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Sterling Weekly for August 31st, 2009
The overall market as measured by the Dow Jones Industrial Average rose 38.24 points or approximately 0.4% to finish last week at 9,544.20 We are coming up on the Labor Day Weekend, and as a result I expect trading volume to continue to be light this week. As usual, I expect that trading volume and the market will return to more normal activity within a few days following the return from the holiday weekend. In looking at the Dow Jones Industrial Average, it appears that we have a pair of trendlines forming that may start to come into. While it may be a little early to tell how relevant these trendlines really are, I've included a daily chart of the Dow below for your review. Regular readers of the Sterling Weekly will remember that the downward trendlines from earlier this year that had a big influence on the market.
Time will tell if these trendlines are relevant. However, if they are, then I would not be surprised to the market continues to move higher through the end of this week, and then turn lower following the Labor Day Holiday Also, please note that this week's economic calendar has some rather weighty news towards the end of the week with jobless claims on Thursday and the unemployment rate on Friday. Either one of those announcements could move the market sharply, or not at all.
Sterling
Calendars for the Week of August 31st, 2009
Economic
Calendar
Date
Est.
Time
Release
For
Consensus
Prior
08/31
9:45am
Chicago PMI
Aug.
47.2
43.4
09/01
10:0am
Construction Spending
July
(0.2%)
(0.3%)
09/01
10:00am
ISM Index
Aug.
50.2
48.9
09/01
2:00pm
Auto Sales
Aug.
N/A
4.2M
09/01
2:00pm
Truck Sales
Aug.
N/A
4.2M
09/02
8:15am
ADP Employment Change
(246k)
(371k)
09/02
8:30am
Productivity-Revised
Q2
6.1%
6.4%
09/02
10:00am
Factory Orders
July
1.5%
0.4%
09/02
10:30am
Crude Inventories
+128k
09/02
2:00pm
FOMC Minutes
08/12
09/03
8:30am
Initial Claims
08/29
570K
570K
09/03
10:00am
ISM Services
Aug.
48.0
46.4
09/04
8:30am
Average Workweek
Aug.
33.1
33.1
09/04
8:30am
Hourly Earnings
Aug.
0.1%
0.2%
09/04
8:30am
NonFarm Payrolls
Aug.
(225k)
(247k)
09/04
8:30am
Unemployment Rate
Aug.
9.5%
9.4%
Prime
Update:
The Prime Stock Newsletter is our daily newsletter that contains commentary on the overall market, and our single best trading idea for the day! (Both Long & Short Sale Recommendations) We select this stock through a combination of technical (charting) and fundamental (financial) analysis. The Prime Stock Newsletter provides select expanded quotation information, corporate description, select recent company news, our technical analysis of the shares and our expectations, and our options recommendation for the company.
Our most recent Performance Report is now available available (here). 15 of our last 20 recommendation resulted in profitable trades for an average profit of $0.32/share. This is an 75% success rate.
Highlights
from Recent (20) Editions of the Prime
Stock Newsletter
* Our August 12th, short sale recommendation of Borg Warner 'BWA' reached our stated price target of $30.10/share on August 19th.
*** Our July 31st recommendation of Dollar Tree Stores 'DLTR' set a new ALL-TIME CLOSING HIGH on August 28th.
*** Our July 29th recommendation of Discovery Communications 'DISCA' set a new yearly high on August 10th.
**** Our July 28th recommendation of Metavante Tech. 'MV' surpassed our stated price target of $29.30/share on July 29th.
**** Our July 23rd recommendation of Ross Stores 'ROST' surpassed our stated price target of $44.53/share on July 30th, and it set a new yearly closing high on August 21st.
* 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
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