dennis gartman is a very well known guy on wall street he writes the gartman newsletter lots of big banks here on wall street buy his newsletter for his expertise on commodities he was on c n b c two months ago dissing hard how because wayne is nonsense and i'll never buy any well apparently he had to inform his investors that he basically made a disastrous bet and lost big time on riot block chain remember this it was like a biotech company that suddenly out of the blue changed their name to a riot block and that they were going to become a block chain company instead in their share price like sword risky crypto bet blows up dennis gartman retirement account making big bets on speculative assets with retirement money is something most advisers warn against but big point fever is prompting all sorts of puzzling decisions sixty seven year old dennis gartman the long time publisher of a namesake daily investing newsletter and television commentator that was putting a volatile stock called riot blog chain into his very own retirement account the wager is proving to be painful o'gorman

dennis gartman is a very well known guy on wall street he writes the gartman newsletter lots of big banks here on wall street by his newsletter for his expertise on commodities he was on c n b c two months ago dissing hard how big cowen is nonsense and i'll never buy any well apparently he had to inform his investors that he's basically made a disastrous bet and lost big time on riot block chain remember this it was like a biotech company that suddenly out of the blue changed their name to a riot block and that they were going to become a block chain company instead and their share price like soared risky crypto bet blows up dennis gartman retirement account making big bets on speculative assets with retirement money is something most advisors warn against but big point fever is prompting all sorts of puzzling decisions for sixty seven year old dennis gartman the longtime publisher of a namesake daily investing newsletter and television commentator that was putting a volatile stock called riot block chain into his very own retirement account the wager is proving to be painful o'gorm

dennis gartman says volume is showing.selling when we start to see moves here and it is nerve-wracking to him. are you worried about the trade volume? >> i think investors are worried. they're wondering whether because we went 564 days a record since world war ii, without a 5% decline. [closing bell rings] market climbing a wall of worrying. liz: that, ari and sam. sinned it over to "after the bell." melissa: holding on to gains in the final moments of trading rebound this afternoon. the dow closing up almost 40 points. the second day without a 500 point swing. the dow and s&p and nasdaq all closing in the green with the dow and s&p ininching closer to positive territory for the year. whoo, i'm melissa francis. david: i'm david asman. this is "after the bell." glad you could join us today. more on the big market movers but here is what else we're covering for you. it is a very busy tuesday. a jam-packed day in d.c. budget director mick mulvaney on the hot seat,

we'll talk to dennis gartman straight ahead. white house communication director hope hicks, hearing on capitol hill taking questions from the house intelligence committee as part of their investigation into russia's meddling or perceived meddling. here is the thing, everyone. this investigation has not come up with any hard evidence of any collusion of the trump campaign working with the russians. so is the president right, when he says this is nothing but one big, giant witch-hunt? we are on it. but first, let's go back to the top story. fed chair jerome powell, in his first testimony there as fed chair on capitol hill, is indicating some good things ahead. those tax cuts are working. maybe wages go up. maybe that means the fed has to be more aggressive. our own adam shapiro is following it right now. he has the latest. hey, adam. reporter: trish, he talked about the economy. he talked about wages, expecting wages to accelerate. it is really about jobs. he pointed out in the opening testimony, in 2009, 15% unemployment for peop

but bearish of equities. >> dennis gartman, thank you. good to see you as always. >> always good to see you, trish. trish: growing concernss everyone among republican fiscal conservatives about the party's big spending plan and its budgets. one prominent member of the freedom caucus saying quote, the swamp won, the american taxpayer lost. arizona republican andy biggs is joining me on that, and the battle over immigration. he's next. trish: want to point out we're off the highs of the session. we were up better than 200 points. we're up still in the green. 24,784 is the level, with the majority of dow 30 stocks within the green. with all this talk of spending, budget, no real need to balance the budget so it seems, we want to know what happened to that party of fiscal conservatives, remember them? deficit hawks are up in arms after the president released his 4 trillion-dollar budget plan this week. days after congress passed a 400 billion-dollar spending plan and 1 1/2 trillion dollars in tax cuts. >> the swamp won and the american taxpay

i would now like to bring into this conversation dennis gartman. ank you for taking the time to join us. you have seen many market cycles. what does this remind you of? 2011, 2008, or something else? dennis: it reminds me of 1998 and 2000 the volatility we are seeing is indicative of a market peak and not a market bottom. i would not want to be a buyer of weakness. i would want to be a seller of strength. anyone who was long of equities would do well to take advantage of today's rally and perhaps another 150 points higher in the dow over the course of the next day or two before we run out of buying power and start running into overhead resistance. i think this is truly a dead cat bounce. one thing i want to watch is the volume, especially in the future markets, how they respond. if it is high, perhaps i will scale back the perspective. i think the volume is probably going to be less than everybody anticipated and selling it to strength is probably a wise thing to be doing no question. abigail: right now you would be selling the s&p 500 even in futur

for more on the markets, i bring in dennis gartman, the gartman letter and publisher. dennis, you're getting a little bit worried here. >> yes, trish, i've been getting a little worried here and hive been worried for a while. the economy is doing white well. stocks make peaks at top when economic activity is the best. there is very simple explanation. in good economic environs when monetary environs reduce the supplies to the system they had been supplying several years, when they begin the process taking that back, demand for plant and labor increase, money comes out of the capital markets, money comes out of equities moves into the economy. it is very normal. that is very standard. that is it how material bear markets begin. they begin at peaks. begin in volatilities. markets make low in quiet trading, make peaks in rather violent type of activity. you should be careful. trish: talking about a bear market, let's drill down on that a little bit. for viewers right now not making intuitive sense. companies are going to be spending more on capital equipment. that should b

dennis gartman is a very well known guy on wall street he writes the gartman newsletter lots of big banks here on wall street by his newsletter for his expertise on commodities he was on c n b c two months ago dissing hard how big cowen is nonsense and i'll never buy any well apparently he had to inform his investors that he's basically made a disastrous bet and lost big time on riot block chain remember this it was like a biotech company that suddenly out of the blue changed their name to a riot block chain and that they were going to become a block chain company instead and their share price like soared risky krypto bet blows up dennis gartman retirement account making big bets on speculative assets with retirement money is something most advisors warn against but big point fever is prompting all sorts of puzzling decisions for sixty seven year old dennis gartman the longtime publisher of a namesake daily investing newsletter and television commentator that was putting a volatile stock called riot block chain into his very own retirement account the wager is proving to be painful

anding us now, editor publisher, dennis gartman.en publishing his daily commentary on global capital markets since 1987. welcome. great to have you on the show today. and how interesting that you've since 1987.t that was another time when a much worse -- stocks actually crashed. what's the difference between then and now? >> i think, first of all, we have to remember that in october did go down almost 24%, if i can remember correctly, between october 19 october 21. and here we're down only 4.5, 5%. actually i think we got it down 10% from the highs. more mature market than it was back then. i think the fact that we have derivatives than we did back then. we understand a little bit thatr some of the problems can be incumbent in the derivatives markets. i think we also have better news services. have a better dissemination of news. probably a better understanding of it. more maturee far than we were then. nonetheless, i think we have some difficulties ahead. the past couple days are only the beginning of what could be still a market i

stuart: oh, dennis gartman, look what you did. you went on the air. say we're not going to get back to the highs. we're up 120. now we're up 88. gartman, you're asking for trouble if you want to get back on this program. however, to change subject very slightly. tell me about amazon. i was amazed this morning where they worked out this deal with bank of america. they will expand the deal. talking about lending money to individual and small businesses. looks to me like amazon is getting into banking, another new industry under threat from the big a. what do you make of this? >> it remind me the conglomerates we had back in the '60s, when everybody took part of everything and managers thought they could manufacture steel that they could manufacture computers, that they could manufacture tires. conglomerates were sum total then and they fell apart. i think amazon has done a wonderful, magnificent, stupendous job, the fact they're getting into banking, doesn't that seem to be getting over one's ski as bit too far? that is extension that probably should ha

let's go to dennis gartman. what do you think? >> thank you, neil. thanks for having me on. i listen to peter eliades this afternoon. market cops or peaks of some consequence are made in volatilities. the volatility we had in the past several days i think is indicative of a market making a peak. the public is terribly involved. the amount of money that flowed in from december and january are is unprecedented. it's that type of activity that bothers me. yes, the economy is strong. but what happens at the end of bull markets when stocks peak is that money moves out of the capitol market and moves into plant and equipment and labor. that's exactly what we're seeing. the monetary authorities have stopped supplying reserves to the system. they began doing so in 07, 08 and 09 when it was needed and now it's not. now capitol is moving to strengthening economic activity. this is indicative of a peak, not a market that i'd want to be an aggressive buyer. >> neil: interesting. it's too early to tell, but in the 1929 crash and the 87 crash, there were periods punctuated by up activity

. >> dennis gartman went to high school with devoe. each other. >> class of 1938 >> you can see that. >> coming up, bitcoin -- bitcoin has gone bonkers, surging more than $1500 since the lows early this morning has it finally found a bottom? bk, brian kelly will join us from an undisclosed location. >>> plus, do you think you know what's inside your efts? think again, because tim seymour who just want to be on camera constantly tonight. >> as much as i can, brooib. is going to give you some stuff about some other stuff right after this break let's create jobs, build bridges, insure prosperity. as investment management professionals, let's measure up. cfa institute. and i recently had hi, ia heart attack. it changed my life. but i'm a survivor. after my heart attack, my doctor prescribed brilinta. it's for people who have been hospitalized for a heart attack. brilinta is taken with a low-dose aspirin. no more than 100 milligrams as it affects how well brilinta works. brilinta helps keep platelets from sticking together and forming a clo

joining meed tore and publisher of the gartman letter, dennis gartman. you've been optimistic about this market. are you changing your tune with the rally like today? >> not really, trish. i think the market saw the high back a month ago or so. look at markets, major does -- industrialized nations the what bothers me the rallies come in on very light volume. breaks are coming in on much greater volume. that is very disturbing to me. i'm bullish about the economy. i think recession is a long way into the future. the fed will be tightening monetary policy all year long but at this point in the cycle it is not atypical to move money out of capital markets into plant and labor and i think that is what is happening. trish: what does that mean for the market? we're at 25,000 now. have a better economy. people making different decisions. you could see i imagine a rotation from equities to fixed income as interest rates get more attractive. >> yes. trish: where does that leave the dow and s&p come year-end in your view? >> i think it will be very difficult for t

we'll talk to dennis gartman

we shall speak with dennis gartman about a market moving upper left to lower right.ine: this is -- good morning, "bloomberg surveillance ." we were talking with james sweeney about the dollar dynamics. this is what we picked out for our morning must read. this comes from james sweeney gravityand it's called or let's bring it up so i can read was going on. gravity versus the dollar. the dollar weakness is unlikely to change the fed's policy course, even if it boosts gdp slightly. our view is through whatever short-term noise occurs, the dollar will conform to its historical pattern, bringing it for the bottom end of its trade weighted range. james is with us, james sweeney of credit suisse. what if 2018 were radically different? james: sorry, what did you say? francine: what if it were different james: you are arguing it continues to slide or continues what it has done in the past. what if this time it were different? james: i think -- if the dollar were going to reverse and make our house view wrong and rally significantly, i think the most likely way for that to hap

expecting the rally to open, following two joining us right now to weigh in is editor and publish dennis gartmaniously going to be a wild year, do you think the volatility is back and here to stay? and what should investors be understanding about this wild trading? >> well, the volatility is here it is likely to stay let us hope maria that it is somewhat more subdued than last week, i can't continue to have that sort of vilt a sustained period of time it is here will be around will dimini what we saw thank goodness. >> you are bullish on this market. >> pretty ebb bullish especially after -- dennis mike murphy hope you are doing well, looking. >> hey mick. >> i know you follow the commodities closely oil sold off with market last week, back above 60, what are thoughts on oil here in near future? >> anything above 63 dollars for wti is so profitable for almost any sort of fracker, that it is going to be very difficult i maintained did i to get above 36 to 65 dollars approved a resoundingly difficult area for the crude oil market to begin with, and what we have to understand, supplies in united st

dennis gartman, his letter is read by anybody who is anybody on wall street.our. ♪ so, from the two trucks over here... i want you to pick a new truck for your mom or dad, knowing that they could possibly pass it down to you one day. cool. but before you decide, you should know that chevy silverado's are the most dependable, longest lasting full-size pickups on the road. which means that ford f-150s are not. (laughs) which truck would you pick? the chevy. the chevy. the chevy. there you go. boom. that was obvious. plus it looks cooler. no doubt about it. now they know what to get me. (laughs) stuart: for some people this was a real bombshell. apple is going to store very sensitive encryption keys in china. you want to explain this? ashley: yeah, chinese customers of apple's icloud servers, a, they have to be transferred to a local partner service. apple will not be operating them. they have to keep the all-important key, the code key, if you like to those accounts and keep them in china, which is raising all sorts of red flags because people say, wait a minute