WHERE: CNBC’S “FAST MONEY”
WHEN: WEDNESDAY, AUGUST 15TH AT 5PM ET
Video is available at: http://video.cnbc.com/gallery/?video=3000109434&play=1
Following is the unofficial transcript of breaking news with Marc Faber, Publisher, Gloom Boom & Doom Report on Wednesday, August 15th on CNBC’s “Fast Money.”
All references must be sourced to CNBC.
MELISSA LEE: BUT FIRST HE IS ONE OF THE BIGGEST CONTRARIANS ON THE STREET RIGHTLY PREDICTING NUMEROUS MELTDOWNS LETS SEE WHERE HE STANDS RIGHT NOW ON POLITICS, THE US ECONOMY AND THE GLOBAL MARKETS. JOINING US NOW ON THE FAST LINE IS MR GLOOM BOOM AND DOOM HIMSELF MR. MARC FABER. MARC ITS ALWAYS A PLEASURE TO SPEAK WITH YOU.
MARC FABER: MY PLEASURE
LEE: FIRST OF ALL I WANT TO GET YOUR TAKE ON WHERE WE STAND IN THE US STOCK MARKET. WE HAVE SEEN THIS SORT OF MELT UP AND IN YOUR LATEST REPORT YOU ARE SOMEWHERE BETWEEN IT SEEMS GLOOM BOOM AND DOOM AND YOU POINT OUT THAT THE TECHNICALS TROUBLE YOU AND YOU BELIEVE THE NASDAQ COULD BE IN FOR SOME SIGNIFICANT DOWNSIDE WEAKNESS. WHERE DO WE STAND HERE.
FABER: WELL BASICALLY WE HAD QUITE A STRONG RALLY FROM A LOW OF 1266 IN JUNE WE ARE UP NOW TO ESSENTIALY OVER 1400. SO WE HAVE A STRONG RALLY. THE RALLY WASN’T CONVINCING IN TERMS OF NEW HIGHS AND IN TERMS OF VOLUME BUT NEVER THE LESS WE HAVE THIS RALLY I THINK IN THE LAST FEW DAYS THE MARKET HAS TRADED AS IS THE CASE FOR GOLD IN A VERY NARROW RANGE. AND I THINK THE MARKET IS GOING BREAK OUT OF THIS RANGE. MY GUESS WOULD BE ON THE DOWNSIDE AND NOT ON THE UPSIDE BECAUSE THE MARKET IS ALREADY OVERBOARD HERE SO THAT’S WHERE I STAND. NOW HOW LOW WILL WE GO? I THINK IF THE MARKET DROPS 150 POINTS ON THE S&P WE WILL HAVE QE3 & 4.
LEE: AND THEN WILL THE MARKETS BOUNCE ON QE3 OR 4 OR IS THAT TRADE OVER?
FABER: PROBABLY IT WILL BOUNCE BUT WE MAY HAVE SEEN KIND OF THE HIGH FOR THE YEAR. MAYBE WE MAKE A MARGINAL NEW HIGH AND THEN WE DROP AGAIN. BUT I THINK 2013 WILL BE A DIFFICULT YEAR FOR EQUITIES.
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