dennis gartman of the gartman letter says not so far saying crude's bear market is far from over.s boone pickens nuts in your view? >> well, one would hesitate to ever call mr. pickens who is one of the great heros of the oil business nuts. >> but? >> i do think in this business he's wrong with all due respect. >> with all due respect. >> but i do think -- i do think that he's wrong in this instance. what we have here is just an overabundance of supply. it's not a demand problem. heard this story before. it's a supply circumstance. you hear talk about the russians wanting to reduce supply. they can't possibly because a good three-quarters of where they produce their crude oil from is in very, very cold areas in siberia, and they don't have those pipes insulated. they have to continue to pump crude oil through there. the iranians and the saudis hate one another. they have for lack of a better term a war going on, a gas price war if you want to call it that today from the old days. they are not going to let go, and the african countries innine gla, and the other areas of west africa

you'll get a correction. >> dennis gartman of the gartman letter. ine, dennis likes gold in whatever term. >> the last little bit that he said. don't buy it here. you're going to get a correction. gold is in a massive downtrend and i think that's been the beneficiary of nowhere to hide when you look at what's began on in equities. yeah, a rotation in some other stuff, miners and stuff like that. i don't think you buy it here. i think the gig is up. people realize there's never going to be any inflation and i don't know why you buy it and you have a great countertrend reality and if you look at the glt at 114 and going to say 128 or 100, i get goes back to 128. >> don't buy gold and definitely don't buy the miners? >> i have the gdx. >> oh. >> bought them in december and started again last week. huge paper in the gdx. you and i are looking at the options all the times. sld, bolt have made pretty significant moves recently. okay to take a little bit off but last thursday they bought another -- a few strikes higher. june 22s in the gdx, 40,000 in single

dennis gartman is the publisher of "the gartman lefter" and let's start with oil here. higher or lower, dennis? >> pretty serious questions asking about the meaning of life, but we'll just talk about oil. i think on balance it quietly wants to go lower. i don't think it will dramatically sell. there's nothing much more left on the downside. if you made me do anything, i'm not going to sell it. i'd sell it aggressively. >> gold, higher or lower? >> higher from here. i think there's no question about that. there's continued expansion on the monetary aggregates amongst all of the central banks around the world. kuroda has made that abundantly clear, we're moving from tightening to easing. gold wants to go higher and today was a nice correction that you needed. >> all right. the dollar. higher or lower? >> depends on oil and which currency. probably lower against the kane and the aussie and higher against the euro and japanese yen so it's no longer just a -- a one-sided bet. the bet i think >> how about the dixie. let's just do dixie, keep it simple. >> quietly higher hand n

it goes from in dennis gartman's words lower left upper right and i've been a long investor since the middle '80s in this up. if we're in a slow global growth environment this one is going to be challenged. the balance zone is right around par. $100 in the name. >> i agree. >> we came out and defended the stock pretty aggressively on the pullback. our analyst has been covering the stock for like 40 years and his thought is essentially, you know the s.e.c. investigation is the bottom of the list as far as his concern. pretty decent level, like this company long term and wouldn't be too concerned over that. i'd be a buyer. >> i don't understand why you wouldn't be concerned into any s.e.c. investigation into any company when it comes to a major program like the 747. >> seems like the level of communication has been different for this company over the last two or three months so you know, it gets to this place. when times are good things seem to be -- >> meaning they should be talking to investors more. >> or maybe they should not be talking to investors as much all the time. i don't kno

we'll be talking strategy with dennis gartman and krishn krishna memani. michael bloomberg if he throws his hat in the ring will he steal votes from republicans or democrats? we'll asked ed rendell and michael steele. >>> stocks slide 5%. dollar hitting a 15 month low against the yen. european markets have been sloppy. and despite about another warning of oil over supply crude is driving higher. >>> battle in the granite state. new hampshire voters hitting the polls. who will be left standing as the battle for the white house heats up? ed rendell and michael steele give us their perspective from both sides of the aisle. >> sharing a coke with investors. the soft drink giant set to report. we'll bring the numbers and get the the street's reaction in just a few minutes. the second hour of "squawk box" begins right now. >> announcer: live from the most powerful city in the world, new york. this is "squawk box". >> welcome back to "squawk box" right here on cnbc first in business worldwide. i'm andrew ross sorkin along with becky quick, scott wapner is here. s

we just got a letter from dennis gartman, he said the world is concerned about the nonfund payrolls,he january jobs report adds to that weak canadian payrolls. gold is a great concern barometer to his point, gold is up again today up about 1%. gold has been marching steadily higher throughout the year. we've talking to david rosenberg. gold is one divided by "t." "t" is trust. as trust evaporates, central bankers and policymakers and the ability that they have to stem whatever economic weakness is in front of us, gold surges. >> surges but not really like it's taken off? >> sure. but it's completely reversed a decline. >> and the other, bond yields over the last weeks have seen lots of yield compressions even though we've had more specific. here on "worldwide exchange," if you went to sleep early, we've got the highlights from last night's super bowl. the names and must see plays you need to know before heading to the office watercooler today. >>> but first as we integrate, here's the forecast from the wk weather channel's jen carfagno. >> we're tracking a big storm over the atlantic

coming up on bloomberg, an extended conversation with dennis gartman on your global economics. from london, from new york, this is "bloomberg surveillance." ♪ francine: this is your data check. with the markets on the move, we had to do some extra data check. profit fell 91%, missing -- .91%, missing estimates. we are expecting some kind of renegotiation drop today with the e.u.. it is time for the "morning must-read." what do you have? vonnie: i wanted to take something on a different topic. there is a wonderful op-ed in written byial times" peter sands on the global health ka for the future. he says -- the point is that people have to be asked ordinarily careful and take this very seriously. tom: and we need to learn about it. this goes back to 1947 and inc. a fever. it is a -- and dengue fever. it is a mild form of that type of virus. we have to learn about this before we seriously panicked and act. vonnie: and there needs to be money spent. it will take years for a vaccine. francine: and this also brings me back -- "bloomberg view" had a great piece on it. with a lot of the

later, boon pickens out with a bold call saying oil is heading to 452 bucks a barrel but dennis gartmanmixing something very important about the crude equation, be a he'll us what that is and what it could mean for markets. first starting off with alphabet. we

the commodities king dennis gartman says something has changed about the

dennis gartman gives us his read on the fly to safety. next. we're the hottest young company around but if we want to keep the soda pop flowing we need fresh ideas! >>got it. we slow, we die. >>what about cashing out? no! i'm trying to build something here. >>how about using fedex ground for shipping? >>i don't need some kid telling me how to run a business! i've been doing this for 4 long months. >>fedex ground can help us save money and deliver fast to our customers. not bad, kid. you remind me of a younger me. >>aiden! the dog is eating your retainer again. let's take a short 5-minute recess. fedex ground is faster to more locations than ups ground. >>> all right. welcome back to "squawk box." we're going to get back out west to joe and becky and pebble beep. in the meantime, let's talk gold. it is stapling a km back as equities remain under pressure. price of gold right now, that is where it is right there, 1242. had its biggest one-day move yesterday since the crisis. so it sort of gives you an yp idea what kind of assets people have been