sanctions will remain in place will be lifted to explore this issue and talk to noted economist dennis gartman gartman is a capital markets expert and the editor and publisher of the garden letter she asked him what he believes europe's next move will be in terms of sanctions and russia here's what he had to say. no i think they'll end up pushing for with more sanctions i think they don't have any choice at this point they've crossed the rubicon as far as sanctions are concerned they're beginning to see that they are having an impact upon moscow and with the collapse in oil prices that's the clearest evidence that that's what's happening i think they'll continue to press forward even more sanctions putin right now has what eighty to eighty five percent public support and that's understandable given what's gone on in ukraine but if again if rosner if that's that has to come to the government for a forty two billion dollar loan to to accommodate itself the other parts of the roof of the russian economy are going to be under very severe strains and the support numbers for mr putin maybe a month o

>> that will be the big question for what it means for earnings and iraq, israel, dennis gartman says there is another geopolitical spot investors should be watching. let's bring in dennis gartman, good to see you, dennis. >> sarah, always good to see you. >> so what is it that we are not focusing on you say also is another risk spot. >> well, it's libya. i think we need to pay attention on water going on in libya. we have a tribal warfare going on there. most of the embassies in libya have been closed. the americans have brought our embassy back home. canadians have closed theirs. almost have been have left. these are old ancient rivalries going on. you have gadhafi in place. it's almost what occurred in yugoslavia, you had tito in place. gadhafi is gone, the tribes are warring with one another after centuries. you have libya, who had been a big contributor now down to less than 200,000 actually at times producing nothing. that's a probable. it doesn't mean it's going to be a serious problem. it's a problem we need to pay attention to. >> i think it relates to your position now. you

that was dennis gartman editor and publisher of the guardian letter for today's big deal. to do today's big deal i am joined by john f. o'donnell of redacted tonight here on our to and we're going to talk about debt first let me run some facts and figures on ferguson by you how's that for a little race that burgess in missouri there are over twenty one thousand residents about eighty two hundred households twenty two percent of which are below the poverty line there they have two points. million dollars in court fees and and twenty four thousand arrests and here's the money quote from alex who's an economics professor at george mason you don't get three hundred twenty one dollars in fees and the rewards per household from a about average crime rate you get numbers like this from. like jaywalking that low level harassment involving traffic stops a court appearance and the threat of jail for failure to pay wow so john it looks like the background story for ferguson is really about a county or a city that is milking its residents like a cash machine i mean first of all it's g

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dennis gartman, good to see you. i know you can't name stocks. you like this sector which is a contrarian view. >> it might not be the ultimate but it might be the penultimate. if you're supposed to buy the straw hats in the fall, if you're supposed to buy things that are out of favor with everybody almost a year ago i started buying aluminum which created laughter amongst most other people and now you see that aluminum shares have been one of the leaders on the s&p for the past ten months. i feel the same way about coal. coal is still going to supply what, 41% of the united states electricity generation, 43% of the world's electricity generation. if you look at that thing and think you are going to expect or get tipped global economic growth, i think you are, one of the cheapest entities has to be coal. yes, some of the coal companies are going to go bankrupt, no question about it. the president has said that he intends to put new coal companies into bankruptcy. the e.p.a. simply has a nuclear weapon out for the coal companies, but the amount of

dennis gartman, last word to you here.ve the issues, these outstanding issues for bank of america? what's the longer-term shareholder read here? >> probably not. probably not. it has been a long and involved saga for bank of america. i think they wish that they had never heard of word countrywide in their life before, and i don't think that this is going to go away any time soon. sadly, that's probably the truth. >> yeah. >> yeah, we'll have to leave it there for now, everybody. a lot of news just in that first block. be sure to stick around and catch tim seymour on "fast money" at 5:00 p.m. with much more on all these news items we just hit. >>> has the president won against big business? walgreen on the road to merge with alliance, but not via the controversial tax inversion route, which would have relocated it to a lower-tax country. the stock being punished today, but ceo not wavering. larry kudlow and the panel coming up on the story. >>> first, though, what's next for the fed and when? atlanta federal reserve preside

listen to what dennis gartman told us earlier. >> the fed is not wanting to raise the short end of the curve for another year anyway. the long end of the curve was probably going to do reasonably better. the positive slope to the curve is something the fed likes to see happen. they would like to talk about inflation to drop the back end of the curve higher and keep a slower curve intact, but let's all be calm and not be panicked at this point. if i turn from being quite bullish of stocks to neutral last week, and i have to tell you, i never thought we would see the market fall several hundred dow points over the course of several days. i got lucky and am turning back to being bullish again. >> joining us is the ceo of pimi pimico, thank you for joining me. a dose of reality that seems short-lived after looking at the market this is morning. what are your thoughts? >> well, we have an environment of liquidity and market sentiment where you clearly feel the liquidity front, particularly with this as much as that rates would rise earlier than we believe in any case with any mutual scenari

it's been this kind of subterfuge. >> we want to bring in dennis gartman for his thoughts as well of e gartman letter to react how investors should play this global unrest. this morning it was clear geopolitical risk off trade. this afternoon things looking a little bit calmer out there. >> i think michelle said it perfectly. we are dealing with a gentleman who was a colonel in kgb. as i've always said, once kgb, always kgb. he's not going to change his demeanor. he had conversations with poroshenko. clearly they fell apart. clearly he has been moving troops and men and materiel in ukraine. he is not going to back down, he's not going to turn back, he's not going to go away. i suspect things are going to get worse, not better. the effect upon us is going to be psychological rather than material. the affect upon europe is going to be very substantive. the europeans have been loathe to increase sanctions but they really have no choice and that cannot be anything but other than ti deleterious to the gernl economy. >> i wonder if the weak markets is because they really don't think there i

hello, dennis gartman. >> a little bird told us. ♪ happy birthday to you >> the beatles already wrotehe song about when i'm 64. they have precedence. >> doing awfully well for whatever age you are, dennis. how do you feel about the market here, dennis? put the fed into perspective along with this rally that, as we said, a couple weeks ago we're feeling like something could be breaking like the correction is going to be starting and here we are, we've gotten it all back, and then some. >> the krek happened a couple of weeks ago. you had a very severe 3.5% or 4% correction, went right down to a tren li trend line. now you are taking all of this news which i think is relatively evil for the market, expectation of tightening monetary policies rather than being deferred, the market has accepted that very well and we're now up 95 points on the day. i think you are having a melt-up instead of a melt-down and i think stock prices still want to go higher. the trend is up and all the smart guys i know keep trying to fade this thing. i've even tried to fade it at times. every time you do it's be

they'll be asking dennis gartman which beaten-down sector he's buying today. don't miss it.the week here with a bang. the market has now gained back most of what it lost in that pullback that began late july. so, should you forget fears of a correction and go full steam ahead for stocks? that's next. >>> also, she's one of the banking industry's biggest critics, and now she's got the ear of president obama and fed vice chair stanley fischer. coming up, stanford professor anat amadi tells us how they should be fixing risks in the financial sector. also, sprint expected to announce new prices. is this a marketing campaign or should verizon and at&t be worried? we will also hear from president obama in a few minutes. keep it here. you're watching cnbc, first in business worldwide. being a keen observer of the world has gotten you far, but what if you could see more of what you wanted to know? with fidelity's new active trader pro investing platform, the information that's important to you is all in one place, so finding more insight is easier. it's your idea powered by active t

christine short of s&p capital iq and our good friend and my fellow virginian, like you, kelly, dennis gartmans right. >> founder of "the gartman letter." christine, yesterday at this hour, byron wien was here, and he quibbled or nitpicked the earnings growth numbers that are coming out. he conceded that they're pretty good, but he said that when you look at eps, you've got to remember that some of that is from financial engineering, largely buybacks. is he being too picky or has he got a point? >> i think there's no denying this has been a great earnings season with over 90% of the companies reporting at this point for second quarter. we're at 10.1% growth. our methodology for calculating growth adjust for share buybacks. so, i would agree on a company-level basis you are seeing a large impact from share buybacks. in fact, of the 370 companies that have full data on share buybacks, i believe about 22% of them have seen an increase in eps of 4% or more via buybacks. so, certainly, that's a big impact. we're also seeing cost cutting, you know, still continuing, and there's certain other factors