Dennis Gartman: Crude Oil Has Bottomed, Can't Say Whether Dollar Has Topped

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Crude oil has again started spiking up after making 6 year lows and is currently trading above the $50 per barrel mark. Dennis Gartman, publisher of The Gartman Letter, was on CNBC recently to discuss if crude oil has bottomed and share his views on the dollar and the S&P500. Crude Has Bottomed "It would appear that the crude oil market has probably bottomed," Gartman said. " […] the term structures, the manner in which the front months relative to the back months in crude oil has begun to change materially forced me to say that the bottom has probably been seen." "I would hesitate saying that the dollar has seen its best levels and the Euro has seen its worst, but it does appear to me that crude oil has done that exactly that, yes." One At A Time Gartman was asked that since dollar and crude have a correlation is he only willing to look at them one at a time. He replied, "Yeah, I am only willing to look at it one at a time, but nonetheless, we do know that all things being otherwise equal which is always every economist [ought], all things being otherwise equal a weak dollar begets stronger commodity prices a strong dollar begets weaker commodity prices." "So, yes [it seems] crude oil has seen its lows and the odds are better that the dollar has seen its highs, but I am not quite willing to make that statement yet." S&P500: Interim Top On whether he thinks the S&P500 has topped out, Gartman said, "I think we have some problems here and we may well have an interim top of some sorts. I don't think [the bull market in stock prices has seen its best levels yet."
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Posted In: CNBCMedia
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