Wednesday, June 26, 2013

Lacker to Bloomberg TV: Growth Sluggish, Not Cutting Balance Sheet....

Federal Reserve Bank of Richmond/VA President and CEO, Jeffrey Lacker sat down with Bloomberg TV’s chief Washington correspondent and host of “Capitol Gains” Peter Cook today and said,
“We could be in for a couple more years of sluggish growth” and that he is “increasing the balance sheet…not anywhere decreasing it yet.”
 Laker went on to say, “I’m fine with us tapering off right now.”
On the Fed’s communication with the markets: “It has been a rocky period over the last couple of months in terms of communication from the fed… We had to solve the new communication puzzle first.”

Friday, June 21, 2013

Boom & Doom Publisher Marc Faber: "believing in Ben Bernanke is like believing in Father Christmas"

Marc Faber, publisher of the Gloom, Boom and Doom Report, told Bloomberg Television's Trish Regan and Tom Keene on "Street Smart" today that believing in Ben Bernanke is like believing in Father Christmas. He said:
 "If you say that if he means what he says, then you believe in Father Christmas… As I said already three years ago, we are going to go with the Fed to QE99." 
Faber also said: 
"I think the market is on the high side, corporate profits are inflated and we could easily, from the recent high, May 22 at 1687 on the S&P, drop by 20% to 30%, easily."

Today's TFP Letter for June 21, 2013 | "Quad Witching post" | $SPY $SPX

Figure 1 TFP letter preview 
The TFP letter goes out each morning before the open and after the close monday through friday (no summary friday). 

Subscribers also receive access to the TFP insider twitter feed which keeps you up to date on intra-day movements of the ES_F CL_F and ZB_F contracts as well as other color and trade ideas. Below is a excerpt of this morning's letter. 

"The S&P 500 futures are slightly higher this morning to 1589.50 up from the 1577 low yesterday. The ES was trading around 1598 two hours ago but has since melted 10 points lower seemingly on zero news as there is not one iota of data on tap for today beyond quad witching.

Thursday, June 20, 2013

Sheldon Adelson to BTV on online gambling: is "really toxicity. It is a cancer waiting to happen"

Las Vegas Sands Corp., Chairman and CEO Sheldon Adelson joined Bloomberg TV’s Deirdre Bolton on “Money Moves” today to discuss why he’s come out swinging against online gambling and said: “I think it is a train wreck. It’s really toxicity. It is a cancer waiting to happen.”

Adelson on poker being skill based: “That skill base is, in my opinion, just a bunch of baloney. To get a card is not skill base. I know people say it is skill based, but it’s just so they can categorize it in a certain segment”

On the argument that online gaming would bring in revenue to some states that desperately need it: “You could also make that argument for legalizing heroin and cocaine and prostitution. You can create a lot of sin tax for the government to make money.”

On his opinions of Governor Christie instituting online gaming In New Jersey:
 “I don’t reward or punish politicians. It’s not my job. I’m only one vote, but that of my family. I do support a lot of politicians, but I do so because of their ideology and their sharing of values with me… I am not trying to be a dictator. I’m trying to live my live as a normal person.”

Wednesday, June 19, 2013

PIMCO's Gross: "Bernanke might be driving in a fog..."

PIMCO co-CIO Bill Gross appeared on Bloomberg TV's "Street Smart" with Trish Regan and Adam Johnson today, where he said that investors who are selling Treasuries on expectations that the Federal Reserve will scale back QE are missing the influence of inflation on the Fed's decision. He said..
"The market basically has misinterpreted the growth and the unemployment targets while leaving out the inflation targets going forward…This is a combined growth, unemployment and inflation type of combination that has to be delicately managed." 
Gross said that he thinks Bernanke "might be driving in a fog" and on Janet Yellin, he said, "I think she is a Siamese twin in terms of policy."

Saturday, June 8, 2013

Blackstone's Schwarzman: I Have No Desire to Retire & i see $BLK assets growing to $500B

Blackstone chairman Steve Schwarzman told Bloomberg Television's Erik Schatzker and Sara Eisen on "Market Makers" today that he gives the U.S. economy a "good grade" and that "there are some real pockets of strength."

Schwarzman said that he can "absolutely" see Blackstone growing to $500 billion in assets. He also said, "I have no desire" to retire.

Thursday, June 6, 2013

The Trade for Profit Morning Letter for June 6, 2013 | $GOOG $GLD |

The TFP letter is a twice daily newsletter covering the ES_F, CL_F, ZB_F contracts as the major currency contracts. The morning letter is delivered on average 30 minutes before the opening bell which is followed by a market summary delivered in the evening.

Monday, June 3, 2013

Dennis Lockhart: Fed officials are committed to stimulus despite "mixed signals"

Atlanta Federal Reserve Bank president Dennis Lockhart told Bloomberg TV's Michael McKee today that Fed officials are committed to stimulus even as divergent views on when to start paring back bond purchases create a “mixed message” to investors.

Lockhart said,
 "There certainly seems to be an acute fixation on the timing of any adjustment to the asset purchase program and I guess I would just encourage everyone to not lose sight of the bigger picture." 
He went on to say,
"Any adjustment is not a major policy shift. The high level of accommodation will stay in place."

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