thanks a lot for your time and for that chart dennis gartman of the gartman letter to karen's point inms of etfs, that's mostly oil. if you're a believer in dennis, you want to be in the agricultural commodities, the met metal, the other side. which may not be reflected in that sort of index >> i don't know what the right way to play that is. >> right >> so, higher prices going forward out of the curve versus backwa backwardadi t backwardadion. for me, i think you're going to see around 50. not much higher or lower thate sweet spot but equities is still the lower bet. >> if you want to get real commodities, there's a little resurgence in steel stocks, there's clearly, at least there's traction in some of those names, so if you want to be in the space and pete mentioned this, i think the steel names saw some room in the upside the flip side is that stocks are overvalued that's the other part. >> to trade the stock market, right now, there's a lot of things working part of that conversation we didn't mention is that the u.s. dollar index today had a massive 52 week low. that should be so

next guest says the rally is just getting started joining us now, commodities king, himself, dennis gartmanrld renowned gartman letter dennis, good to see you. >> always good to be seen. >> what convinces you this is an actual bull market or rally in commodities? >> i think this is actually the second year or so of a bull market in commodities and nobody is paying attention to this fact 23 y if you take a look at what's gone on in the commodity markets, grains started making new lows crude oil has begun to move higher the term structures have begun to tighten you can go to copper it stopped making new lows it's beginning to break down trends nobody's paying attention. all we talk about now is deflation, but it appears to me if you look at the broad indices of the crp index, for example, it made its low 2 1/2 years ago, has not even come close to making a new low since something's going on in the commodity markets that no one is paying attention to. and we need to begin paying attention. i like the gold market i like the copper market i even like the grain market something's happening there.

no question. >> dennis, thank you >> thanks for having me on >> editor of the gartman letter.en? >> i kind of agree with him. i think what you know, saudi aram ko, we cls co, we talk b about that as a potential floor. i think they'll do everything they can to keep it as a price that works if they're a seller, where do they think oil going ultimately much lower >> does this mean that the equitie equities, this is long-term. we're not trading. >> all kinds of people taking shots. julia was sitting next to me last week talking ab ining abot ways in options world, derivatives world because you've got to define risk reward when approaching. >> have you been >> i have been one of them >> i've been wrong absolutely all my energy trades b have been >> i agree you can't express a long position any activity we see on the desk has been short cover ng the energy names you look at the lower performing names, the worst performing stocks the it's a cover bid, it's not real buying. >> the 2030 plan for the saudi economy is not getting out the top. it's about diversifying in dynamic economies.

. >>> let's get more reaction to the failed obama care repeal joining us on the news line, dennis gartmane have pronounced softness in european trade but not on the futures market nasdaq down some what, but it was down similarly yesterday any way. are you surprised we're not seeing a bigger reaction in the dollar or the dow and s&p to the news of this failed vote >> good morning. actually let's understand that yesterday afternoon the dow was up sharply, the nasdaq was down sharply, we ollcall that a game painting the tape. the public only understands the dow. when the public talks about the stock market, it asks what the dow has done when you want to hide what's going on underneath the market, you make sure the dow looks strong and the nasdaq weak i think it's the weakness in the nasdaq that's far more important. you had what the technicians refer to as an outside reversal day yesterday, which is usually technically important, all-time new high a plunge lower, a close below the previous day's lows. that i find to be very important. it's disturbing to see what has happened overnight in the

lets dig in morte on come momods lets start with gold, what do you see there dennis gartman >> we triede numbers since last summer and we did not with those lows. >> after a year and a half or so, you have to think that the bear market has sended i think what's going on here is something is happening in commodities generally. there is such talk in deflation and discussions, beginning of the last month and a half, we have gone up and corn has and hn up >> what is that that's happening? >> what's changed? >> well, todd, i think if we have to put our finger on anything, one, the dollar has stopped getting strong and a weak dollar is always going to get stronger commodity prices. more importantly on that, the globally economy is going quite well it is not just here in the united states but abroad things are doing better, asia and europe is doing better you have to have demand rather than supply declines and you have to have demand increase and that's what's taking place >> dennis, where is the money coming from, everything and everywhere in the world? >> is this the sideline money we are he

your traders on the desk are -- tonight on fast, the commodities king, dennis gartman, is here with the he says you need to see to make money in this market. plus, the s&p 500 hovering at record highs, but stocks are in bear market territory. the names and which ones the traders are buying when we go bargain hunting and check out shares of microsoft. jumping to a fresh all time high in the after hours session. we've got full