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Sterling Weekly for November 3rd, 2008
The overall market as measured by the Dow Jones Industrial Average gained 946.06 on the week to finish last Friday at 9,325.01. This amounted to a gain of approximately 11.2% on the week; a rather impressive move. However I would not take the market's strength last week as a sign of the start of a new upward trend in the market. My thoughts are that the election is going to have a major impact on the direction of the market, and what we are seeing is some repositioning ahead of Tuesday's election. While the Dow Jones Industrial Average is no longer in a condition of being dramatically oversold on a technical basis, it is still facing significant downward pressure. There are a pair of downward trendlines that form a downward trading band that the Dow Jones Industrial Average has broken significantly below. The Dow Jones Industrial Average still has a significant way to go before it reaches the lower of the two downward trendlines, and unfortunately the lower downward trendline is now a form of upside resistance instead of the downside support it previous provided. And, if the Dow could break above the lower of the two trendlines, it would still see significant downward pressure from the upper trendline. Regardless of who wins the Presidential election on Tuesday I would not look for the Dow Jones Industrial Average returning to its previous highs anytime soon.
I've been looking at several long term charts of the Dow Jones Industrial Average and my thoughts are that when the Dow does finally rally it will most likely consolidate in the 10,300 range. Where it goes from there is really the big question. If business conditions are favorable, then I would see the Dow Jones ultimately moving towards the 20,000 level. If business conditions are unfavorable I see the Dow Jones dropping down to the 5,700 level. We will have a good idea on Wednesday morning how the business climate is going to shape up.
Sterling
Calendars for the Week of November 3rd, 2008
Anadarko Petroleum 'APC' announces earnings after the close. Est. $1.48
11/03
Bronco Drilling 'BRNC' announces earnings before the open. Est. $0.23
11/03
Stifel Financial 'SF' announces earnings after the close. Est. $0.51
11/04
Archer Daniels Midland 'ADM' announces earnings before the open. Est. $0.69
11/04
Atlas Pipeline Partners 'APL' announces earnings after the close. Est. $0.75
11/04
Cowen & Company 'COWN' announces earnings before the open. Est. ($0.16)
11/04
HPC, Inc. 'HPC' announces earnings before the open. Est. $0.66
11/04
Heartland Payment Systems 'HPY' announces earnings before the open. Est. $0.34
11/04
UBS 'UBS' announces earnings at 1:00pm Et. Est. $0.09
11/05
Brightpoint, Inc. 'CELL' announces earnings before the open. Est. $0.06
11/05
Cisco Systems 'CSCO' announces earnings after the close. Est. $0.39
11/05
Conseco 'CNO' announces earnings before the open. Est. $0.27
11/05
Devon Energy 'DVN' announces earnings before the open. Est $3.07
11/05
Kinross Gold 'KGC' announces earnings after the close. Est. $0.31
11/05
March & McLennan 'MMC' announces earnings before the open. Est. $0.32
11/06
Barr Pharmaceuticals 'BRL' announces earnings. Time N/A. Est. $0.71
11/06
King Pharmaceuticals 'KG' announces earnings before the open. Est. $0.26
11/06
NVIDIA Corp. 'NVDA' announces earnings. Time N/A. est. $0.12
11/07
Ford Motor 'F' announces earnings before the open. Est. ($0.93 )
The
full earnings calendar for this
week can be found (here)
Prime
Update:
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Highlights
from Recent editions of the Prime
Stock Newsletter
Covered on the 16th. Note the shares closed the 24th @ $30.59
* 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 @ 9,325.01 Last Signal: Called Lower (again) with the close of 8,378.95
on October 24th. Current Expectations: Ask me after the election
The
S&P 500
Current
Opinion: Closed
@ 968.75 Last Signal: Called Lower (again) with the close of 876.77
on October 24th. Current Expectations: Ask me after the election.
The
NASDAQ 100 (NDX)
Current
Opinion: Closed @ 1,334.78 Last Signal: Called Lower (again) with the close of 1,202.27
on October 22nd. Current Expectations: Ask me after the election.
CBOE
Ten Year Treasury Index (TNX)
Current
Opinion: Closed
@ 3.970% Current Expectations: With the current market turmoil it is anyone's guess where interest rates are going. However, my guess is that short term debt instruments will be more sought after than longer term ones.
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mentioned within this report.