The most important chart in the market right now could be rather disturbing to equity investors, according to commodities king Dennis Gartman.
On Thursday, the Gartman Letter editor and founder joined CNBC's "Futures Now" to point out something in the market that he believes has been overlooked: That stocks are now overvalued, and commodities are undervalued.
"We are at a level where commodities are unbelievably inexpensive relative to the S&P 500, levels we have not seen since the peak of equities prices in the dotcom era [and in] 1971," he said. "The broad commodity indexes have all made their lows, and yet deflation seems to be the talk of the day, rather than inflation."
Commodities posted their worst first half of the year since 2010 as the Goldman Sachs Commodities Index has hit its lowest point against the S&P 500 in years. For Gartman, this is suggesting that investors should sell stocks and start piling into commodities.
In fact, he says many commodities seem to be bouncing off their lows. Crude is now more than 8 percent up from its year-to-date low, and many of the soft ags have also surged in 2017.
Given this, Gartman suggests that if there is "one commodity above the rest" that investors should buy, corn would be it thanks to the weather market benefiting the crop.