Dennis Gartman: Overseas Confusion to Drag Commodities Lower

“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 leaderAlexis 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.

"The nations of the eurozone combined make up the biggest economy in the world," reminds Adami "and they're slowing. Combine that with China slowing and it doesn’t auger well for the US."

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Trader disclosure: On May 8, 2012 , the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Jon Najarian is long call spreads AAPL; Jon Najarian is long call spreads CIEN; Jon Najarian is long call spreads GS; Jon Najarian is long call spreads FFIV; Jon Najarian is long call spreads NFLX; Jon Najarian is long call spreads AH; Jon Najarian is long CIGX; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long DDMG; Jon Najarian is long PBI PUTS; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Steven Grasso is long RDC; Steven Grasso is long CUBA; Steven Grasso is long GERN; Steven Grasso is long HPQ; Steven Grasso is long HSPO; Steven Grasso is long MU; Steven Grasso is long NYX; Steven Grasso is long NEM; Steven Grasso is long P; Steven Grasso is long PRST; Steven Grasso is long VVUS; Steven Grasso is long XRX; Steven Grasso is long ZNGA; Steven Grasso is long ABX; Steven Grasso is long APC; Steven Grasso is long BAX; Steven Grasso is long CVH; Steven Grasso is long DVN; Steven Grasso is long ESV; Steven Grasso is long GM; Steven Grasso is long TBT; Steven Grasso is long UAL; Steven Grasso is long WSH; Steven Grasso is long UNM

Dennis Garman
Nothing to disclose

For Tony Wible
I, Tony Wible, the Primarily Responsible Analyst for this research report, hereby certify that all of the views expressed in this research report accurately reflect my personal views about any and all of the subject securities or issuers. No part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views I expressed in this research report.

For Sean McGowan
I, Sean McGowan, hereby certify that the views expressed in this research report accurately reflect my personal views about the subject company (ies) and its (thei r) securities. I also certify that I have not been, am not, and will not be receiving direct or indirect compensation in exchange for expressing the specific recommendation(s) in this report

For Mathew DiFrisco
Lazard Capital Markets LLC makes a market in MCD securities with wires.