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Sterling Weekly for October 10th, 2005

In last week's edition of the Sterling Weekly I let it be known that I was not happy with Senator Charles Grassley defending his pork barrel spending for my home state of Iowa. Well, I think it is safe to say that pork spending is a natural addiction for congressmen. The recent fight over who can propose the highest amount of aid for the victims of Hurricane Katrina is just a prime example of how irresponsible Congress has become with tax payers money. I very strongly believe that the solution to pork barrel spending by Congress is the line-item veto.

The line-item veto is In government, the line-item veto is the power of an executive to veto parts of a bill, usually budget appropriations. This enables an executive to nullify specific provisions of a bill, rather than only being able to approve or veto a bill in its entirety. As of 2005, all but seven states allow the line-item veto. The exceptions are Indiana, Maryland, Nevada, New Hampshire, North Carolina, Rhode Island, and Vermont. The Line Item Veto was a power briefly held by President Clinton before US District Court Judge Thomas Hogan decided on February 12, 1998 that it was unconstitutional. Last November, President Bush asked Congress to bring back the line-item veto. A text of the USA Today article on the subject can be found here. A few Congressmen has acted responsibly on the subject, Senator Elizabeth Dole R-NC and Rep. Bob Andrews D-NJ. have proposed constitutional amendments to give the President the Line Item Veto. Now is the time for responsible members of Congress to move forward with the constitutional amendment for the line-item veto. If you would like to write your Senator or Representative, you can locate them through the web site for the US Senate, or the US House of Representatives. I think I'll write mine and we can all see what happens.

The overall market continues to look weak. I think it is being driven lower by a combination of two things. The first being uncertainty relating to energy production and how higher prices are going to hurt the economy, and the second is the perceived political weakness of the current Presidential Administration. The bottom line is that the market does not like uncertainty. Oh, and don't dismiss that many money managers with big energy related gains may be looking to lock in their bonuses by flattening out their positions.

Sterling Calendars for the Week of October 10th, 2005
Economic Calendar
Date Est. Time Release For

Consensus Prior
FOMC Minutes 9/20      
10/12 10:30am Crude Inventories 10/07     (246k)
10/13 8:30am Export Prices-ex ag. Sep N/A N/A (0.1%)
10/13 8:30am Import Prices-ex. oil Sep N/A N/A 0.0%
10/13 8:30am Trade Balances Aug ($59.0B) ($59.3B) ($57.9)
10/13 8:30am Initial Claims 10/08 350K N/A 390K
10/13 2:00pm Treasury Budget Sep $36.0B $37.0B $24.6B
10/14 8:30am Retail Sales Sep 0.7% 0.2% (2.1%)
10/14 8:30am Retail Sales-ex Auto Sep 1.3% 0.6% 1.0%
10/14 8:30am CPI Sep 1.0% 0.9% 0.5%
10/14 8:30am Core CPI Sep 0.2% 0.2% 0.1%
10/14 9:15am Industrial Production Sep (0.3%) (0.5%) 0.1%
10/14 9:15am Capacity Utilization Sep 79.5% 79.4% 79.8%
10/14 9:45am Mich. Sentiment-Prel Oct 81.0 80.0 76.9
10/14 10:00am Business Invent. Aug. 0.0% 0.1$ (0.5%)

  Misc. Calendar
Date: Comments:
Oct. 10 Alcoa, Inc. 'AA' announces earnings after the close. Est. $0.29
Oct. 10 Genetech, Inc. 'DNA' announces earnings after the close. Est. $0.30
Oct. 10 Infosys Tech. 'INFY' announces earnings after the close. Est. $0.46
Oct. 11 Advanced Micro Devices 'AMD' announces earnings after the close. Est. $0.08
Oct. 11 Apple Computer 'AAPL' announces earnings at 5:00pm et. Est. $0.37
Oct. 11 Gannet 'GCI' announces earnings before the open. Est. $1.14
Oct. 12 Harley-Davidson 'HDI' announces earnings before the open. Est. $0.90
Oct. 12 Lam Research reports earnings. Time not disclosed. Est. $0.30
Oct. 12 Monsanto Co. 'MON' reports earnings before the open. Est. ($0.51)
Oct. 13 Fairchild Semiconductor 'FCS' reports earnings before the open. Est. ($0.01)
Oct. 13 Tribune 'TRB' reports earnings before the open. Est. $0.48
Oct. 13 Winnebago 'WGO' reports earnings before the open. Est. $0.42
Oct. 14 Boston Scientific 'BSX' reports earnings before the open. Est. $0.44
Oct. 14 First Data 'FDC' reports earnings. Time not supplied. Est. $0.61
Oct. 14 General Electric 'GE' reports earnings at 8:30am Est. $0.44
Oct. 14 Knight Ridder 'KRI' reports earnings at 6:30am Est. $0.66
Oct. 14 United Health Group 'UNH' reports earnings before the open. Est. $0.63

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 $46.85 intra day high on October 3rd $9.10  
Amgen 'AMGN' Shorted Sep. 27 $82.00 $74.53 intra day low on Oct. 6th $7.47 This positions should be closed.
Pride International 'PDE'

Sep. 28

$27.30 $29.54 intra-day high on October 3rd. $2.24 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 @ 10,238.76 Last Signal: Called lower on October 5th with the previous day's close of 10,441.11 Current Expectations: I am expecting the Dow Jones Industrial Average to move lower and test 10,140.12 on a closing basis.

The S&P 500

Current Opinion: Closed @ 1,187.33 Last Signal: Called lower on October 5th with the previous day's close of 1,214.47 Current Expectation: I am expecting the S&P 500 to move lower and test 1,173.80 on a closing basis.

The NASDAQ 100 (NDX)

Current Opinion: Closed @ 1,546.99 Last Signal: Called lower on October 5th with the previous day's close of 1,595.54 Current Expectations: I am expecting the NDX move lower and test 1,533.27 on a closing basis.

CBOE Ten Year Treasury Index (TNX)

Current Opinion: Closed @ 4.361% Last Signal: Called higher after the close of trading on September 12th at 4.169% Current Expectations: This index should continue to move higher and test then 4.419%

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: If you would like to contact us our fax # is (404)-816-8830 Email address is: 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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