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Sterling
Weekly for July 14th, 2008
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The overall market as measured by the Dow Jones Industrial Average continues to be under pressure. While there is a slight chance we may see a rally from these levels, I do not expect it to be long lived and until the problems weighing on the market are corrected I expect any rallies to be short lived followed by a resumption of the current downward trend.
I am expecting this week's market to be influenced by the seizure of IndyMac Bank over the weekend by Federal Regulators (more), and the upcoming week's heavy earnings schedule.
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Sterling Investment Services is now publishing a new newsletter forcussed on the major market indices, the Sterling Index Letter. Our primary focus is on the Dow Jones Industrial Average, S&P 500, the NASDAQ 100. and the interest rate indices with occcasional commentary on various other sector indices. We have not yet decided upon a name for our new newsletter, so until we do. we have decided to make it free to the public. Today's edition of the Sterling Index Letter can be found here. (click here) |
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| Sterling
Calendars for the Week of July 14th, 2008 |
| Date |
Est.
Time |
Release |
For |
Briefing.com |
Consensus |
Prior |
| 7/15 |
8:30am |
Core PPI |
Jun |
0.3% |
0.3% |
0.2% |
| 7/15 |
8:30am |
NY Empire State Index |
Jul |
-5.0 |
-4.0 |
-8.7 |
| 7/15 |
8:30am |
PPI |
Jun |
1.3% |
1.3% |
1.4% |
| 7/15 |
8:30am |
Retail Sales |
Jun |
0.5% |
0.3% |
1.0% |
| 7/15 |
8:30am |
Retail Sales-ex auto |
Jun |
1.0% |
0.8% |
1.2% |
| 7/15 |
10:00am |
Business Inventories |
May |
0.5% |
0.5% |
0.5% |
| 7/16 |
8:30am |
Core CPI |
Jun |
0.2% |
0.2% |
0.2% |
| 7/16 |
8:30am |
CPI |
Jun |
0.7% |
0.7% |
0.6% |
| 7/16 |
9:00am |
Net Foreign Purchases |
May |
N/A |
N/A |
N/A |
| 7/16 |
9:15am |
Capacity Utlization |
Jun |
79.4% |
79.4% |
79.4% |
| 7/16 |
9:15am |
Industrial Production |
Jun |
0.2% |
0.2% |
0.2% |
| 7/16 |
10:30am |
Crude Inventories |
7/12 |
N/A |
N/A |
(5,840K) |
| 7/16 |
2:00pm |
FOMC Minutes |
6/25 |
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| 7/17 |
8:30am |
Building Permits |
Jun |
980K |
970K |
969K |
| 7/17 |
8:30am |
Housing Starts |
Jun |
985K |
968K |
975K |
| 7/17 |
8:30am |
Initial Claims |
7/12 |
N/A |
N/A |
346K |
| 7/17 |
10:00am |
Philadelphia Fed |
Jul |
(15) |
(15.2) |
(17.1) |
| Date: |
Comments: |
| 07/14 |
Genentech, Inc.'DNA' announces earnings after the close. Est. $0.86 |
| 07/14 |
M&T Bank Corp. 'MTB' announces earnings before the open. Est.$1.51 |
| 07/14 |
PacWest Bancorp. 'PACW' announes earnings. Time ?? Est. ?? |
| 07/15 |
CSX Corp. 'CSX' announces earnings after the close. Est. $0.90 |
| 07/15 |
Intel Corp. 'INTC' announces earnings after the close. Est. $0.25 |
| 07/16 |
Ebay 'EBAY' announces earnings. Time ? Est. $0.41 |
| 07/16 |
Kinder Morgan 'KMP' announces earnings. Time ? Est. $0.55 |
| 07/16 |
Wells Fargo 'WFC' announces earnings before the open. Est. $0.50 |
| 07/17 |
Capital One 'COF' announces earnings after the close. Est. $1.31 |
| 07/17 |
Evergreen Solar 'ESLR' announces earnings after the close. Est. ($0.10) |
| 07/17 |
Google 'GOOG' announces earnings after the close. Est. $4.73 |
| 07/17 |
JP Morgan 'JPM' announces earnings @ 6:30am. Est. $0.47 |
| 07/17 |
Merrill Lynch 'MER' announces earnings @ 4:00pm Est. ($1.91) |
| 07/18 |
Citigroup 'C' announces earnings before the open. Est. ($0.59) |
| 07/18 |
Honeywell 'HON' announces earings before the open. Est. $0.94 |
The
full earnings calendar for this
week can be found (here) |
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Dow Jones Industrial
Average (INDU)
Dow
Jones Industrial Average (INDU): Closed @ 11,100.54 Last Signal: Called Lower with the close of 10,11,288.54 on July 7th. Current Expectations:
We have been expecting the Dow Jones Industrial Average
to move lower and test 10,792.58 and then 10,747.36
on a closing basis. However if the Dow is higher today then it could signal a move higher.
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The
S&P 500
S&P
500 (SPX): Closed
@ 1,239.49 Last Signal: Called Lower with
the close of 1,262.90 on July 7th. Current
Expectation: I have been expecting the S&P 500
to continue to move lower and test 1,234.49 and then 1,228.81on a closing basis. However if the S&P 500 is higher today it could signal the start of a new move higher.
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The
NASDAQ 100 (NDX)
NASDAQ 100 (NDX): Closed @ 1,810.88 Last Signal: Called higher with the close of 1,871.28 on July 8th. Current Expectations: I am now
expecting the NDX to move higher and test 1,933.86 and then 1,982.69 on a closing basis.
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CBOE
Ten Year Treasury Index (TNX)
CBOE Ten Yr Treasury
Index (TNX): Closed @ 3.9401% Last Signal: Called Lower after the close of trading on July 7th with a close of 3.973% Current
Expectations: The TNX moved sharply higher on Friday and looks to be starting a new upward trend. Monday's activity should confirm whether this will be the case or not. |
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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