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Sterling Weekly for June 22nd, 2009

I am in the process of preparing for hip replacement surgery, and as a result my work schedule has been somewhat erratic lately. Due to the fact that there is a good chance my publication schedule will most likely be somewhat erratic, I have decided to make the Prime Stock Newsletter free to the public until July 10th, 2009. I should be more than recovered from the surgery by then and we should be seeing any more interruptions in the publication schedule. If you would like to take advantage of the free subscription offer, please click (here).

Last week the overall market, as measured by the Dow Jones Industrial Average lost approximately 2.9%, or approximately 259 points to finish the week at 8,539.73. As I stated in the previous edition of the Sterling Weekly, the Dow Jones Industrial Averages 'INDU' has been essentially tracking sideways since early May, and it continues to look as if the sideways movement is going to continue for the time being. While it is unclear how much longer this sideways trend will continue, I suspect that the reason the market is trending sideways is because it is unclear how the changes to the economy are going to play out. However, once this becomes clearer, I expect regardless of the direction the market moves, the move will be a big one.

This week I would like to take a look at the price of gold, which closed at $979.28 per ounce on Friday. I have inserted 2 charts on the price of gold below. The 1st chart is a chart showing the weekly price of Gold from early 2006 through Monday May 25th, 2009, and the second chart shows the daily price of gold up through the trading activity of May 29th, 2009.

Weekly Price of Gold through May 25th, 2009

What this 1st chart is showing is that the price of gold reached an approximately closing high of $1,002.66 per ounce on May 10th, 2008; and that the price of Gold reached an approximate closing low of $722.30 per ounce on October 27th, 2008.

Chart of the Price of Gold as of May 29th, 2009The second chart is showing us that the price of reached a closing high of $993.25 per ounce on February 20th of this year; and it subsequently reached a closing low of $869.12 per ounce on April 17th of this year. The price of gold is clearly in an upward trend. There is ia reasonable good chance that the price of gold is going to continue to move higher and test its yearly closing high of $993.25 per ounce. In looking at the price of gold on the weekly, and daily chart it looks like the price of gold is in the process of completing what technical analyst refer to as a "cup and handle pattern", which is a very bullish trading pattern. The longer term, and larger pattern is the "cup" portion of the pattern, which is being played out on the weekly chart; and the "handle" portion of the pattern is the shorter term and smaller pattern being played out on the daily chart. A close above $993.25 per ounce would complete the "handle" portion of the pattern and provide a measured move to $1,117.37 per ounce. A closing trade above $1,002.66 per ounce would complete the "cup" portion of the pattern and provide for a measured move to $1,283.02 per ounce. Based upon my experience as a technical analyst, it looks pretty clear that the price of Gold is headed towards $1,300 per ounce.

Oh, and by the way, on December 31st, 2005 the price of gold closed at $517.03 per ounce. On January 5th, 2006 I published a report titled "A comprehensive Technical Analysis of the Philadelphia Gold & Silver Index 'XAU'." In the report I stated that I believed "that the price of gold will move above $600 per ounce in the short to intermediate term,and I believe there is a very good chance it could get close to $1,000/ounce over the longer term, perhaps in as little as 2-3 years." Approximately 4 months after publishing the report the price of gold reached the $600 per ounce mark, and in just under 2 1/2 years the price of gold reached the $1,000 per ounce price level. A copy of that report is available for your review (here).

Next week, I will take a look at the Philadelphia Gold & Silver Index 'XAU'.


Sterling Calendars for the Week of June 22nd, 2009
Economic Calendar
Date Est. Time Release

For

Consensus Prior
06/23 10:00am Existing Home Sales May 4.83M 4.68M
06/24 8:30am Durable Orders May (0.9%) 1.9%
06/24 8:30am Durable Orders Ex - Trans. May (0.5%) 0.8%
06/24 10:00am New Home Sales May 360k 352k
06/24 10:30am Crude Inventories 06/19   (3.87M)
06/24 2:15pm FOMC Minutes      
06/25 8:30am Initial Claims 06/20 608K  
06/25 8:30am Q1 GDP Final Q1 (5.7%) (5.7%)
06/26 8:30am Personal Income May 0.2% 0.5%
06/26 8:30am Personal Spending May 0.4% (0.1%)
06/26 8:30am PCE Core May 0.2% 0.3%
06/26 9:55am Mich Sentiment-Rev. Jun 69.0 69.0

  Misc. Calendar
Date: Comments:
06/22 Walgreen 'WAG' announces earnings at 8:00am ET. Estimate $0.56
06/23 Jabil Circuit 'JBL' announces earnings @ 4:00pm ET. Est. $0.22
06/23 Oracle 'ORCL' announces earnings after the market closes. Est. $0.44
06/23 Kroger Co. 'KR' announces earnings. Time N.A. Est. $0.61
06/24 American Greeting Corp. 'AM' announces earnings before the open. Est. $0.20
06/24 Bed Bath & Beyond 'BBY' announces earnings. TIme N/A. Est $0.24
06/24 Monsanto Co. 'MON' announces earnings. TIme N/A. Est. $1.18
06/24 Nike 'NKE' announces earnings at 4:15pm ET. Est. $0.96
06/24 Red Hat 'RHT' announces earnings after the close. Est. $0.14
06/25 Conagra 'CAG' announces earnings at 7:30am ET. Est. $0.42
06/26 Micron Tech. 'MU' announces earnings. Time N/A. Est. ($0.43)
06/26 Palm, Inc. 'PALM' announces earnings after the close. Est. ($0.64)
06/26 Gerber Scientific 'GB' announces earnings before the open. Est. $0.01
06/26 KB Home 'KBH' announce earnings before the open. Est. ($0.64)
  The full earnings calendar for this week can be found (here)

Prime Update:

Sterling Investment Services is an investment research and money management firm publishing the Prime Stock Newsletter. The Prime Stock Newsletter is a daily comprehensive newsletter that is useful for investors and traders alike. Whether you are looking for short term trading opportunities ranging from day trading to a couple of weeks or if you looking to acquire a long term portfolio at smart entry points. Subscriptions are $50/month. A Free 2 Week Trial is currently being offered.

Our most recent Performance Report is now available available (here). 14 of our last 20 recommendation resulted in profitable trades for an average profit of $0.27/share. This is an 70% success rate.

Highlights from Recent editions of the Prime Stock Newsletter
Recommendation Date Entry Point Recent Close or Exit Price Profit* Note
Massey Energy 'MEE' Jun 1 $23.97 $25.71 $1.74 Sold June 2nd
T. Rowe Price 'TROW' Jun 4 $42.06 $44.77 $2.71 Sold June 9th
Synaptics 'SYNA' Jun 5 $38.28 $40.88 $2.60 Sold June 10th
* The per share PROFIT is a theoretical calculation based upon the opening price the day the recommendation is published and the intra day high (or low for short sales) on the exit day. The exit day is determined based upon the application of our "Rules for Trading", the implementation of "stops" within our stated policy, and may not reflect the complete or full movement of the underlying recommendation.

 

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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