let's bring the commodities king himself in, dennis gartman of the gartman letter joins us from virginia beach. dennis, always good to see you. >> always good to be seen, michelle. >> melissa. >> michelle. melissa. >> have another bourbon. >> i need another bourbon. absolutely. >> exactly. all right, dennis. let's cut to the chase here. in terms of gold, more pain ahead. why is that? >> well, the dollar's so strong. it is the overriding fundamental right now that's taking the gold price down and it's likely to continue. i see no reason to think that's going to change anytime soon. i've maintained we're only about in the third inning of maybe a nine-inning ball game, if we want to stretch the metaphor as far as the dollar is concerned. once the dollar gets going it tends to continue for a long period of time. that's weighing on commodities generally. but clearly it's weighing even more specifically upon the gold market. i have not liked gold at all in dollar terms for a long period of time. i do like gold in terms of euros. i do like gold in terms of yen. if i'm going to buy gold i want t

dennis gartman of the gartman letter says there is one group that stands fwoechbt the most from a nuclearl in iran. dennis joins us now from virginia beach. dennis, always good to see you. >> good to be seen. >> what group would that be? what stock group would that snb. >> the ones that seem to have done the best job over the course of the past several months especially as the term structure in the futures markets have gone out to an ever-widening contango at least in the course of the past month and a half, are the tankers. i have no interest in owning container stocks, the companies that ship containers on boats. i have enjoyed and want to continue to enjoy owning the tankers. that seems to me to be the logical place to go. if you take a look at the tanker shares they have been moving from the lower left to the upper right on a consistent basis. and as long as the contango stays out in wti past $4, and we're getting out toward $5, at one time earlier this year the spread was out to as large as $9. but as long as we stay above $4 i think that owning tankers makes sense. i like guy's idea

for more on crude's big deposition let's bring in dennis gartman the editor and publisher of the gartman letter. dennis, great to have you with us. obviously, there are concerns about demand from china as well as europe. but in terms of this potential deal the deadline, if it's not moved, is tomorrow. and that could bring according to morgan stanley between 500,000 and 700,000 barrels onto the market late this year or early 2016. do you think that could happen or would that be the worst case scenario in your view? >> i think at least that's going to happen, mel. at least that amount of crude oil's coming. they have 50 tankers parked in the persian gum or out in the indian ocean that are all filled. that is going to be moving into the market very quickly. there's no delay. it's not as if we're going to have to wait six months to get iranian crude. if an agreement is signed, and i think it's going to be a terrible thing if we sign it, but if an agreement is signed so that the vice president can get -- or the secretary of -- come on, dennis. think. >> state? >> i just went blank. yes. he's

they'll speak to dennis gartman how he is playing this move lower in gold. 1080 overnight was the lowtech earnings continue tomorrow. apple reports results. obviously a big important one for apple, for tech and the market. big question is how the apple watch is selling. >> or not. >> we heard a load of pessimism. could it make or break the watch's future? >> hillary clinton reportedly wants to raise capital gains tax rates. we have details on that plan and how it could affect the market and your money. that's later on "closing bell." >>> we have established it's a big week for earnings. we kicked it off with ibm. tomorrow we get results from a lot of tech giants including apple. >> for more on how the apple watch may play into this earnings round, let's bring in senior analyst who interestingly has a neutral rating on apple stock. $125 price target. we know they don't necessarily break down the numbers of the apple watch. will you get a clue in the other category or revenue numbers as to how it sold? >> yeah. we'll get some idea. we are expecting four to 5 million units of apple watch

. >> joining us right now with his view on the commodities, our friend dennis gartman.f these commodities? >> it's hard to like anything, bill. the dollar is so strong. it's just cast against all commodities. one to look at for example, is wheat. we are the great wheat growing country in the world. the best quality wheat. but wheat prices are under extreme duress because we can't compete with ukraine, we can't compete with the wheat that comes out of romania. we can't compete with canadian or australian wheat. so even great-quality wheat here in the united states in the midst of harvest is just under egregious pressure. it's not just gold that has collapsed, no the just copper not just crude oil that's fallen, it's everything that's under pressure because of the strong dollar. >> well i think the debate is dennis what is the message from this move lower in commodities. whether it's saying something, perhaps, unknown about the global economy or if it's really a china move or if it's all because the strong dollar and the anticipate that the fed is going to raise interest

dennis gartman joins us to break down these moves with us. what's going on dennis? >> michelle.ot just the ones that everybody pays attention to wti crude, brent crude, take a look at the grain market. it's making new lows. very good crops out there right now. good weather, perfect weather. that's weighing on the price, but the overriding fundamental am is china. china has difficulty. you talked about the fact the stockmarket was down 8% overnight. down 25 or 30% from its highs. well off its highs. the government is doing everything it can to prop up stock prices. thus as far far, it has been utterly unsuccessful if doing so. usually government intervention ends badly. this does not look pretty. >> we had guest after guest on this morning. when we show this chart. don't stress about that. that's not telling us anything big here overall things will be fine. don't be frightenned of what's happening. do you buy that? >> no i really don't buy. that i think we had problems. i think china had been a leader to the upside. you are seeing divergences within our stockmarket. where the adv

we have dennis gartman. rick santelli is with us. you are going crazy. >> if they vote no he will sign the deal if they vote no there is not going to be a deal for him to sign. what is the message he is sending? >> he's got a no vote that's a bargaining chip he can use with the european officials. >> that's way thinks it is. europe made it clear that's not the case. >> what do you think the market will do with all this? >> if they get the no vote the market comes under pressure and the drama ramps up. europe will not sign this deal. therefore, we've been thrown onto a tizzy again if they vote yes, he could go there. if they vote yes, they would sign on the dotted line and all walk away from it that. would cause the market to stabilize. >> dennis which way are you betting the euro goes from here? >> it's so up for grabs. this is astonishing. first of all, the referendum as michelle was explaining is perhaps the most confusing referendum i think i've ever read. i'm not sure most greeks -- let me back off from that. i'm not sure a great

we're going to have dennis gartman on to difference the oil trade ahead of that. >> great stuff.s kelly. "fast money" starts right now. live from the nasdaq marketsite overlooking new york stees's times square i'm melissa pleep traders on the decemberric pete najarian, steve grasso karen finerman and guy adami. tonight on "fast" a new report shows apple is 92% of all smartphone profit. so why isn't the stock moving higher? we'll tell you the surprising reason that could have apple investors running for the exits. plus, the beaten-down sector that could get a huge boost in this week's potential iran deal. we'll tell you what it is and how the traders are making money. but first we've got to get to the markets here. the dow up 400 points in just the past two days with some members on this desk say this is not the all clear for stocks yet. guy adami, why not? >> i don't

. >> dennis gartman says there is more pain to come from this gold chart. >> those gold mining companies% from the peak in 2011. >> why don't we wrap it up here? >> see you tomorrow. "closing bell" starts right now. >>> welcome to the "closing bell." i'm sara eisen in for kelly evans. >> i'm bill griffeth. the gold is at a five-year low. miners down. what's behind the move and whether investored should like for a new safe haven. >> we've got someone who said the banks in europe are a better buy than banks here in the united states. >> also a major alzheimer's conference is under way right now.