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Sterling Weekly for August 29th, 2005

Monday Morning:
Well, for the last couple of weeks I have been searching for a quality chart of the price of oil, which hasn't been easy to find unless you are a commodities trader, which I am not. However I have been able to review a couple of charts of oil prices, and I am relatively happy to say that I just don't see the price of oil moving much higher from its current levels. It may hit $70 barrell, but that should be about it. I will keep looking to see if I can find that better quality chart to provide a more accurate reading on future oil prices.
Tuesday Morning/Afternoon:

Well, it is now Tuesday morning and I have been watching the reports on the damage caused by hurricane Katrina. I've seen several analyst on the financial channels talking about how long term this storm is not going to cause significant problems and might actually help some companies. I do not think so! Living in Atlanta you get a pretty good spot from which to watch the hurricane season unfold, and you do pay attention to them, particularly if you like to spend your Sunday afternoons on the lake as I do. This hurricane did not go and hit some beach community populated by rental condos and real estate agents. This hurricane nailed an especially vulnerable city and one of the major transportation lifelines for this country. I fear that this is going to have a major disruptive effect on things for some time to come. Even worse for New Orleans, as the weather map below shows, it is continuing to rain in the Ohio River Valley, which drains into the Mississippi river. All this water will flow downstream and keep the water level rising in New Orleans for several days to come. I doubt anyone honestly knows how long it will be before serious repairs can begin, the dikes can be repaired and the city can be pumped dry. Only time will tell.

Sterling Calendars for the Week of August 29th, 2005
Economic Calendar
Date Est. Time Release For

Briefing.com

Consensus Prior
8/30
10:00am Consumer Confidence Aug 101.0 101.50 103.20
8/30
10:00am Factory Orders Jul (2.2%) (2.0%) 1.4%
8/30
2:00pm FOMC Minutes Aug 9      
8/31
8:30am GDP-Prel. Q2 3.4% 3.4% 3.4%
8/31
8:30am Chain Deflator-Prel. Q2 2.4% 2.4% 2.4%
8/31
10:00am Chicago PMI Aug 65.0 61.0 63.5
9/01
??? Auto Sales Aug 5.4M 5.3M 5.7M
9/01
??? Truck Sales Aug 9.4M 9.2m 11.3M
9/01
8:30am Initial Claims 8/27 310k 315k 315k
9/01
8:30am Personal Income Jul 0.5% 0.5% 0.5%
9/01
8:30am Personal Spending Jul 1.0% 1.0% 0.8%
9/01
10:00am Const. Spending Jul 0.8% 0.5% (0.3%)
9/01
10:00am ISM Index Aug 58.0 57.0 56.6
9/02 8:30am NonFarm Payrolls Aug 215k 190k 207k
9/02
8:30am Unemployment Rate Aug 5.0% 5.0% 5.0%
9/02
8:30am Hourly Earnings Aug 0.3% 0.2% 0.4%
9//02
8:30am Average Workweek Aug 33.7% 33.7% 33.7%

  Misc. Calendar
Date: Comments:
8/29 China Eastern Airlines 'CEA' reports earnings after the close. est. N/A
8/29 China Oilfield Services 'CHOL.PK' reports earnings before the open. est. N/A
8/29 China Petroleum & Chem. 'SNP' reports earnings at 3:30am. est. N/A
8/29 China South Airlines 'ZNH' reports earnings before the open. est. N/A
8/30 Zale Corp. 'ZLC' reports earnings before the open. est. $0.08
8/31 China Telecom 'CHA' reports earnings at 4:00am. no est.
9/01 Catalyst Semiconductor 'CATS' reports earnings after the close. est. $0.03
9/01 Ciena Corp. 'CIEN' reports earnings before the open. est. ($0.04)
9/01 Del Monte Foods 'DLM' reports earnings before the open. est. $0.05
9/01 H&R Block 'HRB' reports earnings after the close. est. ($0.07)

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.

Highlights from Recent editions of the Prime Stock Newsletter
Recommendation Date Entry Point Recent Close or Exit Price Profit* Note
Autodesk 'ADSK' Aug 16 $37.75/share $42.19 intra day high on Aug 25th. $4.44  
DR Horton 'DRI' Shorted Aug 22 $35.07 $30.15 intra day low on Aug. 25th $4.92  
Massey Energy 'MEE'

Aug 10

$46.46 $49.45 intra-day high on Aug 22nd $2.99 Should move higher.
* 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.

Dow Jones Industrial Average (INDU)

Current Opinion: Closed @ 10,412.82 Last Signal: Called Lower on August 5th with the previous day's close of 10,610.10 Current Expectations: I am expecting the Dow Jones Industrial Average to pullback over the short term and move lower and test 10,368.61. If that level fails to provide support and generate a move higher, then I the Dow should continue to move lower and test 10,263.82

The S&P 500

Current Opinion: Closed @ 1,208.41 Last Signal: Called Lower on August 5th with the previous day's close of 1,235.86 Current Expectation: I am expecting the S&P 500 to to pullback over the short term and test 1,195.98 and then 1,191.14 if the support at 1,195.98 fails to hold.

The NASDAQ 100 (NDX)

Current Opinion: Closed @ 1,565.73 Last Signal: Called Lower on August 5th with the previous day's close of 1,608.74 Current Expectations: I am expecting the NDX to pullback over the short term and test 1,547.30 and then 1,533.27 on a closing basis.

CBOE Ten Year Treasury Index (TNX)

Current Opinion: Closed @ 4.090% Last Signal: Called Lower on August 29th with the previous day's close of 4.189% Current Expectations: The TNX should end its downward trend and move higher test 4.258% and then 4.278% on a closing basis. (WOW, I am not sure what happened here other than a flight to safety.)

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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