parsing of debate between ed morse of citigroup and dennis gartman of "the gartman letter code right now we need to get to our news from our desk. here is vonnie quinn. vonnie: it is chaos for house republicans. they now have no clear leader and they have to raise the debt ceiling within four weeks. kevin mccarthy took himself out of the running yesterday. kevin mccarthy: if we are going to unite to be strong, we need a new face to help do that. the conservative caucus did not want him to become speaker. john boehner was planning to leave at the end of the month, but he will stay on as speaker until a successor is chosen. russian says some missiles are not reaching their targets in syria. rockets fired from russian ships in the caspian sea hit iran.

. >>> and opec hosting a special meeting and dennis gartman is taking notice. find out how he is playing ole ahead of the headlines. but first the story this hour ibm falling after a revenue miss. josh lipton has all of the details. josh? >> reporter: another quarter of falling retch. this time $19.3 billion. the cfo was just on cnbc talking about some of the points of pressure were in this quarter. take a listen. >> we continue to see price pressure, in our storage business and we continue to see price pressure in our global services business. so when we put all of that together with a weak -- a weaker transactional exit than we had expected we put all of that together and we see it is prudent for us to recognize, as we go into our largest transactional quarter, that the transaction flow is a bit slower than we would have liked. >> now ibm, like i.t. venters, moving as quickly as it can to corporate commuting. so putting billers to work in the cloud and analytics and security and that was up 17% and ibm saying cloud business up 45% but investors skeptical of h

dennis gartman of the gartman letter. let's talk about this. dennis who is more of a trader than probably the average person is in and out like that, then it seems like the bottom line is an average person, a regular investor out there, should not touch the thing. >> but listen to dennis. if he gave you a trading range, if he thinks we've hit our bottom and $75 is the top so i think energy shares are higher. in the short-term, look at what the mining shares did over the course of two weeks. you had 40, 50, 60% real moves in tech resources, still water mining, et cetera. so that is what you do. the double bottom was put in on the miners and then buy it and make the list. but php, i would buy on another 5%, 6% down. >> when you heard that range, were you thinking bullish oil stocks? >> absolutely. i'm not sure we're on the same page on that whole thing but he is essentially saying 44-75 is what it looked like and here we are at 50. our only $6 from the low end of what he is talking about. so i would be more bullish based upon that. >> based upon t

let's bring in dennis gartman, the editor of the gartman letter. what do you think gasoline prices go from here. >> they are still going lower. aren't they? it is one to one with crude oil prices and given the fact that crude oil is moving from the upper left to the lower right, given the fact that the drillers are still out drilling and the fact that the banks have not called in any loans and given the fact that you had wti at $50 per barrel two weeks ago and you had one year forward wti at $55 which was an extraordinarily good level to get hedge news position. we have continued to see fracking go on even though drill rigs have fallen off the edge of the cliff. we are still producing and you'll get rebob gas lien going down and nat gas goes down. and it is still a bear market in energy and it will keep going down -- >> and i'm glad you brought up natural gas. and the story today was it is collapsing. huge move. and why and where do you see that going? >> well the nat gas has a problem because right now with el nino out there, it looks like this ye

dennis gartman yesterday was heeded, this is the bottom for commodities and you can acquire stuff.oin us on set. that photo is from when he was 19 years old at the university of wisconsin. erro will talk about glencore and commodities. we must speak to herro about his biggest holding, credit squeeze. russ koesterich will join us from blackwater. jonathan: the big question is where will the -- where were the longs stepping in with a bid when glencore was down 20%. zinc dynamics overnight, which i really do not understand. you wonder, what does a bar of zinc lok like -- look like. you wonder what the balance sheet will look like going forward. jonathan: "surveillance" coming up after the short break. sessions into the session in europe. equity markets gaining. ftse 100 up by .7%. miners leading gains. best weeks since two thousand 19 stay tuned for the "surveillance" team, live from new york. ♪\ tom: we need somebody to get us to 247. kevin mccarthy could not and has now shaken the republican party to its foundation. in this hour, phil mattingly, paul ryan, and the gop. crisis over.

dennis gartman says we are here. higher commodity. it is a must-listen. thanks to francine lacqua today, she had an in-depth conversation with christine lagarde. inflation was first mode -- was first and foremost on the agenda. it's hear what she had to say when francine posed the question. christine lagarde: it would be helpful to see inflation pickup and be based on solid data so that the signal would be strong and the monetary policy could evolve in due course. i am more concerned about the lack of investment, and i hope confidence factors will actually encourage a bit more investment going forward. francine lacqua joins us from lima, peru. you returned to the question later, but is it too much of a hot potato for her to give us her true answer? a verye: i think it is difficult question to answer from people here because they link it to policy makers and they say at the moment global inflation is weak so we should wait. when do you think inflation will pick up? that is difficult to answer because it has to do with commodity prices and ultimately china.

up nearly 5% and dennis gartman said it is now time to buy. dennis is the editor of the gartman letter and joins us here. always good to see you. >> always good to be seen. >> why do you think we've seen the worst for oil. >> because if you watch the term structure of the futures and i talk about this all of the time on the show you have seen the term structure, the con tango narrow. crude is no longer aggressively bidding for storage as it was six or seven weeks ago. the one year con tango was narrowed into $5. it tells you there is greater demand or lesser production or both. you made a low under panic. market came up from the low and stopped and went sideways and is breaking on the upside again. so i think we've seen the last of the lows. >> and we had a suggest a couple of weeks ago to rate on a scale of 1-10, a bull-ometer, so how bullish are you on a scale of 1-10? >> if you asked me that four days ago i would have said eight. but now i'll pull that back to a five or a six. we've had a huge run today. once you are a buyer of futures or us

>> it was here on this show where dennis gartman said you will not have a bottom until you have distresseds, bankruptcy, things that start to scare the producers into ceasing some of that production. they have been unwilling to do that so far. my question is brian is now we are getting back to the point where prices at the pump is a morning show phenomenon, down 11 cents in the last week. are we at that point where these kpts have right sized and lower prices may mean more money in consumer pockets versus fewer jobs for these companies? >> obviously the consumer is the big beneficiary of low oil prices and low gasoline prices. we believe these companies are working to right size themselves more and more. they are cutting their costs as much as they can and at the same time, though, know, a lot of these companies, the midsize and larger company companies have pretty good balance sheets and have a lot of cash and i think they can survive for quite a while here, at least a few more months with low oil prices. we think prices will start improving as we get into 16 and so we are really not thin

. >>> and opec hosting a special meeting and dennis gartman is taking notice.ind out how he is playing ole ahead of the headlines. but first the story this hour,