't be shocked if they can -- the ex