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Sterling Weekly for February 28th, 2005

"This is a historic step. For the first time since the days of the pharaohs, the Egyptian people will choose their ruler," said Mohamed Ulwan, assistant head of the opposition Al-Wafd party. "

The overall market finished last week very strongly. The major market indices are continuing to test previous highs and look poised to retest their all times over the course of the next few months. Politics and the strong demand for commodity based products continues to be the main influences driving the market. This week is definitely going to be a heavy and important one in terms of economic news to be released. I am not expecting any surprises that will rattle the market.

The quote I posted above from an article on Reuters by Edmund Blair. It discuss the current reforms proposed for Egypt, which is in some aspects the most powerful of the Arab countries. If the reforms are successful in Egypt, then I would expect to see them spread across the other Arab countries. Encouraged by the powerful message sent by the Iraqi people when they turned out to vote, the Lebanese people have begun demonstrations against their Syrian occupiers. Even the Saudis have begun limited reforms. It is much better to be part of the agent of change, then swept away by it. The political reforms in these countries will ultimately reform their economies, increasing trade with other nations, and help the overall world economy grow. The challenge facing the United States in addition to how best promote and encourage this change, is how this reform will effect the world economy and how we need to adjust our economic system to benefit from these changes. I see the primary areas we need to address as being an improved education system and eliminating the inefficiencies of our tax system that discourage trade and prevent the repatriation of profits from foreign subsidiaries of US corporations. A full text of the above mention story can be found here (more)

Sterling Calendars for the Week of February 28th, 2005
Economic Calendar
Date Est. Time Release For

Consensus Prior
2/28 8:30am Personal Income Jan (2.6%) (2.6%) 3.7%
2/28 8:30am Personal Spending Jan 0.2% 0.1% 0.8%
2/28 10:00am Chicago PMI Feb 60.0 60.0 62.4
2/28 10:00AM New Home Sales Jan 1150K 1125K 1098K
3/01 Time ? Auto Sales Feb 5.5M 5.5M 5.4M
3/01 Time ? Truck Sales Feb 8.0M 7.9M 7.6M
3/01 10:00am

Construction Spend.

Jan 0.4% 0.6% 1.1%
3/01 10:00am ISM Index Feb 57.0 57.0 56.4
3/03 8:30am Productivity - Revised Q4 1.4% 1.3% 0.8%
3/03 8:30am Initial Claims 2/26 310K N/A 312K
3/03 10:00am ISM Services Feb 60.5 60.0 59.2
3/04 8:30am NonFarm Payrolls Feb 210K 225K 146K
3/04 8:30am Unemployment Rate Feb 5.3% 5.3% 5.2%
3/04 8:30am Hourly Earnings Feb 0.3% 0.3% 0.2%
3/04 8:30am Average Workweek Feb 33.8 33.8 33.7
3/04 9:45am Mich. Sentiment-Rev. Feb 94.2 94.9 94.2
3/04 10:00am Factory Orders Jan (0.2%) 0.3% 0.3%

Misc. Calendar
Date: Comments:
3/01 Checkpoint Systems 'CKP' Announces Earnings before the open
3/01 Marsh & Mclennan 'MMC' Announces Earnings before the open
3/02 Autozone 'AZO' Announces Earnings before the open
3/03 Del Monte Foods 'DLM' Announces Earnings before the open
3/04 Piedmont Natural Gas 'PNY' Announces Earnings. Time not supplied

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 Pt Recent Close/Exit Price Profit* Notes
Diamond Offshore 'DO' Jan 24th $42.49 $49.34 $6.10 Exit date Feb 22nd
Anadarko Petro Feb 23rd $70.38 $77.73 $7.35 Still held
ConacoPhilips 'COP' Jan 28th $90.00 $112.32 $22.32 Still held

* 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

Dow Jones Industrial Average:

Today's Opinion: Closed @ 10,841.60 Last Signal: Called Higher Current Expectations: I am expecting the Dow Jones Industrial Average to continue to move higher and test 10,854.54. On a longer term basis If the Dow closes above 10,854,54 then I expect it will move to 11,340.47 over the near to intermediate term. However since the Dow Jones Industrial Average has already closed above 10,737.70 it has completed a "cup pattern" with an indicated move to 11,725.41 This is my mid term target for the Dow Jones Industrial Average. On a longer terms basis of the next 3-5 years I am expecting the Dow Jones Industrial Average to move higher and test 16,159.69

The S&P 500

Today's Opinion: Closed @ 1,211.37 Last Signal: Called higher Current Expectation: I am expecting the S&P 500 to move higher and test 1,213.55 If the S&P 500 closes above 1,213.55 then I expect it to move higher and test 1,263.35

The NASDAQ 100 (NDX)

Current Opinion: Closed @ 1,526.90 Last Signal: Called Higher Current Expectations: This index may be starting a short term move lower. However over the intermediate term I am expecting the index to test 1,573.49

CBOE Ten Year Treasury Index (TNX)

Current Opinion: Closed @ 4.272 Last Signal: Called Higher Current Expectations: The TNX should move higher and test 4.318% and then 4.397% on a closing basis.

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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