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Sterling Weekly for the Week of November 23rd, 2009
Thoughts on Further Advancement in the Dow.

Since the previous edition of the Sterling Weekly, the Dow Jones Industrial Average declined 88.80 points or approximately 0.85% to finish the week at 10,318.16 In looking at the charts of the major market and various sector indices, it looks like the overall market may be in for a slight pullback this week. It should be noted that this week has a fairly heavy economic calendar, and in particular the GDP announcements on Tuesday and the Personal Income & Spending announcements on Wednesday could easily cause big moves in the market or reversals of existing trends.

In the August 24th edition of the Sterling Weekly I took a look the parameters for a typical market retracement. A 1/3 retracement on the Dow Jones Industrial Average would have taken the Dow to 9,086.21, a 2/3rd retracement would have taken the Dow to 11,625.37, and a 50% retracement would have taken the Dow to 10,355.79 It should be noted that the recent high on the Dow is 10,437.42 It should also be noted that it was on October 6th of last year when an already declining market more or less fell off a cliff. On October 3rd, the Friday before Monday the 6th, the Dow Jones Industrial Average closed at 10,325.38 I have included a 2 day chart (with trendlines) that shows the movement of the Dow over the last 18 or so months, and what appears to be a fair amount of resistance against any further upward movement.

Dow Jones Industrial Average 2 Day Chart

In the June 22nd edition of the Sterling Weekly I took a look at the price of Gold and forecast a target price of $1,300 per ounce. In the September 14th edition of the Sterling Weekly, I recommended the SPDR GOld Shares ETF 'GLD' as a way to play the upward movement in the price of Gold. It should be noted that the 'GLD' closed the day before I published the September 14th edition of the Sterling Weekly at $98.90 per share. Since then the price of Gold has reached $1,146.80 per ounce, and the 'GLD' closed last Friday at $112.94 per share. Based upon my take of things, it looks like the price of Gold still has a lot of upside. Unfortunately, I think the upward movement in the price of Gold, is somewhat a no confidence vote on the US economy.


Sterling Calendars for the Week of November 23rd, 2009
Economic Calendar
Date Est. Time Release

For

Consensus Prior
11/23 10:00am Existing Home Sales Oct. 5.70M 5.57M
11/24 8:30am GDP - Preliminary Q3 2.9% 3.5%
11/24 8:30am GDP Deflator - Preliminary Q3 0.8% 0.8%
11/24 9:00am Case Shiller 20 City Index Sep. (9.05%) (11.32%)
11/24 9:00am Consumer Confidence Nov. 47.5 47.7
11/24 10:00am FHFA Home Price Index Sep. 0.1% (0.3%)
11/25 8:30am Personal Income Oct. 0.2% 0.0%
11/25 8:30am Personal Spending Oct. 0.5% (0.5%)
11/25 8:30am PCE Prices Oct. 0.1% (0.5%)
11/25 8:30am PCE Prices - Core Oct. 0.1% 0.1%
11/25 8:30am Initial Claims 11/21 500K 505K
11/25 8:30am Continuing Claims 11/14 5,560K 5,611K
11/25 8:30am Durable Orders Oct. 0.5% 1.0%
11/25 8:30am Durable Orders ex. Transportation Oct. 0.7% 0.9%
11/25 9:55am Michigan Sentiment - Rev. Nov. 67.0 66.0
11/25 10:00am New Home Sales Oct. 405K 402K
11/25 10:30am Crude Inventories 11/20 N/A (0.887K)

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). We are proud to report 19 of our last 20 recommendation resulted in profitable trades for an average profit of $0.85/share. This is an 95% success rate.

Highlights from Recent (20) Editions of the Prime Stock Newsletter
Recommendation Date Entry Point Recent Close or Exit Price Profit* Note
Newmont Mining 'NEM' Nov 9 $50.07 $51.30 $1.23 Sold on the 9th
Ingersoll-Rand 'IR' Nov 13 $36.03 $37.60 $1.57 Sold on the 16th
Rockwell Auto 'ROK' Nov 17 $45.18 $46.72 $1.54 Sold on the 18th
* Our September 29th recommendation of Direct TV 'DTV' @ $27.28/share, set a new yearly closing high of $31.54/share on Friday.
* 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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