dennis gartman. copper/china? is that where you're going?in other words, i wouldn't be going short copper. it's been trading around 3.30 a pound for the last two years. the talk this morning they're coming in, tightening lending standards. the real estate market down year-over-year, but prices up 9% year-over-year. my point, i would not be running scared of china, at least in the copper market where ultimately i look at the u.s. housing market as a major driver. still in deficit. and this is not a place i think you're getting short. i don't think china is going to help any of these commodity standards and that's where you have to be worried. >> you had been in the trade, hit it before it hit the five-year high. and now what? >> i'm with dennis. it's a professional's game beyond my pay grade. it was up 6% at 6:00 this morning and then down 11%. that's a crazy place to trade. >> all right. oil-drilling stocks soaring today. some predicting a bigger move. scott, what did you see? >> that's right, melissa, chesapeake put the entire space, the oi

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dennis gartman of the gartman letter. dennis is not seeing panic yet. that goes to your point about come pl complacency in the market. >> if you're trading, you should never be panicked. it should be opportune. investors sit around and have been rewarded handily. you have to have a good look at the market and say, is this a time where i pull the rip cord and re-evaluate? you can get back in. we'll see what happens if we trade down to 1725, if we hold or bounce. dennis says 1475. i'll go one further. i think you could push down to 1425 if the technicals start to break down, which was the low we made last year at day one of 2013. >> initially, you're saying 1725, as a base. >> that's -- if you go back and look september 19th, i think it was the day, we stopped out 1725. we traded down to 1650. past resistance becomes support. >> that would be a base, not a bouillabaisse. >> and you would look at 1700. >> roughly 1700. that's your 200-day moving average, if you take a regression channel all the way back to 2012. that would be a two-standard devuation move.

this sell-off, dennis gartman is talking about a 15% potential correction. what do you think? >> i think we're in a environment where we've got through considerable volatility. you could do a google search and say volatility is going to pick up in 2014 and guess what? volatility is -- >> this is lower, isn't it? >> the structural reality of the whole zero interest rate federal reserve intervention had meant that we're in a very low environment for a considerable period of time. the big shift is that people are now beginning to look at the fact thrather than just holding all my exposure in risk assets or riskier assets, i can say actually now the trashry market isn't terrible. people are beginning to use treasuries and more than risk hedge and equities, global equities, more than the return geared growth opportunity. and against that backdrop, the momentum of last year have run out of steam and started to reverse, all at the same time. but the news flow hasn't region changed. so what we're seeing, this is about people repositioning for 2014. treasuries, equities, i don't have t

even dennis gartman more positive on gold. here's the question. what happened? let's bring in mark keisel, j.j. kinehan. january 30th we were getting crushed. terrible january, worst in forever. now things are great, two weeks later. what happened? >> i think what's happening is that people have realized the emerging markets is slowing but what that means is that as their economies slow you will have low inflation, a fed that's going to be on permahold and we saw this morning from yellen's testimony, she's in no rush to raise rates. that means basically risk-friendly for equities. >> we didn't expect janet yellen to come in and raise rates. she was uber-dovish. i'm sorry, i can't accept that the market is surprised at janet yellen not slowing the taper or raising rates. >> yeah. if you look at the u.s. economy, though, it has been healing. this has been a process and brian, you and i have talked about the housing market. there's a lot of sectors out there doing quite well. companies are raising prices. you've got growth in the united states. within markets globa

emerging market turmoil in both the ukraine and venezuela, dennis gartman will bring you his top threecord high in today's

for more on what to expect in tomorrow's jobs report, let's bring in dennis gartman and greg epps.ur take here? where do you think the whisper number is right now? i thi >> i think the whisper number is lower than 180. if i thought it was going to miss, i think it would miss on the downside. the reason is we've had a couple of -- it's not just been december with a lot of misses on things like durable goods and home sales. those misses have continued into january with automobile sales. if you look at the manufacturing ism index earlier this week, big drop in the new quarters component. that cannot really be explained by weather. i think that what we're seeing here is partly weather, but i think it's more that we were sustaining a pace of growth in the second half of last year. that is not possible to be continued for another year or two. it's just not that kind of recovery. people still have it in their head that 200,000 jobs is the trend rate of this recovery. that's too high. it's lower than that. >> dennis, how are you trading this jobs market? are people crazy to buy high today?

also just got a note from dennis gartman to check out gold which is sharply higher after the adp report bitcoin go up, too? >> i don't agree that this was such a bad number. and i'll tell you why. several of the numbers we've had recently have missed by several standard deviations. this one missed, but it's within a tolerance. missing by 12,000 on a base of 189, and you're trying to count 136 million jobs. >> right, not a big miss. >> not like having at 56, ends up at 51, that's a big miss. this was within tolerance. >> on trend was your phrase. >> on trend. and that was my phrase. i don't know, maybe the market is looking to sell off, but i don't see this as guessing the economy as weak. >> take that to the bank. >> i don't know about that. >>> when we come back, pockets of opportunities. are there stocks out there that are worth a second look right now despite the recent market volatility? we'll get names to watch from a tech investor, paul meeks is going to come up on the program when we return. >>> but first, take a look at gold which sara was just talking about. we're back in a mom