Tag Archives: White Shoe Boys

Brazil Halts Muni Market as Banks Collect $140 Mln Fees

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“A year after it began, Brazil’s municipal bond market has been brought to a standstill by the federal government after Credit Suisse Group AG (CSGN) and Bank of America Corp. provoked a backlash by collecting $140 million in fees from the first two borrowings.  Brazilian Treasury officials, who approve state financing requests and provide guarantees backing loans, are starting to demand terms to curb the profits, seeking to protect taxpayers from being exploited and to limit their own borrowing costs while alienating bankers in the process.”

http://www.bloomberg.com/news/2013-08-21/brazil-halts-municipal-market-as-banks-collect-140-million-fees.html

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Taper Is Coming. Stock Market Rises.

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“Yesterday, the stock market rallied a little. The explanation, according to a Reuters story, is that there are signs that the Federal Reserve will begin tapering in September. As you will recall, for six consecutive days, the stock market tanked. The explanation for the tanking was this: the expectation was that the Federal Reserve will begin tapering in September. This expectation was based on a careful reading of the minutes, which said the FED will not change its present policy.”

http://teapartyeconomist.com/2013/08/23/taper-is-coming-stock-market-rises/

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Fund manager Ned Goodman ditches bank stocks for gold

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“Ned Goodman, founder and chief executive officer of holding company Dundee Corp., shed the last of his bank shares after forecasting global inflation will make investments such as gold stocks and organic beef more rewarding. Goodman, who oversees about C$10 billion ($9.6 billion) for Dundee and its investments in real estate, precious metals, energy and infrastructure, sold the last of the company’s Bank of Nova Scotia shares earlier this quarter.  With the U.S. Federal Reserve and other central banks printing money, it’s only a matter of time before currencies lose value and inflation rises, Goodman said.”

http://business.financialpost.com/2013/08/08/ned-goodman-ditches-bank-stocks-for-gold/

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Are commodity prices about to explode?

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“Prices in financial markets are determined by psychology, by what people think stocks, bonds and commodities are worth rather than what they actually are worth. Recent sentiment readings for some key commodities, such as copper, gold, sugar, wheat, cattle, etc., were at extreme levels of negativity. From a contrarian aspect of course, that’s very bullish. We see a similar pattern in many, but not all commodities in respect to commitment of traders, where knowledgeable commercials are comfortably long. On the other hand, speculators, who as a group usually guess incorrectly at turning points, are taking the other side of the trade with bearish bets.”

http://www.marketwatch.com/story/are-commodity-prices-about-to-explode-2013-06-18

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Cause of Nasdaq flash freeze still a mystery

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“The Nasdaq, where tech giants like Google, Microsoft and Apple trade, ceased functioning for about three hours Thursday, and no official explanation has been offered. But there’s plenty of finger-pointing and speculation about what crashed the exchange, which has been felled twice by squirrels. The Commodity Futures Trading Commission is close to releasing new rules on high-frequency trading, according to Bloomberg Business News. Those high-speed trading tactics have been a controversy for the exchange for some time, potentially overloading the system.”

http://www.usatoday.com/story/money/markets/2013/08/23/nasdaq-flash-freeze-mystery/2691513/

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Capital Flows Back to U.S. as Markets Slump Across Asia

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“Asia’s role as the world’s growth engine is waning as economies across the region weaken and investors pull out billions of dollars. The clouds forming in Asia as liquidity tightens and China’s slowdown curbs demand for commodities and goods are fueling a selloff of emerging-market stocks, reversing a flow of money into the region in favor of nascent recoveries in the U.S. and Europe. Emerging markets from Brazil to Indonesia have raised borrowing costs in 2013 to try to aid their currencies as the prospect of reduced U.S. monetary stimulus curbs demand for assets in developing nations.”

http://www.bloomberg.com/news/2013-08-19/clouds-gather-over-asian-economies-as-capital-flows-back-to-u-s-.html

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Wanted: A Boring Leader for the Fed

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“Quantitative easing has amounted to an audacious experiment in trickle-down economics. Among other things, it has artificially boosted the stock market in the hope that enriching a few — the top 1 percent of American households owned 42 percent of the nation’s financial assets in 2010 — will help the many. Meanwhile, retirees who don’t dare buy stocks have seen their modest bank deposits stagnate with interest rates near zero. Economists hate to admit it, but the profession is as much faith as science.  Counting on monetary policy to secure full employment is like attempting vascular surgery with a dull ax.”

http://www.nytimes.com/2013/08/21/opinion/wanted-a-boring-leader-for-the-fed.html?_r=1&

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George Soros Takes a Giant Put Position Against the S&P 500

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“Hedge fund titan George Soros’ biggest position is a huge bearish bet that the Standard & Poor’s 500 will go down, MarketWatch reported. Soros has a history of rolling the dice on risky propositions in the past and making giant gains. He is known as ‘The Man Who Broke the Bank of England’ because of his successful bet against the British pound that led to $1 billion in profits during the 1992 Black Wednesday U.K. currency crisis. Soros Fund Management reported it bought a put on 1,248,643 units of the SPDR S&P 500 Trust (SPY) exchange-traded fund (ETF) in the second quarter – its largest holding, according to MarketWatch.”

http://www.moneynews.com/investinganalysis/soros-s-p-500-gold-13f/2013/08/15/id/520613

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Funds Build Bullish Positions In Precious Metals Futures, Options

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“A price rally inspired speculators to build bullish positions in precious metals futures and options traded on the Comex division of New York Mercantile Exchange and the Nymex, confirming many market participants’ expectations that speculators shed short positions when prices rose. The gains in the data released Friday by the Commodity Futures Trading Commission came via a mix of short covering, that is buying back of previously sold positions, and newly added long positions as noted in both the disaggregated and legacy reports. In copper, speculators sheared short positions, and [..] turned net-long for the first time since February.”

http://www.forbes.com/sites/kitconews/2013/08/19/focus-funds-build-bullish-positions-in-precious-metals-futures-options-cftc/

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Paulson’s out… But JP Morgan and Goldman Sachs Are in: Go Long Gold!

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“Billionaire John Paulson, who lost over $700 million after April’s gold crash, has cut his holdings by half. As one of the last major institutional holders of gold ETFs, Paulson & Co.’s exit may signal the bottom in the gold market we’ve been waiting for. Two major institutional players also give us reason to be enthusiastic. JP Morgan is advising its customers to go long on gold ‘with a four-five week time horizon,’ citing further supply squeezing in South Africa and seasonal pickup in India.  And Goldman Sachs recently increased its position in SPDR Gold Trust to 4.4 million shares… more than six times what it held at the end of March.”

http://dailyreckoning.com/paulsons-out-but-jp-morgan-and-goldman-sachs-are-in-go-long-gold/

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