Dennis Gartman, Karen Moscow, Tom Keenan discussed on Bloomberg Surveillance


Karen Moscow, along with Tom Keenan Paul Sweeney and the S&P 500 is higher at the open. It's up about two tenths percent or 6 points at 39 68. The NASDAQ is little changed. It's at 11,838 and the Dow Jones Industrial Average up a quarter percent or 87 points at 31,983, ten year treasury down 24 30 seconds. Yield 2.83%, they yield on the two year 3.03%. Nymex screwed oil up 1.6% of a dollar 53 at $96 22 cents a barrel. Comex gold on a third of a percent or $6 ten cents at 1739 20 an ounce. The Euro one O two four 8 against the dollar the N one 36.60 and looking at Bitcoin this morning it's down about 3.4% at $21,950. Tom and Paul. Karen thanks so much greatly appreciate it. Pause for any time keen framing out to Wednesday an important fed meeting as Michael just said important data after that. And across all this earnings that we will see from big technology as well. We get advance on Monday with Dennis gartman, chairman of the university of Akron's endowment fund and very retired editor of the gartman letter and we're sure he could join us. Dennis, it's been too long. I want to cut to the chase and I want to go back to your youth and your Wheelhouse with red wheat. I believe there's heat right now it's sort of like normal partly July, but last week in the week before that were ugly, what does it mean for the crops this season? It means for the corn crop is deleterious to the corn crop. No question. The wheat crop has already been done and the harvest is almost finished for all intents and purposes. You've got a rally today in wheat because of the bombing of Odessa after the Russians and the Turks and the Ukrainians had agreed to allow exports of wheat out of odes last week, suddenly there's over the weekend. There's an incursion in a bombing of several of the grain elevators, which is giving you a bounce in wheat today. But wheat has been under real pressure. I mean, we were $13 a bushel a month and a half ago. Now we're at 8 50 a bushel and it's probably still going to lower I'm afraid. The rally and we today probably won't. Wait, is that a bumper crop this year a wheat? It's not a bumper crop, but it is a very good crop. We are producing less and less sweet and more and more corn more and more soybeans over the course of the last 20 years. We've cut back on wheat acreage across the board, but we're growing more corn and more soybeans on a consistent basis. So it's a very good crop. I wouldn't call it a bumper crop, but it's a very good drop nonetheless. What is the quality of this ginormous bull market we've had the last 6 weeks? I mean, I know you're going to tell me it's within a bear market trend and Paul will get to the fed and all that in a moment. But can you be on board equities is the big Tex report this week? I've been very bearish of the equity markets since early January this year and as the chairman of the university of Akron's endowment, I actually got us to move about 12% of the portfolio out of stocks on actually December 31st. And I have to very bearish for a while, but quietly, slowly, laboriously, I'm beginning to become less bearish. That doesn't mean I'm becoming bullish, but the market seems not to want to go down any longer. It's discounting the fact that the fed is going to raise the overnight fed funds rate by 75 basis points tomorrow and probably another 50 and a hundred before the end of the year. But that's already factored in. So we don't seem to go down much anymore. And what's interesting, we used to go down on big volume and fall on light volume, suddenly in the past week and a half or two, we're going up on better volume. The technicals seem to be quietly changing. Well, it's your Denny. At the bottom. I'm quietly, I'm quietly neutral. Okay, well, Dennis said we got to move that right now. Dennis gartman has never been quietly. And you're Danny called Baden in June. I mean, he was on this morning. He said, look, it's about it. And he said, he alluded to what you just said, which is volume, speaks volumes. Give us a clinic on this when volume shifts Dennis Garvin pays attention. Absolutely. The first thing that one learns when trading markets is that volume follows the market. If you're bullish in the volume is rising, that's a bullish sign. If you're bullish in the market is falling and volume is falling, that's a bearish sign. If the market's falling in the market and volume is rising, that's a very, very sign. So follow what volume does, interestingly, on the as we were declining from January into two or three weeks ago, volume was always rising on the down moves and pulling on the up moves. Suddenly in the past several weeks, that's beginning to change. So follow volume, volume tells you, as you just said, I think it was a great line volume speaks volumes. So Dennis, we're going to get a very important Federal Reserve discussion on Wednesday. What would you like to hear from your Federal Reserve this Wednesday? First of all, I want to make sure that they raise the overnight side funds rate by 75 basis points. They've made it abundantly clear if they went a hundred, that would be deleterious. That would be a surprise 50. That would be deleterious. That would be a surprise. They've led us to believe that 75 is a given. It should be a given and it will be a given. So that's the first thing I want to see. Second, I want them to understand or to talk about the fact that inflation really is not a transitory circumstance that is something that they misstate that they mistook along for a long period of time that they are paying attention to what the markets are saying that inflation is indeed a problematic circumstance. And that they're going to quietly and consistently reduce the amount of reserves in the system and consistently take $65 billion out of their fed out of their portfolio over the course of the next several years. But I want them to pay attention to inflationary circumstances that prevail. And acknowledge the fact that they were wrong for almost a year and a half to be blunt. So that's what I want to see. It should be a very boring meeting to be quite honest. We know what they're going to say. And the surprise would be an egregious surprise whether they raised by a hundred or raised by 50 would be terribly disconcerting. They're going to go 75. That's a given block. All right, that's the Federal Reserve and Dennis, I'm an old equities analyst, so I do pay attention to earnings we're getting into the real crux

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