dennis gartman of "the gartman letter. ". >> b.k.right and the ovx, is will hold 44. held 44 and now it's north of 50 which means crude goes down. i think we've done a good job sort of navigating this. i think crude is head lower and i think the dollar is headed higher and i think the ovx tells you everything you need to know. >> seen rotation out of a lot of material stocks and energy stocks. does that last? >> i think could last. look, earnings are coming right around the corner. the street is anticipating a 7 percentage decline in a lot of energy names. it could be a lot worse than that, no question and that would have an negative impact on all of the equity and it won't be a positive thing. why did we go there? often a repositioning trade. i could see oig in general coming back to the 32 level. >> music to your years when karen asked dennis could it be the u.s. economy is weak and therefore the commodities number is weak? >> the unemployment data would speak to a fed tightening and there was also construction data on friday that

dennis gartman said we wouldn't see that price again in our lifetime. dennis, you're well, right?feeling good? >> i am well. a little dismayed, a little embarrassed. but yes, i'm feeling well. that was not a forecast of my health. it was indeed a forecast of where i thought crude oil would be. >> you're pulling back that forecast, right? >> well, we did trade to $44.03, which is astonishing to me. yeah, we traded higher. we were surprised we were able to take it that much higher. there is xleplenty of crude oilr sale. people who have had loans extended to them are having hejs put into place. i have a sneaky feeling the $44 will be difficult to get through. as lord keens once said, when the facts change, i change, what do you do, sir? i haven't seen the facts change yet. but if the facts change, if suddenly the supplies are diminished, if suddenly demand is increased, if suddenly the contango disappears, and we see the crude oil futures move backwards, i change my opinion. i think $42, $44 is very expensive crude. >> basically you're sticking with your forecast with a slight revisi

dennis gartman of the gartman letter. >> do you know who was on this four weeks ago?id look at silver. i will say this, i think the reason people are buying silver is because gold is such an up trend, people are scared that gold is getting away, they're going to the next best trade. this to me is more bullish for gold than it is for silver. and look at the way gold has performed recently. >> meaning -- >> i don't know what the ratio will do, but i think gold is in a bull up trend. >>> up next, could this be the most polarizing product in america? apple watch owners love it, but the general public hates it. so what gives. and what doresults of a fascinating survey next. show me movies with romance. show me more like this. show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. >>> welcome back. to get checking e-mail from your wrist. a new survey indicates that the apple watch's greatest feature may be its ability to polarize u.s. consumers. dawn, this is based on a survey.

. >> dennis gartman is the editor of the gartman letter. dennis, always good to see you, sir. >> good to be seen, thanks. >> did you expect a deal? were you surprised? >> no, i wasn't surprised even slightly. it was abundantly clear the iranians weren't going to be there, and without them you couldn't arrive at an agreement. there was hope last week they were going to show up. but without them, the very elegant oil minister made it clear no agreement could be had. i think the problem is that we now have an opec that is really quite torn asupder. you have two enemies, i think abundantly clear that the saudis and iranians look across the persian gulf at one another and rather than start a shooting war, the saudis started a war of oil production. i think the most important statement was not that which came from the meeting, but that which came from the deputy crown prince, the young man who's probably really the oil minister for all intests and purposes who said last week the saudis could go to 11.5 million crude barrels today. we could go to 2

joining us is dennis gartman founder and publisher of "the gartman letter."ight now is alcoa. why. >> i have liked alcoa for quite a period of time. my old story i want to own the things that if i drop them on my foot will hurt. i am a simple guy. i don't understand high tech. i never understand big pharma. i understand copper, aluminum, cars, railroads. the chart of alcoa looks strong. more and more aluminum going into planes and cars. if you look at the simple circumstance. aluminum is incumbent in growth. when people like elliott management are big sponsors, i have to join the crowd. it's been going up lately. i am a fan of doing more of that which has been working and less of that which has not. it's been working. i'll do more. >> much of the story for alcoa and many companies that are producing things used, like you say, in the automakers and railroads. china has been such a huge part of the picture in terms of demand. and that is a picture that's anything but clear right now. >> well, it's not terribly clear, but i think that china -- we've gone through

steve and the rest of the crew are coming up at the next hour talking to dennis gartman why one groupoing wild. we'll discuss whether breaking up the big banks would be good or bad for the shareholders and the economy. the results of a new report are after the break. plus sick snikki sixx lobbying president obama and others to make youtube pay them for their music videos. you're watching cnbc, first in business worldwide. . >>> welcome back. our country's financial system is quote concentrated like never before. according to a new report. the report states that the big banks and the likes of fannie mae and freddie mac and federal reserve have more than $20 trillion in financial assets which is more than our country's annual gdp. now despite that staggering number, there's not strong evidence that megabanks are an inherent problem for the economy. welcome fred. $20 trillion is a big number. why did you lump fannie mae and freddie mac and the fed into this particular calculation. >> what we're looking at is concentration in terms the of the u.s. financial markets and they are concentrat

dennis gartman will explain and alcoa earnings are due out any moments.e'll bring you the results as soon as they are released. we'll discuss whether yahoo! can move higher if a bidding war breaks out. >>> eric schneiderman joining us on first on cnbc interview to talk about the settlement with goldman sachs. i could get used to this. now you can, with the luxuriously transformed 2016 lexus es and es hybrid. ♪ we believe in the power of active management. anagement, we actively manage with expertise and conviction. so you can invest with more certainty. mfs. that's the power of active management. i am a first responder tor and i'emergencies 24 hours a day, everyday of the year. my children and my family are on my mind when i'm working all the time. my neighbors are here, my friends and family live here, so it's important for me to respond as quickly as possible and get the power back on. it's an amazing feeling turning those lights back on. be informed about outages in your area. sign up for outage alerts at pge.com/outagealerts. together, we're building

we'll ask dennis gartman if it was, since february lows up 50%. >> is it going to stick?ce the bottom of the market for 2016 with several hot companies preparing to go public at long last ipo freeze appears to be coming to an end. bob pisani joins us with more. >> there's a thought coming but i'll believe it when the flowers go public. we've got a big one announced today and that's secure works, dell's security spinoff here. that's a healthy company, could be valued at $1.4 billion. this is the fourth company to announce terms in the last week or so. take a look at our ipo thaw, we're expecting first one to go public pricing on thursday for trading on friday. and the following week we'll have a couple of others put up ipo, mgm growth properties and american renal and also potentially out there, they haven't announced terms, u.s. foods and soulcycle. four companies on the calendar right now. they have different spaces but do have a few things in common. this is what investors are looking for right now. they've got significant market share and they've got growth and finally