Ha! Latest Inger run through the Dialectizer....
Check out the original here:
tfc.com
And the Dialectizer here...
rinkworks.com
I tried to run one of Patrick's posts through, but could not get it to work right! :)
-Scott
June Inger
Edito' Th' Inger Letter
Posted on Thursday, November 12, 1998 at 10:44 AM
Good Evenin':
Financial Panic . . . truly gripped th' Street, not so menny weeks ago.
Aggressive Fed ease was called fo' hyar, weeks in advance t'calm thin's, an'
t'psychologically he'p stabilize currencies abroad, an' thus indireckly our
markets. This hyar occurred. Whut in tarnation also occurred was a
resumpshun of momentum games an' speculashun, which probably ain't whut
Chairman Greenspan had in mind, when he led th' Fed's Calvary charge, thet
we suspecked (as yo' know) was fo'tha-comin'. Sho'ly he didn't assoom thet
wifin sevahal weeks th' markets hoof it beyond stabilizashun into a noo frenzy
acshully not only rivalin' but exceedin' past degrees of froth junerated wifin a
few sho't weeks.
Earlier, at th' panic's height, money flowed into Treasuries creatin' jest th' type
of "train wreck" we called fo' in th' Dec. T-Bonds mid 130's, despite
believin' thet higher rates fo' a brief period of time (investment-grade
timeframe) is not whut is bein' reflecked by fo'eign repatriashuns fum a
sho't-term perspeckive (which was our advance call t'take place unner covah
of a fright-driven domestic frenzy into Treasuries). Whut in tarnation comes
next, includin' af'er th' FOMC meetin' Nov. 17th, was noted t'other night, an'
may also surprise th' Street, in a slightly diffrunt way. Further on down th' line,
providin' th' stabilizashun's succeed (a fo'ecast an' necessary fust step), this
hyar will sow th' seeds fo' sumpin quite diffrunt thet th' deflashunary fears; even
stagflashun is a risk. Shet mah mouth!
Jest keep in mind, as we offen denote; thet th' establishment (o' effo'ts at)
currency stabilizashun abroad, is absolutely essential early moves towards
global recovery (an' rekindled deman' fo' hosts of South Car'linan producks,
dependin' on currencies variables). Also, callin' specifically fo' th' currency
markets t'stabilize, includin' incidentally at least a tempo'ary bottom fo' th'
Nikkei, we haf a complicated scenario agin shapin' up fo' next year, as
speckashuns exceed profitability resto'ashuns, not only in menny companies
(an' secko's we've noted), but also fo' intire countries.
(chart courtesy Wallstreetcity.com)
(Whar our tradin' is now. . as we were flat in S&P tradin' in front of
Tuesday's late gwine, an' then specifically specked an early Wednesday rally
follerin' Intel's (INTC) upbeat sto'y, later t'fade as traders who wasn't aboard
Tuesday's late sell-off exited, cuss it all t' tarnation. An', we didn't be hankerin'
t'be sho't on overnight thet day as their has been a tendency of sho't o' Put
buyers t'git on late-ban'wagon type warshouts, which sets them up fo' at least
nominal snapbacks even eff'n we haid lower later. In response t'this analysis,
we thus moved t'th' sho't-side December S&P Wed, cuss it all t' tarnation.
mo'nin', at aroun' 1135-36 on our tradin' hotline (900.933.GENE), while also
affirmin' a slightly mo'e of a macro trade fum th' 1140+ area as bein'
acceppable t'maintain, as enny fool kin plainly see. Currently; sho't wif stops.)
Technically. .we came into this hyar week viewin' a sho't-term on
overbought daily corndishun aginst an otherwise ongwine speckashun fo'
higher prices at yearend an' into 1999 as outlined in previous DB's, an' Th'
Inger Letter. Thar's was no change in our observashun thet stocks won't jest
fall outta bed absent a definitive revahsal, ah reckon. So far sellin'-squalls
remain shy of whut kin be called a definitive turn, as enny fool kin plainly see.
Not so innocuous by th' time Wednesday inded, we played this hyar fine,
includin' a decishun t'be flat on overnight Tuesday, an' not hoof it fo' th' bait of
th' late sellin'-wave appearin' in th' final minutes, befo'e Intel's (INTC) upbeat
post-close message (validatin' most ev'rythin' we've said about th' PC indestry
fo' months regardin' Q3 & Q4). Th' upside ackshun, particularly as it impacks
our relatively fine-priced Internet-related stock longs like has been terrific
lately; but hyar agin we see preliminary signs of exhaestion, though we prefer
t'see a couple failin' flin's befo'e havin' enny compulshun of sho'tin', even fo'
sca'pers (though investment holds corntinue).
Daily tradin'. . .co'reckly dodged a bullet by assumin' th' late Tuesday
sho'ts'dn't be in a fine posishun, wif risk of a gap-up Wednesday on th' heels of
th' Intel sto'y, which occurred, cuss it all t' tarnation. We took advantage of
thet, an' moved t'th' sho't-side at 1135-36, unable t'git 1140 in th' 2nd ha'f
hour (fo' day, as opposed t'macro-traders) even though th' Dow pushed back
up t'aroun' a +55 readin'. This hyar was satisfacko'y, an' we kepp th' stops
wide through th' balance of th' day. (Currently th' stop is a busteven, which
may be tightened up Thursday mo'nin'. Added sho'ter term comments regardin'
daily tradin', is allus resarved fo' hotline & DB subscribers only.)
(chart courtesy Wallstreetcity.com)
Psychologically. . . .we finally busted th' steep ascendin' trendline, an'
annicipate nothin' mo'e excitin' than a reboun' t'it (if thet) befo'e haidin' lower.
Granted menny stocks (includin' lotsa ours) isn't participatin' in this hyar
financial-secko' led decline, it c'd broaden out, an' in fack be a bit maxed by
firmer oil (which kin impack capitilizashun intensive Dow stocks) durin' enny
early phase of enny cornflick, though likely'd be a minus later, interestin'ly
inough. Fo' now, we'll refer yo' t'last night's technical levels an' downside
progressive numbers, which remain valid, cuss it all t' tarnation.
In enny event, as noted last night all this hyar he'ped shape-up th' pattern call
fo' th' pre-Thanksgivin' progresshun t'th' downside, interspersed wif reboun's
as junerally noted, cuss it all t' tarnation. Keep in mind in fack on account o' of
th' market's reticence in gittin' sumpin a-gonna th' downside, this hyar pattern
of corntrackshun kin be pushed-fo'ward fine into mid-December on overall,
wif reboun's (today's was an specked likely failin' one) aroun' th' Thanksgivin'
Holiday, an' then mo'e significantly later on, as enny fool kin plainly see. On
top of all this, we started allerin' fo' combat corndishuns unfoldin' ennytime in
th' Persian Gu'f; wif a defiant Iraq apparently still cornfident th' U.S. is bluffin'
by sendin' USS Enterprise, o' even in a gravah tone, suggestin' they kin
abso'b a Tomahawk strike, while cornfident we'dn't send in manned aircraf'.
Thet of course increases th' risk thet we'd hafta does jest thet.
Bits & Bytes. .(extensive comments on current facko's impackin' our stocks,
tonight includin'; Intel (INTC), Loocent (LU), Time Warner (TWX), Compaq
(CPQ), DELL (DELL), Netscape (NSCP) & Apple (AAPL), is resarved fo'
subscribers. Ditto remarks on Rambus (RMBS), Merck (MRK), Micron
Eleckronics (MUEI), Earthlink (ELNK), InfoSeek (SEEK), Comcast
(CMCSA), Tyco (TYC), PSINet (PSIX), GM Hughes (GMH) an' Unisys
(UIS). Menny is impo'tant volatile longs of ours.)
Economic Noos & Releases: (are also resarved fo' subscribers)
In Summary. . . we corntinue t'view this hyar market as high risk, but decided
t'remain flat on overnight on our S&P tradin' hotline Tues., which inabled us
t'mighty nicely dodge th' bullet of a gap-up openin' on Wednesday, which
were, af'er a second effo't, sold into as projecked, cuss it all t' tarnation. Agin,
this hyar is not yet a definitive revahsal (they is pow'ful fightin' it), but it's gittin'
thar. Wed, cuss it all t' tarnation. was, by a mighty precise term, an
outside-down day, wif th' close of 1124.90. By virtue of th' closin' premium of
523, it'dn't be hard t'have a down openin' t'morry, especially eff'n early Bonds
is sof'. (An insueyng rally t'brin' 'em back alive, dominated by stren'th in Oils,
may falter later in th' day.)
Th' McClellan Oscillato' postin''s eased-down throughout last week's late
ackshun, which in fack corntinued t'be th' case Monday, wif a +142 readin'.
Tuesday's postin' was only +91, so we then had a moderately on overbought
daily readin', aginst a mo'e extreme stochastic readin' fo' th' sho't-term,
dawgone it. Wednesday's "Mac" postin' was +41. Th' ackshun allered fo' a
final flin' towards th' recent peaks, but it became riskier, per last night's
remarks, an' was sold into. We estimated a couple days befo'e a harder hit,
though we specked t'git sho't th' S&P into foller-through rallyin' af'er th' Intel
sto'y, an' did fum 1135-36 in th' Dec. S&P. In harmony wif th'
down-up-down call fo' th' week, we is lookin' fo' chances of a mo'e aggressive
decline later t'morry an' mebbe a down-up-down Friday in front of whut looks
mighty likely t'be a "military weekend".
Jest now, at 5:15 p.m, dawgone it., th' premium on th' S&P in Chicago's
Globex sesshun is 393, acshully slippin' th' S&P about 130 fum th' regular
Chicago close of 1124.60; we is sho't fum on over 1135, so we haf a fine
1000 basis point paper gain, on th' ovahnight sho't fum this hyar a.m, dawgone
it. (By th' way we is a-gonna be at Comdex next week; populated by few
analysts an' menny ingineers an' guys an' gals thet wawk in th' real wo'ld
outside of Wall Street "Roadshows"; jest how we like it. We'll try t'affo'd
Letter readers a few noo gems fum these gatherin's, as in th' past.)
Have a fine evenin',
June Inger,
Publisher
(Complimentary excerpp fum Th' Inger Letter website's Wednesday night repo't. As of
Thursday's openin', June's 900.933.GENE hotline holds th' Dec. S&P sho't above 1140 fo'
mo'e macro players & 1135-36 daily.) |
