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“There’s nothing to buy right now,” says strategic investor Dennis Gartman, as he and the other Fast Money pros examine the current weakness in the market, looking for opportunities.Both the Dow and S&P tumbled on Tuesday after the latest developments overseas raised questions about Greece and whether the beleaguered nation might back out of its austerity pledge – and ultimately leave the euro-zone.Specifically, comments by leader Alexis Tsipras rattled the market, after he began efforts to form a new Greek government by renouncing the terms of the bailout and threatening to nationalize banks.
Developments added to worries that the election of Socialist president-elect Francois Hollande may be an early sign that France will change its commitment to austerity.“There’s growing confusion across Europe and confusion breeds contempt," says Gartman. "I suspect there’s more pain ahead.”Gartman says that’s why commodities such as copper, oil and even gold are all down. “When things are confused, lower prices usually follow,” he says.Trader Guy Adami agrees. He too sees more confusion on the horizon. “Spain is a mess and Italy isn’t much better."
And both traders think the ripple makes waves here in America.
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