Gene Inger's Daily Briefing . . . for Monday May 10, 2010:
Good weekend!
The ‘keyhole exit’ . . . warned of developing for a couple of weeks before downside got going in earnest, was evidenced, as characteristically reflecting the institutional or professional domination of this market; and proved our foreboding to be entirely right.
Is this a correction or is this ‘Phase II’ of the Great ‘controlled’ Depression; which very much on-cue began with my forecast ‘Epic Debacle’ forecast from May of 2007? The commencement on the downside of this phase was projected for months to begin as a mild series of oscillations (after the extended rebound from the previous year or so) with trouble in April, and a ‘crash alert’ in-advance by weeks, specifically for this May. This weekend’s primary video will address where this goes and capital market issues.
Now; we’ve contended that an ECB version of a PPT (Plunge Protection Team) might appear by Monday; but optimists for more than a bounce likely will be disappointed. How so? Because as Trichet already introduced sort of a ‘mini-TARP’ if you will (now approved but it’s relatively small funds for the ‘no mo money’ colossal debt morass); he’s unlikely to be more supportive of a ‘maxi-TARP’, until they ascertain whether the moves taken are sufficient to avoiding maxi-padding the financial hemorrhaging from peripheral Europe. If so, plus vacillating conditions in the UK political environment as is irrespective of what happens with the EU; you have conditions that invite continued volatility ahead. Keep in mind most of what you hear from the EU is political not ECB.
For years I’ve suggested ‘technically’ looking at market patterns “x’ing” out all spikes. If you do that with the chaos (which is NOT proven to have been merely mechanical it should be noted) Thursday (which was a spectacular guideline grand-slam homerun for our S&P followers who took the 1164 intraday morning short and stuck with it), as well as all who concurred for a couple weeks that ‘long volatility’ was a great potential play, and it sure was .. and by the way remains so as this market deconstructs what it seems was absolutely the pattern we had forecast; but obviously not for those trying to become defensive too late); anyway what you get is basic downtrend continuation (Thursday started nothing; it just put an exclamation point on it).
I contended early last week that while you still had an 1150-1180 S&P trading range, and a slew of technicians didn’t want to take positions aside saying ‘above is good or below is bad’; that was a cop-out from proper analysis. Internal distribution has been ongoing for a period of weeks; there never was a melt-up most contended; and chart patterns as I observed the prior two weekends, were deteriorating almost across-the-board while masked by some support from a handful of high-beta big-cap stocks in the Averages. This was how they concealed the distribution and tried to drag new buyers into tops. While they tried to ‘schnitzel’ new buyers; I readied you for decline.
Our consistent view was that the rebounds would fail, that we’d take out the 30-day, then the 50-day; then the 100-day, and eventually the 200-day Moving Averages. It remains that bounces notwithstanding, there is no expectation of a stable recovery at this point; nor should there be. And the Deflation (that is evidenced by the CPI by the way, though nobody wants to talk about that) in Europe and borderline the U.S. has a significant probability of making this past week’s projected move just 1st waves down.
There is no reason to belabor the ‘spreads’ that were visible earlier in the week; we’ll not mention how we denoted the higher costs of insuring risk before the break; we’ll not emphasize how we pointed out that ‘sovereign debt’ was the big risk; not the jobs numbers or the Yuan, or the other moves; and that the cash injections (Japan too) is intended to engender confidence, but has the inverse effect as it calls the situation to the attention of citizens of a given nation. Frankly there isn’t enough money around to salvage the debt mess, and that’s a big part of what’s afoot. We even warned that all the upgrades were absurd, and look out for declines in the likes of Apple & Google.
By the way on Tuesday I’ll have special comments about ‘high frequency trading’ and what my specific impressions were relating to last Thursday’s questions in ‘real time’, as they unfolded; which you already generally know; but I’ll explore the specifics of it, and why I suspect it has solid relevance as to whether or not the main event’s ahead.
All year I indicated the coming trouble in April, with a possible break in May; even a crash of sorts (we went on ‘crash alert’ for this seasonal period several weeks ago as well as shorted almost every spike in the S&P over 1200 and that worked mostly well to say the least humbly). All rallies should be false or abortive; downtrend continues.
Daily action . . . was covered Thursday night by 3 ‘technical corner’ videos; there is thus little necessity to expend further energy reiterating what we already have. We’ll share here just a few highlights of the text points of earlier in the week; then 2 videos for this weekend. The primary video will give an estimation (measured move) of the potential Dow and S&P risk. As usual I caution you that overruns (or shortfalls) aren’t unusual; the market will tell us how low is low when we get there; and we’re not there by the way (for those thinking a simplistic 10% decline has anything to do with reality; as I said, it would be nastier). Intensive coverage and projections continue Monday.
In the meantime, for new members; here are highlights of the past week (much must be redacted due to the size of the report otherwise; and the rest is in the archives that you can select from the window on the bottom taskbar of our website next to quotes). Now a summary remarks, followed by two videos this weekend and daily next week.
With the high of the year achieved as projected . . . following weeks of distribution as persistently outlined; we got our ‘keyhole exit’ presented to the chagrin of analysts, pundits, and cheerleaders; who mistook a mid-cycle extended (controlled) rebound in a dangerous way that, as suspected, was designed to suck-in investors while they, in all likelihood, were the sellers (that’s why we looked at many sectors and stock charts over the preceding two weeks to prove that there was NO melt-up, as others claimed, and that in fact an historic distribution was taking place). What we suggested was the risk-averse kind of approach as included our first-ever encouragement to go long VIX in the 15-17 area, with anticipation of a run towards 25-30 (hit 40 today by the way).
Early Thursday we described the rebounds as periodic mark-‘em-up moves so that market makers and specialists could take ‘em down again (to wit; offers pulled so the stocks could lift a bit, setting-them-up for decline); and that’s before the 1000 point at depth Dow decline was posted. Do I believe this was a washout ending the carnage?
(Redacted; for ingerletter.com members only.) What you saw (so it was tough but as I implored investors realize for the last couple weeks; that was a distribution zone, and not a launching pad as today we hear so many pundits forgetting they were calling it; as their upside targets vanish like the wind; which we had argued was all it ever was).
They were looking at long-term medium stochastics; a recovery of a modest nature in the economy; and forgetting to look at the global debt picture, which in our view was an influence. That’s why I noted, a) that technicals do not stay totally in overbought territory (or get there long-term) in a cyclical bull within a secular bear; and
that when (not ‘if’) this broke hard, you’d see everyone try to get out a ‘keyhole exit’ door. As the last several days were the ‘keyhole exit’, then with rebounds or not (the jobs or other economic data is totally irrelevant, as Europe will have austerity and that means lower demand, plus the higher Dollar as we called for all year, which lowers values of our exports, and denies the absurd high S&P earnings projections anyway); this will be a market that works lower. If Thursday was the downside ‘breakaway’, as it for sure went through the 30 day, 50 day, 100 day, and one point 200-day daily moving average lines; then we’ll see (levels probed as discussed in the primary video only).
With a reflection on 1987, perhaps more so than 2007 or 2008 (though I warned last week this looked a lot like what happened before our forecast panics in the latter two years as you’ll recall), this can try to bounce, fail, and then flat-out crash. A big crash here with a reference to history (you’ll also recall that ALL YEAR I warned of trouble in April as well as a risk of a crash in May; and nobody seemed to understand why I said May); would take us roughly to (the levels outlined in the primary video) since of course the world has again changed as we’d forewarned. That’s why the past month we persistently warned the main concern was not earnings; not jobs; not the Yuan in China; but one thing: ‘sovereign debt’. That was the potential domino-tipping point.
As cascading failures occur (the Spanish bond purchase would have faltered if their own government hadn’t absorbed supply; though that’s not broadly reported); and if for instance Moody’s downgrades Italy etc. etc., you’ll start to see global panic arise.
That connectivity in markets and financial structure (especially leverage) is a reason we’ve railed against the secret governance that essentially uses the IMF or others to tie us all together more than we need to be beyond trade and friendly relations with a slew of countries. Lots of Greek (may be small; but symbolic) debt held by the UK as well as US banks, is an example of what I’m talking about (as is US financing of the IMF itself). No need to belabor any of this (it’s in the full text if you’d like) for impacts on markets tied-into the dominoes as we are…the strength we forecast in the Dollar when it was under-loved, essentially was proof enough for me all year to be worried in terms of what it meant for destruction of those temporary profit and market gains).
This is not an exact science; it’s an art. But the fundamental factors were screaming if you just looked. And lately so were the technicals; while ‘marketers’ tried to ‘schnitzel’ investors into buying high (in an) institutionally-dominated market. That is why I said when it broke they would all try to get scramble out a ‘keyhole exit’ because they just try to emulate their peers behavior (also known as matching not exceeding the S&P).
If it is more like 1987; we’ll see an attempt to hold once or twice (after opening lower one more time) and then plunge anew (regardless of the vote in Germany which will pass most likely, or UK’s elections with the Conservatives doing better than expected by some, and irrespective of bailouts, as those are contingent on austerity programs). (Editor: remember this part written earlier in the past week; before Thursday’s break.)
Prior week before the high arrived I said look for 1000 Dow points to come off, more or less. We’ve now cumulatively seen that. At the time I said that was for the next two weeks; well we have that; with perhaps lots more forthcoming. By no means expect a conclusive downward action; not by a long shot. (Again; check the primary video.)
Perspective
Armies of populists . . . are camping-out in Athens; resembling Roman and Grecian formulas of political action committees (hah; similarly to our PAC’s today in DC) of old times. Domestically, on the Anniversary of the Hindenburg disaster, one ponders the odds of Californians meeting at the Univ. of Cal. Berkeley marching on Sacramento; presumably in a similar vein attempting to extract that which pensioners feel entitled; but for which the funds simply do not exist. (This was a Wednesday excerpt remark.)
And then there’s the underlying tome you won’t hear much about: the threat to ‘one-world-governance’ trends as threatened by the revulsion Americans and others have to bailing-out everyone imaginable, which goes beyond the noble cause of charitable assistance, which of course is morally laudable, when it is possible. When you find volunteer doctors that normally treat patients in 3rd world countries now working in California (they are), you realize ‘charity begins at home’ as well as comprehend that if we don’t shore-up our finances, we can’t help others. Our wagons are well-circled.
(Durations involved in ‘refundings’) are a big problem. This has NOT been assisted by ‘pushing-on-a-string’ low Fed rates beyond buying time during which they ‘hoped’ business would recover even as most jobs and ‘stimulus’ were focused on bankers or projects and nor normal areas of focus that would have (eventually will have) more meaning for our U.S. future. It’s this reason (little vision and misdirected funds) that irked me; again it was not politics as such (where’s the Apollo project for energy or a Northeast corridor bullet train). I really don’t care which politician is in office, as long as they do logical work for the people, not for their big contributors plus a circle that contributed to the problem. The bickering is normal; absence of vision unforgivable.
As to Friday: there was no transparency in (Thursday) mechanics; and it’s a week since I warned ‘something fishy’ was going on. I do think the NYSE and NASDAQ acted properly in a sense; as a) there’s no obligation to tell media about something that they don’t know about at the time;
much of the decline was not attributable to ‘glitches’, as well as; c) there are NO circuit-breakers after 2:30 ET. Anyway expect Asia to be on the weak side tonight; Europe to be nervous and likely down regardless of bailouts or Friday election results, and a slew of ‘pink tickets’ to await (and more). As I’ve also noted; tech and Financials were taking-it-on-the-chin for days now, while a few pundits contended otherwise (talking their book, dreaming or marketing; I don’t know); so technically this has been under distribution in preparation for this for weeks though I doubt anyone else will denote this. If considered this could have happened today without a computer glitch it’s a bit more alarming; so ponder (though of course saw the ‘liquidation’ intended or not as is really known despite all the protestations of a ‘fat thumb’ on a key or even one guy suggesting cyber-terror) if we get to see this as merely the first wave down (that too will be updated via the weekend video chart).
Debt impairment . . . is the concern; not earnings and recovery optimism as prevails, at least among the delusions of those who see a sustainable economic recovery with no contractions to test the mettle of the turnaround efforts domestically or worldwide.
You may recall that while skeptical of the extended rebound we forecast last year; we refused to capitulate as others did to the ‘kool aid’ of everything being copacetic, and just encouraged patience waiting for the inevitable distribution after the controlled as well as extended more encountered distribution while they tried to suck investors in at late stages of the upside game. That game ended, as selling the rallies was expected to be the dominant feature (rather than buying the dips) for some weeks, and it was (I noted that I looked at sectors and individual stocks to affirm that we were correct as I was contending the representations just a couple weeks back about a melt-up and all these glorious upgrades and higher price projections were absolutely untrue as what was going on was distribution and a bunch of double-top patterns, though unreported as such…if you look now at a lot of leading techs and others you’ll see what I meant). The distribution was of sufficient substance (including insiders of the big corporations that often were being upgraded by Wall Street) to suggest more than just ‘correction’. (This portion was written Monday or Tuesday of the week just past, plus a lot more.)
Meanwhile, what Greece shows you is that the citizens of peripheral Europe largely it seems are unwilling to have politicians change the lifestyle they’re accustomed to. It’s never mentioned, but Latin America’s similar experiences with IMF-imposed solutions take years (of austerity) to work-through, and while they do emerge stronger, it’s still a long process. What you have is an opportunity for peripheral European nations to put their fiscal houses in order and push through necessary structural reforms (etc.)
Absorb the collateral damage impairment, and moving toward new debt restructuring, rather than wasting limited resources to finance the exit of some banks (they forget to tell everyone the early proposals were bailouts for French and German banks) will be preferable to what happens in time anyway; an unavoidable debt restructuring. That’s a prescription not only for the EU, but probably for the UK and maybe later the U.S. It is a reason why markets in London and New York are indirectly sensitive to all this. (I hear some minimize US involvement in European debt instruments; they’re clueless.)
(Of the particular day; I believe Wednesday.) Late breaking items: a) the FCC will announce their version of ‘Net Neutrality’ during Thursday’s market, modified after a successful Court challenge by Comcast (this will contribute to hits in tech stocks);
look for a scandal involving ‘why’ our Interior Secretary went ‘rafting’ in the Grand Canyon ‘after’ the initial oil platform explosion occurred; c) new reports suggesting banks, with all the funding received, are ill-prepared and thus under-reserved, for what I already projected as a (relatively mild of course by a comparison with the last three years) double-dip housing price decline invoked by what is called ‘shadow inventory’; d) Freddie Mac reported a loss for Q1 of 6.7 billion (with a , and asks for 10.6 billion to avert shortfalls, as in all the world debt chaos, everyone seems to have forgotten about risks to Freddie & Fannie, which have more relevance to ‘perceived’ recoveries being more than fairly limited; and finally, e) it appears certain Senators and Congressmen were ‘selling-short’ the financial and homebuilder stocks (or others too) during the height of the 2008 panic that I forecast. This is particularly interesting as some were on committees and sure had to vote on TARP etc.; so did the speed (or lack) have any impact from their shorting? Either way, talk about a ‘conflict of interest’; let’s see if we hear more about this soon; or they hush it up, just like they are trying to focus on the oil disaster rather than political decisions that caused the proper ‘acoustic’ valve installation to received a waiver to BP absolving installation. And yes, the former VP (aka Halliburton and the industry) had a bit to do with all that.
That ‘keyhole exit’ we forecast last week . . . is snugging-up (Tuesday comment). However that doesn’t at all mean the market has to go down in a straight line. At the same time most of the ‘buy the pullback’ pleas in financial media are in a category of ‘marketing’, rather than analyzing markets. This (Tues.) morning I shared a series of quotes from officials in Germany about other than a ‘finite’ (open-ended) willingness allowing peripheral European bailouts, and I believe that has a lot to do with market downside, even though specifics we outlined this morning have not been cited in the press here. (Interestingly Tues. items were reported, only after Wed.’s early selling.)
I do not want to however encourage acceptance of a Russian story out of the Kremlin Wed. morning despite specificity (including registration numbers) of a North Korean freighter claimed to have deviated from a filed ‘float plan,’ from Havana to Venezuela; in which the report ‘claims’ they launched a mini-sub about 75 miles from the platform and proceeded to ‘torpedo’ the American oil platform. (Again; we really doubt all this.)
As for other catalysts (the ones you have heard about); the reserve tightening and of course declining market in China (we warned of that), plus the Australian interest rate hike, are items that are fairly obvious. We commented (Monday) that the ‘contagions’ we suspected were only masked for a short-time until reality hit home anew. Not to of course forget: the UK (luckily not embracing the Euro, but nevertheless full of issues), and the U.S., are not without severe and mounting debt and deficit problems ahead. I remind everyone that the ‘shock therapy’ used by the IMF to reduce national deficits, are Deflationary; and we’ve warned how hard (onerous really) it is to service debt as well as do the refundings, when you’re trying to do so with ‘shorter-duration’ paper and of course in Deflation the ‘actual’ cost is far higher than with an orchestrated type of ‘inflation’. We’ve suspected the Deflation, and that the Fed wished it was ‘inflation’; which of course any central bank can handle much easier than coping with deflation.
Again we’d not be surprised that this reaches an hourly crescendo and then bounces a bit; but not to the extent of last week’s (or Monday’s) bounce, because we’ve broke and thus affirmed the technical break we sniffed-out brewing for weeks. Again; there was no market ‘melt-up’ as some contended in the last two weeks; there also was no euphoric move higher in stocks; there was only ‘talk’ claiming that to entice investors.
(Tuesday comment.) In my opinion; overall there’s lots more to go; although there is precedent for seeing an early May decline, interspersed with at least a bounce here and there, as it works lower over time. Thus there’s more logic for that than incredibly self-serving pundit pullback buy ideas that are constantly trotted-out. The market was not, is not, and will not, be particularly vibrant; intervening bounces (especially on any news) of course not withstanding. This was a distributional pattern building for awhile.
(Tues.) action . . was delighted that the majority of analysts and pundits are talking of a dip and upside recapture coming right away. Since they (not the skeptical public who is correct) have been the primary participants in the controlled move, that means they have generally not been able to move-out of sufficient positions, and enhances odds of all rallies being used for selling, more so than the dips being used for buying. (If I was cynical I’d suggest they continuing ignoring the real deterioration as pundits assess all this, and keep say buy the dips, because the distribution isn’t finished yet.)
What will take months to clean-up for sure, is the ‘shadow inventory’ in housing that’s about to surface now that the stimulus period has ended, while those counting on Oil, after the market breaks more sustainably, as an ‘excuse’, will find that it would have a big downside move anyway; we suspect (because of the combination of ingredients it will be hard to prove what has more impact); but either way May should be slick in so many ways, as stocks try to maintain a grip, and then slide off a bit toward the nether.
Dubious activities
There is no question that the federal government has been engaged in activities that have suppressed U.S. economic growth (that’s what I call misdirected fund stimulus) and will leave millions unemployed for lengthy periods. But the economy as a whole will be productive and our gross domestic product will continue to increase if there is no exogenous event. However, the ‘rate’ of economic increase is notably easing now.
The Administration believes a recession is best relieved by attempts by government to increase aggregate demand. This is a classic Keynesian prescription (reserved for our members). The ‘stimulus package’ fit orthodox Keynesian theory; misinterpreted.
Is this a textbook case of Austrian business cycle theory? Federal Reserve lowered the federal funds rate to almost nothing. In another era, lowering of the interest rates created an artificial boom in housing (2006 forecast real estate top by the way), with the improper resource utilization Austrian business cycles (more). Once the artificial interest rates got lifted it became clear that the demand for housing was not sufficient to absorb the amount of housing built and sustain the employment of resources in the housing industry; as we sternly warned (and not just words; but liquidity property too.) Housing prices collapsed; distortion of resources was felt throughout the economy; just what we predicted at the time. Now, they’re artificially (details). Slows a process.
Second, the ‘tea party’ gatherings suggest people have been awakened to massive government intervention that is a drag on the economy. This may well result in the restoration of (key portion withheld); allowing re-institution of capitalism for the middle class too. If so, an expanding economy will result in years, yet ahead; though it’s still challenging and this by no means denies the prospect of what is generally called a ‘double dip’ recession first. We’ll follow-on as the weeks and months ahead will tell.
I have called this a controlled Depression since forecasting about three years ago; that the Fed and Treasury would facilitate systemic stabilization, but not much more. I regret to inform you that we were and continue correct. It dovetails in that businesses and even municipalities (we know of two) who concurred with our specific expectation back then, circled their wagons, harbored their cash, and properly rode-out the storm. Now that the market broke as forecast, watch and see what investors do in a panic.
Conclusion: stabilization efforts notwithstanding; overall recovery and deleveraging conditions will prevail (not may prevail) through this year, and probably into next year as well. Intervening rallies in markets will occur (some fairly wild), of limited duration, at this point. If other developments unfold that could change prospects we’ll evaluate.
Bottom line: continuing characteristics; include the following bullet points:
· Economic disequilibrium continues; crisis expanding as EU/ECB in essence admits the extent of debt problems goes well beyond Greece (it’s symbolic).
Further bullet points provided members; please visit ingerletter.com site for details.
MarketCast (intraday analysis & embedded Daily Briefing audio-video). . . remarks forecast substantive failures by markets; particularly as 2010 evolves (whether just as a correction of a worse case remains to be assessed). Remember back in early 2007 we denied the 'liquidity' momentum as a canard; believing housing only the first asset bubble to deflate. We then outlined structured investment vehicle failures; banking issues, the confluence of asset deflations, and more; continuing with interruptions per projecting long ago: 'a perfect storm'. New sets of storm clouds are quietly gathering.
As the debt bubbles continue to deflate, alternating tradable moves continue from a trading perspective. Against that backdrop retaining a macro (adjusted) Sept. S&P 1600 +/- short irrespective of interim oscillations. Technical analysis via video follows.
Daily Briefing Technical-Corner MarketCast Videos
Bits & Bytes . . . provide investors ideas in a few stocks, often special-situations, but also covers primary technology issues (needed for assessment of general factors in tech, or as compelling developments call for) that are key movers in the NDX, SOX or S&P, plus ideas ingerletter.com thinks might merit further reflection. (Individual stock comments generally are provided in video overviews only; occasionally I'll have some thoughts here; however increasingly most all analysis is via video, as it should be.)
Yesterday we noted (with surprise at the speed of approval; especially in Sacramento as it’s well known to be slow) that Pure’s SDC was approved for ‘food handling and in preparation’ by the State of California; and then even New York and North Carolina; a bit faster than anticipated. The germs killed were those already known; plus a couple including agricultural fungi I was unfamiliar with (that’s good; even broader efficacy).
If you quote excerpts of our remarks anywhere on the internet, please respect our work; as we merely request mentioning it came from www.ingerletter.com .
In summary . . events continue reminding us of risks Allied fighting forces face, given continued attacks on free peoples, by elements including organized terrorist forces in various countries and the world’s oceans. Addressing terror threats continues, while domestic issues absorb us more while we must focus on U.S. economic stabilization.
Three years ago I commenced projecting an 'accident waiting to happen'; affirmed historically after long-duration periods of free money (Gilded Age mentality). Now a market may struggles with over-extended rebounds as this economy restructures.
Though enormous efforts have avoided systemic disaster on the banking front; there is no equivalent rescue of the overall economy besides perception; nor restoration of engines for sustainable growth. People are adjusting to lower expectations; which will never be a favored approach to American life. Actually we don’t see it as permanently alternating the future; but we still have major adjustments to work-through. That’s the reason we warn about chasing rallies; not to mention major ‘commercial’ adjustments as are ongoing. And as I’ve said; fairly visible new storm clouds sure were clustering.
Enjoy the weekend!
<h2 style="">Gene</h2>
Gene Inger,
Publisher
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Most strategies are short-to-intermediate in nature. Many traders who prefer equities to trading S&P's, will find similar moves among major tech stocks, that often can be treated as surrogates, or may consider utilizing 'mini' S&P, Dow, or the well-watched QQQ's. There's never a direct or indirect marketing relationship between our firm and any brokerage, hedge, mutual, advisory or financial PR firm. Right or wrong; our thinking is totally independent. We should be considered an independent resource; merely to supplement your own work and due diligence. Good past performance cannot be said to be an assurance of future results.
Intraday videos are confidential for use of subscribers to Gene Inger's MarketCast™ service. If you are the addressee you may view, but not regularly copy, forward, or disclose any part. Comments are Mr. Inger's observations at time of recording; thus not intended to constitute specific investment advice. Investment decisions are solely the responsibility of each investor. If you have received any communication or message in error, please notify office@ingerletter.com as well as the sender.
Internet communications cannot be guaranteed to be timely, secure, error or virus-free. However, all messages are sent in the Adobe™ 'Flash' video format, is simply a perfectly safe link to the streaming video on a Server. The sender does not accept liability for any errors or omissions, as well as any market decisions. Mr. Inger's market analysis makes a best effort to interpret events, technical factors and fundamentals from his perspective, and are intended to augment the information from which an investor makes his or her decisions, but not replace the responsibility of each investor entirely for their own decisions.
E.E. Inger & Co., Inc., its officers and staff, shall not be liable for decisions made, or taken by you or others, based upon reliance on information, or material published by our resource services. All information provided is to be used, considered or evaluated by investors or readers, on an 'as is with all faults' basis. Finally, we fully respect subscriber privacy (as our own); reader names or email addresses are never rented or made available to any party for any purpose; period. We've never rented mailing lists in 38 years since first starting the Letter, the heritage for all services; it's Daily Briefing successor; or video MarketCast comments.
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E-mail contacts:
Website tech support or password activation questions (not MarketCast):
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Mr. Inger (if needed; not for website tech support please) directly:
gene@ingerletter.com
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