joining us is dennis gartman, the editor of the gartman letter. ys good to see you. >> always good to be seen. >> we've heard about the scarcity issue, that there may not be enough sovereign bonds out there for the ecb. what do you think is next on their list in terms of assets to buy? because that in my mind would be the next leg of this trade for investors. >> mel, they will deny it all the way through, but i don't think they have any choice. there simply are not enough sovereign bonds for them to buy to accomplish the task that is ahead of them. and like the bank of japan, who denied it to begin with, but ended up having no choice, the bank of japan ended up buying corporate debt. the bank of japan ended up buying exchange traded funds. i think before this is done, the ecb, although they will deny it all the way along will end up doing exactly the same thing. i think this is enormously supportive of the equities market in europe. i think it is enormously depressive of the euro over time. i think you want to continuously be short of the euro, sel

let's br i think in dennis gartman who's be with us through this crude slide. i know you're expecting more downside. is the deal or no deal mean for the energy market with iran? >> you know, i think ultimately after we have kicked the can again and we are kicking the can this afternoon. we're going to kick it tomorrow. we're probably going to kick it for a couple more days. they'll come to some solution. iran wants an immediate end to the sanctions. they're not going to get that. they'll get some sort of end to the sanctions. obviously what that means and the crude oil market understands it is that a lot of new crude is going to be coming from the global market. the saudis are clearly not going to like this because that is their most sincere enemy. the saudis made it clear they intend to maintain market share. if there's more oil coming, they are going to front them as quickly as they can. i think $43, $42 on wti may well be a low. but i wouldn't be surprised if you get a lot more pressure on the front of crude oil futures as the storage facilities around the u

let's get a look at the commodity complex with dennis gartman. nnis? >> well it would appear that the crude oil market has probably bottomed. when i was on "fast money" earlier this week they asked me that question. i said you know it does look like it has done exactly that. because the term structure, the manner in which the front months relative to the back months in crude oil had begun to change materially. forced me to say the bottom has probably been seen. i would hesitate saying the dollar has seen its best levels but the euro has seen its worst. but it doesn't appear crude oil has done that yet. >> i would say dollar and crude are related too. you're only willing to look at it one at a too im? >> yeah. i'm on willing to look at it one at a time. otherwise everything else being equal which is every economist's out, all things being equal a weak dollar begets stronger commodity prices. so yes, if crude oil has seen its lows the odds are better that the dollar has seen its highs. but i'm not quite willing to make that statement yet. >> so pret

thank you, dennis gartman. the check is in the mail. you can donate it to n.c. state. let's get started with the excitement in the markets. europe is in full alert to the ramifications of draghi qe. yields climbed -- grind ever lower. cautious on economic growth. suggesting what we are witnessing is original and decidedly not in the textbooks. for draghi and yellen, this is original territory. >> there is no textbook basis for what the fed has been doing since 2008 but when you have such low interest rates and the economies in the price is low we go from the 1930's, monetary policy doesn't work. tom: outlast that with scathing comments on the fed that they're trying to do too much and can't get it done. you agree and do you reaffirm a cautious view and the idea that yields can drive ever lower even in the united states? >> i am looking for. i've said the 10-year is headed toward 1.50 acting today we're back. i think we have a way to go before you hit 1.50. i think if yields are headed lower because of the global economy is very weak -- tom: you mentioned deutsche bank

. >> dennis gartman. guy, what do you think? we've seen the bottom in oil? >> i don't think so yet. i think the fed did a great job of jawboning the dollar from the upside. they succeeded. now the dollar/euro is about 1.10-ish. so i think they stopped things but they slowed things down. i don't think they stopped things. yes, dennis is probably right. i saw the technicals he did, but once the dollar starts back on the run higher than i think it will, i think crude goes back down. >> i think dennis is right on. it's all about the fundamentals. this dollar can move. it's probably a two-month event. if you can tolerate it, i think the dollar will back track and oil will do the same. >> and you're still long commodities overall? >> still long commodities. i agree with grasso where people start making bets that the run is over. commodities should go higher. >> give me equity plays. >> in the short-term, conoco phillips. we have not seen a lot of these names pop up in our systems. we had a lot of the airlines trade. now today suddenly out of nowhere we see some conoco phillips buying out

dennis gartman, thank you. stephen schork. brian will stay with us. special market sell-off coverage plus a new report showing how much index funds have been outperforming active managers. if you believe the selling will continue are active managers where you have the edge? every investor needs to hear this. it's coming up on "the closing bell." stay tuned. it's one of the most amazing things we build and it doesn't even fly. we build it in classrooms and exhibit halls, mentoring tomorrow's innovators. we build it raising roofs, preserving habitats and serving america's veterans. every day, thousands of boeing volunteers help make their communities the best they can be. building something better for all of us. >>> we're joined by bob pisani rick santelli bertha coombs and kenny polcari swapping in here at post 9. jared bernstein, our thanks to him. let's begin with the market sell-off here and, bob, what you think is behind this. >> the concern and this is for next week now is that we get the triple whammy. so we get, number one, dollar strength euro

dennis gartman, a very bold call on crude oil. you don't want to miss it. >> i don't. absolutely.l be watching. thank you. >>> let's stick with the bond market. "the wall street journal" suggesting plunging trading volumes are putting the bond market at risk for a big disruption. is there a ticking time bomb in the bond market due to the lack of lickty? let's talk to michael, the ceo of itb connect bond trading platform. i've been hearing complaints from a lot of traders, bank of international settlements additionally the bank of england, everybody's been warning about lack of liquidity in the corporate bond market. how bad is it? >> i would say that it is certainly something that is on the radar screens of every market participant, but in terms of, you know, it's -- is it bad right now? i would say that really there is really more of an expectation for there to be a real liquidity problem down the road. over the past since 2001, the core bond market has essentially doubled in size. meanwhile the trading volume has not been able to keep up mostly due to market infrastructure reaso

dennis do you want a quick last word? >> rick you have been wrong. it's been a bull market it continues to be a bull market. >> i never said that mr. gartman. i said why it's going up. so it doesn't matter that the fundamentals don't match, in your opinion? not at all? >> go ahead, dennis. >> 2.2 2014 gdp, down retail sales up. >> of course we'd rather see gdp at 3.5%. of course we would. but we're certainly better off having negative gdp growth better than europe is at this point. >> right. exactly. so why are rates at zero? why are rates at zero if we're so much better off? >> i understand that. quit fighting. >> why raise them? >> one of the other things to quickly think about -- >> very quickly chris. >> very quickly. this stops when we get an inverted curve when the profit cycle is completely over we get high oil prices again. outside of that it should continue to including along. >> all right. correct. well, we've had quite an exchange. i love it when smart people come together and can't agree. we didn't reach a conclusion that's for sure. but we must conclude at this point. thank you, folks. >> appreciate it. >> with the dow down a li

with us, dennis gartman of the gartman letter and jeff cox who was in that lock up at the fed for today'sent. welcome to you both. dennis a pleasant surprise to have you down here at post 9. even more of a surprise are some of the moves in the currency market though. what do you think about the u.s. dollar and the pop in the euro today? >> it is amazing to me. i have been changing foreign exchange for 45 years and other than the plaza court, other than the weekend after the plaza court, i cannot really acall a day when we saw that many big figures go flying by. i looked at my screen and saw 109 now you hear it was trading 1.10 that was astoun initialling. i put if we got to 1.0875 i would probably start thinking about selling the euro again. this is astorn initialling. >> jeff cox, your' reaction? >> it doesn't seem like a market that's pricing in a central bank hiking rates in three months. there was some reaction after the meeting was over that the fed opened the door to a possible june rate hike. i think you have to look at this as incredibly dovish. i think they ruled out april but i

. >> this is dennis gartman's favorite trade. >> absolutely. >> good stuff. good to see you.hanks for joining us today. >> thanks. >>> time for a cnbc news update. sue herera, what do the headlines look like this hour? >> i'm going to tell you. a new case of ebola has been diagnosed in liberia. it had been two weeks since the last case was reported in that country. officials there were hoping to soon be declared ebola-free. the new patient is reportedly female and at a treatment center center. >>> atlanta federal reserve president dennis lockhart says he expects the u.s. central bank to raise interest rates at its june, july or september policy meetings. lockhart made the remarks in a speech at the university of georgia law school. lockhart also said the economy is giving some mixed signals with signs of strength and also signs of weakness. >>> and what a treat for millions in the uk. it is being touted as the best solar eclipse in years. darkness fell from the north atlantic to the arctic and ending at the north pole as the moon came between us and the sun. the next big ecli