dennis gartman pointed it out well on monday, saying "i was short and now i am going along because i don't know what to do." people seem to be buying the index like the s&p and nasdaq and selling calls against it and buying puts against it. essentially, the way that is reflected in the markets is that puts are getting really expensive. options market makers again throwing their hands of any air. -- throwing their hands up in the air. >> if you take a look at the vix, lower lows and lower highs. if you look at the 10 year yields, also drifting lower, currently below 2.5%, how much of an interplay is there between the low yields we are seeing in treasuries and the asset classes including stocks and derivatives? >> that, again, is a reflection of confidence.

joining us now is dennis gartman, the editor of the gartman letter. dennis, what do you see in that chart? >> well, i think what you've seen is a divergence between the various indices. it reminds me so much of what happened back in 1972. i'm probably the only guy other than dougie cass who can remember in 1972 and was in the business back then, but back then you had the nifty 50, back then huh the dow making new highs while the underlying market, the broad market was basically coming apart. and i see the same thing happening here as the dow -- as the narrower indices make new highs but yet the russell, the nasdaq seem to be showing signs of weakness. a little disconcerting to me. i'm not sure things are going it come apart as they did in '72 to '74, but it has caused me to say look, i'm still long of coal, i'm still long of aluminum, i'm long of basic materials. but at the same time i wanted to get hedged, i wanted to go back to market neutrality. and everybody's heard me say that on tv before. but i think in a bull market there's only three positions

. >> we have dennis gartman come on later. i saw him earlier. he's looking for -- he's going to take the other side, i think. of course he switches pretty quick. this was monday. >> that's what makes a mark. >> the ever bullish -- >> he is not ever bullish. >> that's what it said. >> can i put you in a box, the ever shopping? >> no, no. >> i left a macy's thing for you. you immediately noticed this thing. >> it was in front of my little spot. like a clue that i needed a new outfit or something. you were jonesing for it. >> i just opened that, andrew. wow! there's underwear sale. you'd look good in those. tell terry, terry lundgren. >> we have the weekly mortgage application numbers coming direct from the source, the head of the mortgage bankers association will be joining us with the breaking news in just a few minutes. "squawk box" will be right back. cars are driven by people. they're why we innovate. they're who we protect. they're why we make life less complicated. it's about people. we are volvo of sweden. >>> welcome back, everybody. we've

dennis gartman has been publishing his daily commentary of the gartman letter since one thousand nine hundred seven now gartman is an expert in commodities and capital markets and is had a wide range of experiences in foreign exchange markets the cotton industry and in futures now over the years he has also weighed in on issues relating to capital markets for banks u.s. government entities and the financial media today denis is speaking with us about the u.s. matter of qana me the federal reserve and global markets so first and foremost dennis a welcome to the show i'm thrilled to have you here as always we're glad you made it and we had a little trouble there. a little traffic but scraping the bottom of the barrel and there i was you found me once again so thanks for having me on far from i know dennis i want to dive right in your letter this morning you wrote that the world is so focused on the situation in ukraine that it's completely overlooking the better than expected employment situation report from friday now why do you think that is . well first of all the political circumsta

we are talking to the commodities king himself, dennis gartman, with a correction to his correction.to miss it. a mea culpa of futures. 1:00 p.m. >> see you in a bit. >>> still ahead right here, a feeding frenzy weeks after announcing a plan to buy pinnacle, hill shire brands finds itself as a takeover target. how do shareholders feel about today's news? we'll ask one of the biggest. >>> next, the gam co-chairman and ceo mario joins us live on "the half." talking media as well. there he is. we're back after this. ♪ [ girl ] my mom, she makes underwater fans that are powered by the moon. ♪ she can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. ♪ my mom works at ge. ♪ my mom works at ge. >>> welcome back to the "halftime" show. looking at general electric ceo, speaking before the french parliament as ge competes with siemens over the energy assets of allstock market. those companies going toe to toe. jeffrey immelt as that company trying to woo legislators about its interesting in alstom. they will meet

we have dennis gartman, who has an interesting take on where he thinks the dollar is going next. >> thank, jackie. >>> what stocks could take a plunge in the bubble bath? our traders weigh in on the names that could be ready to burst. that and much more -- what names will be in those bubbles on the wall? ♪ tiny bubbles ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim from td ameritrade. >>> welcome back. we are on bubble watch today, on "the half. "one stock on the move around this theme is athena health. dominic chu has the details for why it is moving and moving sharply. dom, what's going on here? >> near-session lows right now, a tough day for athena health, down double digits, 13.5%. the stock is getting whacked after david einhorn of greenlight capital, in a presentation as you know, at a conference yesterday, after the bell said investors had vastly overv

. >> though at the same time, dennis gartman, if this is the relief rally with regard to what's happening in russia an ukraine, certainly not much of one. >> not much of one at all. it is very discouraging to me, the fact that we tried to rally this morning and we failed very badly today, i would say predicated upon what's happened to the euro. the euro had an unbelievable trading session this morning for very few minutes after draghi began to talk. we traded very close to 140. within 15 minutes there afterwe traded at 1.39 given. now we're 1.3850. that's an outside reversal as technicians would look at it. couple that with the fact that the market has been, as i've said, bifurcated. we've seen blue chips strong and underlying market weak. this is not a healthy circumstance prevailing here. >> one thing about the euro before we move on. isn't this what the european central bank wanted because they've had some board members talking about how maybe $1.40 is too strong. this is frankly without mario draghi having to do anything. is this for the right reasons or the wrong reasons here? is the

. >> dennis gartman, thank you. >> thanks for having me. always fun to be here. >>> make sure to join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." david faber is in washington, where he will interview liberty media's greg maffei in a few moments. the dow coming off of that three-week low, retail leading the charge once again. tiffany, target, lowe's, another gm recall. the ten-year yield around 2.54. yellen speaks this morning but is unlikely to take questions. she gives the commencement address at nyu. europe in pretty good shape. blockbuster retail sales in the uk, strongest in a decade. we begin with retail, moving the markets. luxury outperforming again as tiffany and burberry top estimates. target slashes its forecast. the good news, sales were not the disaster that some were expecting. bulls hate it, bears hate it, a pull-back in the market. it's a great market if you have a bit longer than half an hour to invest. plus break out the shopping list. google revealing