latest jobs report in june and to get an expert perspective on the issue i'm joined today by dennis gartman publisher of the gartman letter so first and foremost dennis thank you and welcome back to the show but you know the u.s. economy seems to be picking up steam and last week we saw that job growth averaged two hundred seventy two thousand per month last quarter and private payrolls three month average of two hundred twenty five thousand jobs is near post crisis highs so here's the question are you upbeat on the u.s. economy. yes i am i'm actually reasonably upbeat on the economy it's not just jobs that i pay attention to i pay attention to what's going through our various sports here in the united states i pay very good attention to what's going on with tax revenues there are many things that i have learned to count upon but but i know this people don't pay taxes on profits they think they're going to make they don't pay taxes on jobs they hope they're going to have they don't pay taxes on money they think they might get people pay taxes on profits that are made hours that are worked a

we're having you on as always we love your insight that was dennis gartman a publisher of the gartman letter. time now for a very quick break but stick around because when we return the publisher of the so laurie report topper in austin fitts is on the program and she is discussing the recent supreme court ruling on area which t.v. and in today's big deal edward harrison and i are discussing how soccer player homicide because the eighty million euro price tag serves as a warning to us all now before we go to break here are a look at some of your close numbers at the bell come on back with us. for the. a. very hard to take a. look. at that are back with the earthquake there. please. please. please. please. the. i know c.n.n. the m s n b c news have taken some not slightly but the fact is i admire their commitment to cover all sides of the story just in case one of them happens to be accurate. that was funny but it's close and for the truth and might think. i'm ok it's because when full attention and the mainstream media works side by side the joke is actually on here. ok. and our teen

let's bring in dennis gartman, the editor of the "gartman letter" live from virginia beach.s good to see you. >>uless good to be seen, ma'am. >> so you are on the sidelines now, as of today, why? >> i'm on the sidelines. i'm neutral. i'm long a lot of alcoa. i will take it into the earnings. i am long on apple. i am sitting tight. i have calls against them. i have derivatives to bring that net position back to almost net neutrality. i am long only a co a and apple. it is still a bull market. there are times it's weiser to be moderate in one's approach. i think this is that time. i don't think we will get much of a correction. this is called "fast money". >> that means sometimes we're long, statement we're really long. sometimes year net neutral this is that time to be net neutral. i have been bullish the past several weeks. mid-week last week i started to say, you know what, it's time to be less long. it's in my own account. i'm comfortable with that position. >> what is this? is this a valuation call? some are concerned if you look goldman pushed their forward, so what is t

dennis gartman, what does the el pollo indicator tell you about the markets? >> it remind me so much of what happens in the late '90s and early part of this century. you had goofy names. they make a great product. they price their ipo at a great price so that the public could make some money in it. let give them some congratulations. but a lot of the market depends upon psychology and this just reminds me so much of the furor, the frenzy, the excitement that prevailed in the late 1990s in the early part of this century. be careful. you are up 60% in the course of a couple of days. it is reminiscent of the heyday of the early part of the century, i would as warren christopher utesed to say as the secretary of state, i urge caution. >> yet, dennis, to your point, i think the timing was unbelievable. it came on the heels of chipotle's quarter. >> that stock is making all time highs now, it seems like i can't speak to the valuation of loco. >> it's loco. >> it's crazy, but it seems like the space works. >> you talk about jack in the box for a long time. cmg is on

dennis gartman, it's good to see you. this was a new high for this hot ipo. so what does the mean for the markets at this point, dennis? >> well, the only reason i brought up el pollo loco, it seemed so highly reminiscent of the types of names. it's a great company. it is doing well. i want to say nothing bad about el pollo loco. what i want to say is the fame is rim says e necessary sent of the psychology in 2000. we had so many ipos with all sorts of strange fames the public has been enamored of these things. aspy good friend says, risk happens fast. risk has happened very quickly. the numbers that i've heard bantered about i think are very good. we will see the s&p make its way down probably close to 1860. 1875 or so. that will simply take us back to major trend lines. i see nothing wrong, the bull market hasn't ended but a good solid bear market predicated upon i think stronger economic environments, which means we're using capital that had gone in the stocks, maybe going into plant equipment and as dough just said into inventory is the reason for today's

let's bring in dennis gartman. great to have you with us.biggest drop of 2014 makes a nice headline, but this, of course, is after the biggest weekly gain since 2011. how are you trading gold at this point? >> well, first of all, i would never call gold a safety trade. it is anything other than the safety trade. it is a -- it can be a very dangerous trade. and today it was. i think gold was catching up with the fact that corn prices have fallen $1.50 from their highs, crude prices are down $8 a barrel in the last several weeks. that livestock prices are starting to come off, the cotton prices have fallen, the commodity prices are generally coming down and gold was still rallying, giving strength in the stock market and there was a reason for gold to come down. the gold bugs are going to say it was government intervention because there was basically two large onslaughts of selling that hit four hours differently today. and the gold bugs will say that today. but i think catching one the fact that other commodity prices have been under extreme

joining us now, cnbc senior contributor larry kudlow and dennis gartman of the gartman letter. both. dennis, is art cashin right? >> first of all, i had the great pleasure of marinating a few ice cubes last week with art. and yes, art is right. the world is concerned that prosperity may break out. i think prosperity is, in fact, breaking out. port activity is up and that's a very good barometer of activity. tax receipts are up 7% to 8% on the year. a lot of things i'm looking at tell me the economy is doing nicely, thank you very much, and i think it's going to continue. yes, it is amusing and i think artists spot on, the market is worried that prosperity may break out, that interest rates may go up. they probably shall, but i don't think they're going to be detrimental to the stock market. >> and it's not just this market concern or the chatter of the pros, larry. it's a lot of theory tail public that has this sense of it being a castle built on sand or on air or something. what do you say about these concerns that it's all froth and speculation. do you think people will come

that's what germany's bundesbank is saying to the new york bad we explain coming right up and then dennis gartman is alive on the show today he's giving us his expert perspective on job growth and the future of the u.s. economy and in today's big deal edward harris and i are discussing valuation test bubbles and how soccer player homicide rodriguez's eight hundred million euro price tag serves as a warning to us all out of luck but the warning it all starts right now.

what germany's bundesbank is saying today in new york bad we'll explain coming right up then dennis gartman is a live on the show today he's giving us his expert perspective on job growth and the future of the u.s. economy and in today's big deal edward harrison and i are discussing valuation test bubbles and how soccer player hummus rodriguez's eight million euro price tag serves as a warning to us all what it looks like the wording it all starts right now. our lead story today german gold now recently germany has been actively trying to repatriate its gold which has been stored for safe keeping as foreign banks in new york london and paris however are getting their gold backed.

the key word from dennis gartman now is loom aluminum. >> aluminum. >> keith fitz-gerald, since janet yellen made her comments about the stretched valuations in small caps, the russell 2000's done pretty well and the social media stocks have done pretty well. would you buy them at these levels? we've got facebook coming up tonight and they're usually pretty volatile after the numbers come out. >> that's an interesting question. i'm normally very skeptical of social media. the one i'm watching is ali baba, because that's backed by a lot of real demand and 1.3 billion consumers. u.s. social media, not so much, but i'm very intrigued by what's happening here. i think it's being driven by hope right now and expectation. neither of those come down to earnings and i want to see the earnings. >> steven, i want to go back to the backdrop of the credit boom we were discussing and how this is going to play out in the next couple of months. i think it was credit suisse who while being under pressure in some parts of its business lately was saying it sees structured finance, leveraged loans as a

>>> also ahead, wall street veteran dennis gartman saying he's making money today. we wanted to know what he's investing in, and he'll reveal all of that, just ahead. >> yeah, i'll have what he's having. later, diana olick has a special report on why suddenly people cannot afford homes and how that may be dragging the economy and the market lower. stay tuned. ♪ ♪ in india we have 400 million people who don't have electricity and i just figured that it's time i do something about it. what we're doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. i think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when it's needed by the consumer. a smarter energy system is made with the ibm cloud. >>> another down day for stocks, a lot worse earlier. what did i see the other day? our research staff said that july so far had been one of the most volatile months we've seen in quite a long time. when you think about it -

we talked to peter schiff, dennis gartman, interesting comments on gold., back to you. >> jackie, a lot of people still talking about what those three wise men had to say yesterday. >>> quick programming note. we're half way through competition for trader of the year. it's time for a "half time huddle" tomorrow. all eight face-to-face right here in the house. making new trades, trying to shake up the leader board. will anybody catch joe? things are tight at the top. don't miss our special show. tomorrow. the playbook playoffs, "halftime huddle" ed addition. noon eastern here on cnbc. >>> coming up, a bullish bet on whole foods dpp he hold on too long? >>> and future of gaming. why the best bets may actually be in the games themselves, and not the consols. that's next. ♪ when the world moves, futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with paper money to test-drive the market. all on thinkorswim from td ameritrade. smoking with chantix. for 33 years i chose to keep smoking... ...because it

three of favorite guests, mark faber himself, peter schiff and dennis gartman. a special "futures now" calling it "boom or bubble." see you there at 1:00 p.m. eastern. >> that is is a good one. looking forward to that. top of the hour. jackie, thanks aim. >>> is now the time to buy? the question. we'll debate it next. >>> remember, you can weigh in on that discussion in realtime at cnbc.com/vote. >>> then germany versus brazil. you may be thinking world cup. we are thinking investment opportunities, though. the traders facing off over those two countries. more "halftime" up just after this break. >>> rauf day for well-known tech high flyers today. getting hit hard. yelp, twitter, linkedin, that's the story for many of those stocks today. is this a drop worth buying? what we want to know? debate it. logon to cnbc.com/vote. pete takes bull case. joe the bear. buck 30 on the clock. make your case, as people vote now. >> making the case for two of the names. some i can't look it. too toxic. if i look at twitter, looked at linked in in, those are names that as you lo

i raised that question with dennis gartman last hour about oil and gold.ll bid today on a day of plenty of news that could otherwise be supportive of it. >> but you bring it back to the fed and people are concerned. the bond market, the three-year highs on yields. i think you have to believe that the fed -- i mean, let's wait until jackson hole to hear what underutilization means by janet yellen. i think people really don't know how quickly the fed's going to run back into the table, but there's a little more descension on the fed board. i would not be scared with the bhps and the alcoas and integrated miners and the industrial metals. i think if we have the kind of growth and the inventory build we saw out of today's gdp, those are trades that still have a valuation argument and i think they've got the global economy behind them. >> are we making too much of this dissent at the fed? just to remind viewers, we've had two dissents this year. the one back in i think march, was to the dovish side of things and now one with plosser more hawkish. >> which is mo

means it's time for our best of the very best segment from this past week now first up we have dennis a gartman of the government letter discussing the latest jobs numbers and white he feels optimistic about the future of the u.s. economy then anthony randolph gives us his take on the b.i.l.'s report and why he disagrees with economist paul krugman believes that policymakers are only looking to the short term and to the detriment of the future of the u.s. economy and professor michael hudson explains the relationship between the housing bubble and the practice of leveraging up a borrowing to buy then economist and author george magnus comes next he's looking at how china can transition from its massive double digit growth to a place of more sustainable development levels then you swap precise discusses the strange phenomenon of capital flows from the emerging markets to developed markets for us to get the other way around and rounding out our best of the week janet young we england talks about the importance of getting retailers to upset and as a way to spread it use enjoy. not just jobs that i

they'll talk with dennis gartman about this market sell-off and much more on tesla's results here. short tesla will be here. did the numbers change minds? we'll find out. >>> also, will tomorrow's july jobs report help the market rebound from today's huge sell-off? we'll get into this a little more on the "closing bell." you are watching cnbc, first in business worldwide. >>> welcome back. we pick up here with our coverage of tesla's earnings report amid this deep market sell-off today. joining us now for more thoughts, craig irwin, buggish on tesla. john thompson, who's shorting the name. craig, first to you. look, i guess tell us what you see from this earnings report and what you see shares doing long term. >> this was a great quarter, deliveries just ahead of guidance. we were a little bit cautious about the furlough impacting the third quarter. that was not as big an ill packet as we thought it would be. what's really exciting in this report is they're saying a delivery run rate for 1,000 vehicles annual by the end of 2015. some of the numbers on the street might be low. >> jo

dennis gartman, editor and publisher of "the gartman letter."wait for the market to tell us what it thinks, what it maybe means. with the safety play, very strong today -- gold, oil, bonds, wheat, all those markets moving higher today. what do you make of the response of the market? what's it telling us? >> i think the response of gold is quite logical. i think the response of crude oil is reasonably logical. i think the response of wheat early on was a little exaggerated and the grain markets actually sold off late in the day. but too many people got excited about the fact that this happened in ukraine and as we all know, ukraine is a huge supplier of wheat to the world. wheat got probably a little exaggerated. what surprises me is the inability or unwillingness of the euro to get weaker. i would have thought that the euro would get demonstrably weaker on this news. gold in euro terms, however, is very strong today and i think that's a telling circumstance. we've got gold back above 975 euros. i think that's important. we've been -- you and i h

. >> dennis, good to see you. den nit gartman of the gartman letter we have seen so many many stocks pull back since the 17ing. take a look at key waves the index is down 8%. is there something you would buy? >> kiwi the index is russia it should be core rated to the mark ro, i don't think the consumer is deteriorateing as rapidly as the macro, they're dollarized the economy in many sense, the lows that we hit in the first run dwoun down, around 2950. i think the stock trades to at least 28 here. i think both are interesting. i would not be running back into it. a couple companies, a big cellular play is up small from where it was prerussia. i say on thursday you need to stayyear clear of russia and germany stays clear on. the latest headlines fresh from the call, ceo reed haftd hasteings, that's next. why herbal life shares some think could fall 20% by the end of this week. stick around, back if two. of the services your vehicle needs. . did you know a ten-second test could help your business avoid hours of delay caused by slow