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Sterling Index Letter for August 15th, 2008 |
Position
Statement: In our Sterling Index Letter we attempt to identify the
trend and direction of the major market indices that we track. We will provide our target levels for the current direction of the trend. Additionally we look to take advantage of the movement in these indices by trading the ETF's that most closely track their movement. Periodically we will also provide our thoughts and comments on the various sector indices we follow: |
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Today’s Comments: The overall market moved slightly higher on Thursday in a relatively broad based move that saw the majority of the sector indices I track move higher. The strongest sectors on the day were the Banking, Transports, Retailers, Insurance, Biotech, Airlines, Broker/Dealer, Networking, Technology, and the Cyclicals. There was weakness in the Oil & Gas, Commodities, Natural Gas, and Chemicals. There was strength in the bonds as interest rates moved lower. Oil moved lower on the day with crude closing at $115.01 per barrel. The overall market appears to be in upward trend that will take it to the upward end of its downward trading band that started after the market pulled back from its all time high in October. The Bottom Line: The market should continue to move higher.
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| Sterling
Calendar for July 28th, 2008 |
| Date |
Est.
Time |
Release |
For |
Briefing.com |
Consensus |
Prior |
| 08/15 |
8:30am |
NY Empire St. Index |
Aug. |
N/A |
(5.0) |
(4.9) |
| 08/15 |
9:00am |
Net Foreign Purchases |
Jun |
N/A |
N/A |
$67.0B |
| 08/15 |
9:15am |
Capacity Utilization |
Jul |
79.9% |
79.8% |
79.9% |
| 08/15 |
9:15am |
Industrial Production |
Jul |
0.1% |
0.0% |
0.5% |
| 08/15 |
10:00am |
Mich. Sentiment-Prel. |
Aug. |
63.0 |
62.0 |
61.2 |
| Date: |
Comments: |
| 8/15 |
JC Penny 'JCP' announces before the open. Est. $0.49 |
The
full earnings calendar for this
week can be found (here) |
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| INDICES
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Dow
Jones Industrial Average (INDU): Closed @ 11,615.93 Last Signal: Called Higher with a "Buy Signal" with the close of 11,239.28 on July 16th. Current Expectations:
On Friday july 18th the Dow Jones Industrial Average closed above our initial target of 11,453.42 I am expecting the Dow Jones Industrial Average
to move higher and test 11,740.15, and then 12,302.06 on a closing basis. |
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S&P
500 (SPX): Closed
@ 1,292.93 Last Signal: Called Higher with a "Buy Signal" with
the close of 1,245.36 on July 7th. Current
Expectation: I am expecting the S&P 500
to continue to move higher and test 1,328.32 on a closing basis. |
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NASDAQ 100 (NDX): Closed @ 1,964.38 Last Signal: Called Higher with the close of 1,843.87 on July 16th. Current Expectations: I am now
expecting the NDX to move higher and test 1,982.69 and then 2,055.11 on a closing basis.
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CBOE Ten Yr Treasury
Index (TNX): Closed @ 3.892% Last Signal: Called Lower after the close of trading on July 24th with a close of 4.012% Current
Expectations: I am expecting the TNX to continue to move lower and test 3.881% on a closing basis |
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| Yesterday's
Edition of the Sterling Index Letter |
The
Sterling Investment series of newsletters is produced
by Sterling Investment Services, Inc. If
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or stock mentioned in this report please contact
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If you would like to contact us our # is 800-275-6901,
fax # (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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1992-2008 Sterling Investment Services, Inc.
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