first up, dennis gartman and we have ed bartowski. i want to go to my pal dennis gartman. you know better than i do, there's never a perfect scenario. when you think everything is perfect, it's not perfect. i wanted to ask you as you see the world, where's the fly in this ointment going to come from? >> well, i guess, larry, the fly in the ointment, though i'm not convinced there is one is rates are going to be rising eventually and that will be d t detrimental to bond prices. you and i can remember trading the long bond at 15 yield and i think what you have is the market wants to go higher, it is going higher, the fed is go to eventually stop the aggressive accommodation and i think the economy is doing better than people want to think it's doing, better than much of the data tells us it's doing. stocks want to go higher. i've been bullish around the world and really smart guys keep trying to sell it short and it just blows up in their face. >> that's true. ed, i want to get new here. i don't think you're quite as optimistic. a lot of issues here. how good is the economy?

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dennis gartman of the gartman letter joins us with his view on what is happening now and of course theader market. good to talk to you. >> always good to be talked to. >> where do we go from her? if we're at 1400 is there momentum left or is this the short term burst that's about to run out of steam? >> i don't think it's about to run out of steam. i predicate every conversation concerning gold with the fact that i'm not a gold bug. i'm not a believer in gold but it is a bull market in gold. there is enough political confusion to continue to put a bid into the gold market. it's strong in yen terms, in euro terms. gold is strong in sterling terms and it's even strong in dollar terms. it is a bull market. it's still going higher, wants to move, i think, a great good deal higher. there was a seller in dollar terms at 1380. he was satisfied. there was a seller again obviously at 1400. they were satisfied today. i'm not sure where the next seller is going to show up but i suspect a seller at 1450, at 1425 and i suspect we're go through and satisfy the sellers. >> what is the biggest catalys

many of you may have made the mistakes as dennis gartman has. >>> later on, who will buy blackberry? there is pause on the street lenovo should. we will speak with lenovo's president gary smith. we'll be right back. a big initiative on "the closing bell." with axiron, the only underarm low t treatment. axiron can restore t levels to normal . or anyone younger than 18 or men with prostate or breast cancer. women, especially those who are or who may become pregnant and children should avoid contact where axiron is applied as unexpected signs of puberty in children or changes in body hair or increased acne in women may occur. report these symptoms to your doctor. tell your doctor about all medical conditions and medications. serious side effects could include increased risk of prostate cancer; worsening prostate symptoms; decreased sperm count; ankle, feet or body swelling; enlarged or painful breasts; problems breathing while sleeping; and blood clots in the legs. common side effects include skin redness or irritation where applied, increased red blood cell count, headache, diarrhea, v

challenge the present. >>> gold hitting a three-month high, calling on the squawk news line is dennis gartmanof the gartman letter g. to talk to you. >> good to talk to you. how are you. >> i'm good, thanks. what do we do with this rally in gold? >> clearly the syrian circumstances has made the bid a little more aggressive than it might have been. otherwise, and this is probably one of those times when one takes a look at which countries or which arenas have the greatest amount to lose and it's clearly going to be europe. europe is the one facing the greater shortage of crude oil, going to be faced with the inability to get oil out of the middle east at the same rate in the past and it is predicated upon syria, given that, to own gold in you'rio terms, gold is under -- is being bid higher, buy gold and sell euros, probably the bet are trade at this moment. >> you are playing equity markets too. you put out your note the other day saying you were buying japan equities at the end of the week you would look at buying u.s. equities. >> i would have, that was before the situations in syria advance

founder of the gartman letter, now here to talk mark pepts good to see you, dennis with be thanks forg us. >> good to see you. and thanks for having me on after richard fisher. and richard should be the next fed chairman. what a brilliant guy, understanding of the economy, ex hedge fund manager. what an interview. >> thank you very much. . he's terrific. let me ask you about your position change. you were all in, bullish on the market. now you want the side lines, why the change? >> we had a great rally. up almost 9%. now i look at things in global terms. i bought u.s. shares. i but japanese shares. i bought european shares. i did it via the futures market. you add had a huge rally. i took half of it off. then the other day, i took the other half off. this is still a bull market. one can only be very long or reasonably long or neutral. i'm neutral for a while. i'll come back it being bullish again on either weakness or the market going side ways. when i do -- i'm a simple guy. i just went to north carolina state. i'm not as sophisticated as harvard folk. i just buy sim will things. i

. >>> then, he's been a big bull, so why is dennis gartman singing a different tune today about where stocks may be headed? we'll ask him, still to come on "the closing bell." >>> check out the online edition of talking numbers. tdd#: . . >> welcome back. the market down the dow. two bellwhethers sending jitters to the markets about what they say is to come. walmart and cisco citeing if economy in the guidance. cisco is cutting 4,000 jobs. >> so the question we ask, are these outlooks an accurate look ahead, is there anyway the fed starts tapering next month? we don't think so. if walmart and cisco have it right. with us is katherine mann professor and chris thornburg, economist and principal we have began economics. katherine, are cisco and wal-mart individual stories are they indicative of a bigger trend, do you think? >> well, i think cisco and wal-mart are indicative of a bigger trend. we seen in the trade data a couple quarters now, slow response on the export side, meaning the growth picture isn't good, slow imparts of consumer goods. so that points to a slower u.s. economy part

let's ask the commodity king, himself, the one and only dennis gartman. you. >> mel, always good to see you. >> if you had to choose between the two, which would it be, gold or the miners? >> if you asked me that question a year ago, i would say without equivocation, avoid the gold. it's interesting, however, in the lost several weeks, actually the last several months, the miners have begun finally to do better on their own, own the days when gold, itself, goes up and to hold on days when gold goes down. so now if you asked me what would i do to own gold and i like to own gold, i'll buy gld. for the first time in a long time i'll be gdx the miners' index. meaners are outbuying gold itself. it's an unusual circumstance. >> there are a lot of concern the miners need to do a lot in terms of capex and right sizing their cost structure in the declining gold price. do you think that risk is off the table now that we've heard miners like new press and gold corps say, you know what, we are cutting back. >> no, i don't think that that threat is off the table. i ho

dennis gartman has been very bullish recently, but you may be surprised at what he has to say today.lso we'll hear from somebody who says you should follow warren buffett's lead and load up on shares. we have nordstrom coming your way on the hour of "closing bell." we'll see you at the top of the hour. stay tuned. right now, 7 years of music is being streamed. a quarter million tweeters are tweeting. and 900 million dollars are changing hands online. that's why hp built a new kind of server. one that's 80% smaller. uses 89% less energy. and costs 77% less. it's called hp moonshot. and it's giving the internet the room it needs to grow. this&is gonna be big. hp moonshot. it's time to build a better enterprise. together. a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ so you want to drive more safely? of smart. if you don't have

. >> can we give a shout out to dennis gartman because i believe he called the bottom in gold about six to seven weeks. d. gart. >> moving from the lower left to the upper right. >> he's always happy about my hokies doing well. dennis, if you're out there, good call. >>> up next, morgan stanley's chief u.s. economist vince reinhardt will join us live from jackson hole. does he believe the taper will be on? when? it's the burning questions and they're coming up after the break. >>> much more on steve ballmer's announced retirement. just how well did he fare while at the helm. is he getting kind of a raw deal by the media? we're back after this. ♪ make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you start using active trader pro today. >>> off microsoft for just a bit to talk about, what else? the fed. because we're all wondering whether or not there will be a taper, a reduction in bond buying, in september or not. that is really the question that everybody has been asking for a wh

. >>> plus, dennis gartman will talk oil and money.ere he's putting his money. >>> later, bank of america's president brian oracle, find out what was said and what buffet's stake in the company is worth now. >>> welcome back to "squawk box" this morning. in the headlines, the fed in focus as we begin a new week on wall street. the economical lender virtually blank today and tomorrow, but on wednesday investors will get a look at the minutes of the most recent fomc meeting. this as treasury yields sit at a three-year high in anticipation the fed will begin that taper bond buying program after its september meeting. by the way, you've been saying the chaps of that, he now says are less than 50-50, i think. before he was much higher. we'll talk to him a little bit later. >>> also, the rise in u.s. treasury yields having an impact in india this morning where the ruppe has hit a record number. that has been the worst performer in asia over the last six months as money flows out of india and the other markets. >> it's described as a crush in