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Sterling Weekly for April 20th, 2009

The overall market as measured by the Dow Jones Industrial Average gained approximately 355 points or approximately 4.5% since the previous edition of the Sterling Weekly to finish at 8,131.33 The Dow Jones Industrial Average appears to finally have broken from the downward trading channel that I first identified in the December 8th edition of the Sterling Weekly. The real question is where is the Dow going to go from here??

Well, you can formulate your own opinion, but my thoughts are that the overall market is looking to consolidate around the 8,000 level. However since we are heavily into earnings season as the calendar below indicates, please keep in mind that an earnings surprise from anyone of a group of key companies could cause the market to move sharply in one direction or another.

Also, a wild card for the future direction of the market is Friday's decision by the Obama administration's declaration that Carbon Dioxide threatens the planet. According to this weekend's Wall Street Journal, the EPA is planning on regulating CO2 emissions. This will surely open the way for every environment group, and every other person who doesn't like what someone else is doing to enter the court system and try get what they want without waiting for the government to actually make a determination if something is permissible or not; or they may simply use the court system to try to create their own policy. In response to the planned regulations, Consol Energy, Inc. announced that it was delaying 2 mining projects in Appalachia. Guess we can count those as the 1st jobs lost as a result of this new policy. Wonder how the voters in Appalachia voted last November................??? Anyhow, these new regulations are probably going to have the net result of depressing the economy even further by closing existing factories and preventing new ones from being opened thus increasing unemployment and in the end, the good produced in those factories will simply be produced in less clean factories over seas resulting in a net increase in pollution and CO2 emissions. That is unless the demand for those goods simply goes away because no one has any money left. By the way, did I mention that American Electric Power estimated that as a result of the EPA's decision to regulate CO2 emission that the it expects the average consumer's power bill to increase 25-50%. I guess you could call that good news if you read the recent Wall Street Journal editorial where power company executives were expecting utility rates to increase 200-300% as a result of "cap and trade" policies. I don't know about the rest of you, but a 25-50% increase in our monthly utility rates is going to cause some problems in my household, and a 200-300% increase in utility rates would be an outright disaster. I have posted a PDF copy of the Wall Street Journal article "US in Historic Shift on CO2" from this weekend's paper for your review. So, I will try to find the editorial I from a couple of months ago that I mentioned, and I'll post it as well if I can find it. I've also archived the WSJ article on "How Carbon Dioxide became a Pollutant," and their article on the "EPA: Overwhelming Cause to Regulate Greenhouse-Gas Emissions."


Sterling Calendars for the Week of April 20th, 2009
Economic Calendar
Date Est. Time Release

For

Consensus Prior
04/20 10:00am Leading Indicators Mar. (02.%) (0.4%)
04/22 10:35am Crude Inventories 04/17   +5,670K
04/23 8:30am Initial Claims 04/18 630k 610k
04/23 10:00am Existing Home Sales Mar. 4.65M 4.72M
04/24 8:30am Durable Orders Mar. (1.5%) 5.1%
04/24 8:30am Durable Orders Ex-Auto Mar (1.2%) 3.9%
04/24 10:00am New Home Sales Mar. 340k 337k

  Misc. Calendar
Date: Comments:
04/20 Bank of America 'BAC' reports earnings before the open. est. $0.05
04/20 Boston Scientific 'BSX' announces earnings after the close. Est. $0.12
04/20 Eaton Corp. 'ETN' announces earnings before the open. Est. ($0.25)
04/20 Eli Lilly 'LLY' announces earnings. Time N/A. Est. $0.99
04/20 Haliburton 'HAL' announces earnings. Time N/A. Est. $0.41
04/20 IBM 'IBM" announces earnings. Time. N/A. Est. $1.66
04/20 Texas Inst. 'TXN' announces earnings after the close. Est. ($0.03)
04/21 Advance Mico 'AMD' announces earnings. Time N/A. Est. ($0.66)
04/21 Bank of NY Mellon 'BK' announces earnings at 6:30am ET. Est. $0.63
04/21 BJ Services 'BJS' announces earnings. Time N/A. Est. $0.23
04/21 Blackrock 'BLK' announces earnings before the open. Est. $0.81
04/21 Capital One 'COF' announces earnings after the close. Est. $0.00 ?
04/21 Caterpillar 'CAT' announces earnings at 7:30am Est. $0.06
04/21 Delta Airlines 'DAL' announces earnings before the open. Est. ($1.01)
04/21 DuPont 'DD' announces earnings before the open. Est. $0.52
04/21 LaBranche & Co. 'LAB' announces earnings before the open. Est. ($0.08)
04/21 Lockhead Martin 'LMT' announces earnings. Time N/A. Est. $1.64
04/21 Merck & Co. 'MRK' announces earnings before the open. Est. $0.77
04/21 Seagate Tech. 'STX' announces earnings after the close. Est. ($0.44)
04/21 TD Ameritrade 'AMTD' announces earnings. Time N/A. Est. $0.23
04/21 Coca Cola 'KO' announces earnings before the open. Est. $0.65
04/21 The New York Times 'NYT' announces earnings before the open. Est. ($0.04)
04/21 Yahoo, Inc. 'YHOO' announces earnings after the close. Est. $0.08
04/22 Altria Group 'MO' announces earnings at 7:00am. Est. $0.39
04/22 Apple, Inc. 'AAPL' announces earnings. Time N/A. Est. $1.09
04/22 eBay, Inc. 'EBAY' announces earnings after the close. Est. $0.34
04/22 Morgan Stanley 'MS' announces earnings before the open. Est. N/A
04/22 Boeing 'BA' announces earnings at 7:30am ET. Est. $0.91
04/22 Wells Fargo 'WFC' announces earnings at 8:00am ET. Est. $0.41
04/23 Microsoft 'MSFT' announces earnings after the close. Est. $0.47
04/24 3M Co. 'MMM' announces earnings before the open. Est. $0.86
04/24 Ford Motor Co. 'F' announces earnings before the open. Est. ($1.21)
04/24 Honeywell 'HON' announces earnings before the open. Est. $0.54
  The full earnings calendar for this week can be found (here)

 

Disclaimer: The Sterling Investments series of newsletters is produced by Sterling Investment Services, Inc. All information used in the production has been obtained from sources believed to be reliable and accurate. Sterling Investment Services does not warrant or assume any liability for inaccuracy of the information used to produce our publications. To receive further information on these services please visit our web page at: www.sterlinginvestments.com If you would like to contact us our fax # is (404)-816-8830 Email address is: enelson@sterlinginvestments.com Sterling Investment Services may hold positions in the securities recommended or may be providing consulting services to the companies mentioned within this report.
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