tom: dennis gartman, thank you. gartman on gold.u heard him say support here, 1900, 1920 five level. futures are mixed today. jerome powell tomorrow at the jackson hole conference. michael mckee on top of that story. coming up in the 9:00 a.m. hour, morgan stanley. this is "bloomberg." ♪ healtht now our economic is coming back with emergency spending and tax cuts. americans are going back to work. there is a housing boom, an auto boom, a manufacturing boom, a consumer spending boom. stocks are in record territory. a v-shaped recovery is pointing to better than 20% growth in the second half of this year. anna: white house economic advisor larry kudlow describing the recovery as v-shaped, though many economists see a bumpy road ahead. still with us is dennis gartman. dennis, one thing that does look v-shaped if you squint a little bit is the recovery in the s&p. we see new highs there and new highs on the nasdaq. just how out of kilter come out of your range of possibilities is the positivity we are seeing in equity markets right now?

what does dennis gartman think about it? dennis joins us after this. ♪.lice from fidelity. now you can trade stocks and etfs for any amount you choose instead of buying by the share. all with no commissions. stocks by the slice from fidelity. get your slice today. but what if you could stdo better than that?k. like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward. that's why we're helping you stay ahead and adapt with a network you can count on, 24/7 support and flexible solutions that work wherever you are. call or go online today. look, this isn't my first rodeo and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage of any american senior, or worse, that it was some way to take your home. it's just a loan designed for older homeowners, and, it's helped over a million americans. a reverse mortgage loan isn't some kind of trick to take your home. it's a loan, like any other

dennis gartman is next. gartman on gold.mberg." ♪ tom: this morning, all roads lead to jackson hole. actually, not. it is a virtuous german powell. groupl speak to a virtual on the markets. we are stuck in the august doldrums this morning. there is no stimulus. no income support in america. how to calibrate economic growth in the next 12 months. the secretary from jerusalem, the first lady with four flights from the rose garden. it is an original convention as the president goes in search of the importance of urban voter. good morning, everyone. "bloomberg surveillance." i thought max kettner was absolutely brilliant in the last hour on this growth dynamic difference between europe where maybe it is better than expected and the u.s. where maybe it is too good to be true, and how they may recalibrate here in september and october. anna: that will be interesting to watch.

we spoke with dennis gartman this morning on "bloomberg surveillance," and he framed his support on gold0 to $1925. huge change for gartman, looking for gold is a pure play off of u.s. dollar. coming, lisa abramowicz and i int to talk about the vol the market. i mean the volatility. we could do that with dean curnutt of macro risk advisors. one of the great surprises for 28,130 is the vix is not set at a lower sister stick -- a lower statistic. we will dive into this volatility and the dynamics of the equity market that none of us own enough of. stay with us on simulcast from new york, this is bloomberg. ♪ >> we are looking for continued improvement in the economy, but the pace will probably slow down now that we've had this quick rebound. >> they will keep rates at zero for a really long time, maybe forever. large industrial behemoths of our time are probably not where capital once to flow. >> there is a certain logic in the markets doing better than the economy here. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. mr

dennis gartman made note of this the other day. it is not just lumbar.r gets the headlines, but it is off more leading to some -- but it is a lot more leading to trysting inflation dynamics. are headinge we into that jackson hole speech from jay powell at 9:10, i was looking at cabin prices. those are going up, too. maybe it is people trying to get out of the cities. tom: it is for beautiful people like me. they put me 42 miles north. bears,me, three grizzly and kevin down the road. [laughter] lisa: commuting with your people, right, tom? tom: what can i say? coming up, the interview of the day on the american labor economy. we are thrilled to bring you mark zandi of moody's. he says the unemployment rate is higher than 10%. mark zandi coming up. stay with us. this is bloomberg. ritika: with the first word news, i'm ritika gupta. it is one of the most powerful storms ever to hit louisiana. hurricane laura made landfall earlier today with winds up to 150 miles per hour. they have now slowed down some. still, the hurricane brings the threat of a 20 foot hi

. >>> let's bring in market watcher dennis gartman. dennis, i'm going to surprise you.'m not going to ask you about selling stock, not going to ask you about gold. i will ask you about tesla and apple. can you explain tesla's surge? have you ever seen anything like it since the dot-com boom of the 1990s? >> as i said this morning in a comment to you, to your booker, this reminds me so much of what happened to pets.com and the rest of the strange and now defunct businesses that erupted in the late -- the latter year, two months or so of the dot-com era and just disappeared. tesla now is what, worth more than all the other automobile companies in the world. this is madness of some sort but i will let other people try to buy and sell it. i'll just watch from the sidelines and say i have seen this before, it will end in sadness and tears but when it ends, it's somebody else's responsibility. it's just utter and completely astro nomnic and out of control. apple is a monster and will probably get stronger, not weaker. if you ask me to buy either one, i will buy apple. i will

joining me now is the former editor of the gartman letter, dennis gartman, david bonson is here alongverybody this morning. thank you so much. what an earnings period. let's talk retail, steve, your thoughts on the earnings we've gotten from walmart, kohl's and home depot, surpassing expectations. we're in a pandemic and yet we've got these companies reporting strong earnings and now walmart's stock is up better than 6%. your reaction? >> it's a huge morning. you know, two huge bellwethers with home of depot and walmart coming out. i was going to say walmart was going to beat expectations but they beat me by a couple seconds to say it. home depot crushed, 23%, profit's up 25. that's wonderful. walmart beats like you said, both stocks up a couple percents right now. the e-commerce part, you guys just mentioned it a few seconds ago, that's the critical part, up nearly 100% on the e-commerce side. that's not going to change. when the pandemic is over, when people are getting back to some degree of normal, that's expected to continue. you're going to see the biggest propertyable -- profit