GS technical outlook - market update - earnings overview

The Goldman weekly chart is acting out as expected, it is heading again for the 75/80 target and entered a weekly 11 count. That means as soon as we have the 13 week count in a powerful upleg, it will bring it back towards 125, which is a 38% retracement level, which is wave 4. Finally a wave 5 down towards the 60 level should occur. The fair value is anyway around 60-80 for 2009 as the earning will be around $8.

Volume is extremely low now as market participants are on the sidelines are going into the elections but, as expected, the market retreats towards the end of the session. Beneath, you find the earnings bottom line of 1837 companies who have reported so far.

Excerpt from WSJ:
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No. of cos.		Net on Continuing Operations			Net Income
		3rd Qtr. 2008	3rd Qtr. 2007	% Chg	3rd Qtr. 2008	3rd Qtr. 2007	% Chg
Basic Materials
12	Chemicals, Commodity	1,826,871	1,716,870	+6	1,812,022	1,557,442	+16
30	Chemicals, Specialty	2,605,638	1,711,531	+52	2,594,250	1,680,282	+54
2	Forestry	2,560	3,796	-33	2,560	3,796	-33
3	Paper	160,179	239,576	-33	160,179	236,576	-32
2	Aluminum	305,973	565,470	-46	304,973	562,470	-46
1	Nonferrous Metals	587,000	826,000	-29	587,000	838,000	-30
15	Iron & Steel	2,831,976	1,444,568	+96	2,830,854	1,447,296	+96
9	Coal	680,588	73,149	+830	678,085	49,965	+1257
3	General Mining	62,386	36,414	+71	62,386	36,414	+71
1	Gold Mining	177,000	331,000	-47	196,000	397,000	-51
78	Total	9,240,171	6,948,374	+33	9,228,309	6,809,241	+36
Consumer Services
9	Drug Retailers	1,822,688	1,750,658	+4	1,739,033	1,726,508	+1
10	Food Retailers & Wholesalers	667,007	674,661	-1	652,222	586,939	+11
48	Apparel Retailers	1,395,251	1,482,481	-6	1,381,567	1,434,049	-4
14	Broadline Retailers	4,882,605	4,858,026	+1	4,957,692	4,713,781	+5
4	Home Improvement Retailers	2,110,896	2,500,445	-16	2,111,050	2,568,401	-18
17	Specialized Consumer Services	868,721	-700,253		866,659	-890,085
52	Specialty Retailers	818,083	1,362,407	-40	797,378	1,325,910	-40
7	Broadcasting & Entertainment	-11,666,356	991,215		-11,665,709	1,005,033
6	Media Agencies	293,389	234,622	+25	293,444	234,721	+25
22	Publishing	744,463	-287,582		749,114	-293,849
12	Airlines	-2,174,653	1,471,199		-2,174,653	1,471,199
11	Gambling	338,481	446,056	-24	338,481	445,998	-24
7	Hotels	386,348	383,449	+1	386,348	392,449	-2
8	Recreational Services	1,851,522	1,873,365	-1	1,851,423	1,873,267	-1
26	Restaurants & Bars	1,726,915	1,581,259	+9	1,727,007	1,645,040	+5
3	Travel & Tourism	102,626	102,131		102,626	102,131
256	Total	4,167,986	18,724,139	-78	4,113,682	18,341,492	-78
Consumer Goods
1	Automobiles	166,541	264,966	-37	166,541	264,966	-37
15	Auto Parts	-317,036	640,490		-316,200	549,494
1	Tires	10,303	-878		10,303	-878
2	Distillers & Vintners	65,500	167,500	-61	65,500	167,400	-61
8	Soft Drinks	3,998,935	4,009,535		3,989,735	4,009,535
2	Farming & Fishing	-180,269	-282,717		-173,269	-207,717
28	Food Products	2,262,548	2,344,188	-3	3,463,184	2,453,310	+41
14	Durable Household Products	537,278	597,239	-10	623,378	600,439	+4
6	Nondurable Household Products	3,458,971	3,165,844	+9	3,458,971	3,165,844	+9
17	Furnishings	190,570	293,009	-35	174,769	294,466	-41
16	Home Construction	-1,557,950	-2,786,269		-1,528,389	-2,353,169
3	Consumer Electronics	197,432	212,346	-7	197,432	212,346	-7
14	Recreational Products	-533,640	152,269		-539,948	182,540
5	Toys	482,820	385,604	+25	482,820	385,604	+25
21	Clothing & Accessories	566,907	615,043	-8	536,679	569,214	-6
7	Footwear	631,794	673,582	-6	631,794	673,582	-6
8	Personal Products	1,232,540	1,117,450	+10	1,359,452	1,124,525	+21
5	Tobacco	3,520,322	3,360,600	+5	3,520,322	5,093,600	-31
173	Total	14,733,565	14,929,801	-1	16,123,074	17,185,101	-6
Oil and Gas
13	Exploration & Production	7,306,084	3,267,750	+124	7,303,728	3,691,375	+98
4	Integrated Oil & Gas	8,611,422	5,288,535	+63	8,611,422	5,288,535	+63
32	Oil Equipment & Services	5,391,019	5,413,846		5,381,049	5,731,049	-6
9	Pipelines	503,936	273,173	+84	503,936	273,173	+84
4	Renewable Energy Equipment	-6,727	1,326		-6,727	1,326
2	Alternative Fuels	-5,521	-7,564		-5,521	-7,564
64	Total	21,800,213	14,237,066	+53	21,787,887	14,977,894	+45
Financial
318	Banks	-23,651,177	19,051,171		-22,922,605	19,106,452
3	Full Line Insurance	-2,987,826	1,044,071		-2,978,826	1,044,071
2	Insurance Brokers	-440	1,008		-440	1,008
28	Property & Casualty Insurance	-246,746	4,395,923		-244,093	4,496,647
9	Reinsurance	-1,202,697	1,460,939		-1,202,719	1,456,662
8	Life Insurance	213,479	1,443,247	-85	213,479	1,443,247	-85
14	Asset Managers	1,745,245	2,314,238	-25	1,743,245	2,312,238	-25
13	Consumer Finance	1,300,301	2,005,893	-35	1,188,523	1,013,341	+17
7	Specialty Finance	-88,153	192,342		-88,153	192,342
21	Investment Services	-2,769,733	3,198,422		-2,532,072	4,617,246
2	Mortgage Finance	-311,576	-365,997		-311,576	-365,997
2	Real Estate Services	13,196	45,652	-71	13,196	45,726	-71
4	Real Estate Holding & Development	31,686	-1,778		165,970	68,808	+141
8	Industrial & Office REITs	119,571	561,714	-79	107,843	714,172	-85
8	Retail REITs	63,241	50,972	+24	62,810	102,812	-39
3	Residential REITs	-23,372	-12,160		-23,396	-10,992
4	Diversified REITs	40,669	28,435	+43	73,308	68,036	+8
4	Specialty REITs	125,233	145,052	-14	115,333	146,268	-21
5	Mortgage REITs	152,962	-89,742		152,962	-89,742
1	Hotel & Lodging REITs	18,158	25,823	-30	18,158	25,867	-30
464	Total	-27,457,978	35,495,224		-26,449,052	36,388,211
Healthcare
35	Health Care Providers	3,490,838	4,278,671	-18	3,434,931	4,219,453	-19
47	Medical Equipment	2,046,262	1,517,762	+35	2,040,680	1,512,080	+35
27	Medical Supplies	866,856	563,186	+54	866,923	566,759	+53
34	Biotechnology	2,567,187	1,432,843	+79	2,587,468	1,426,567	+81
28	Pharmaceuticals	10,372,863	9,778,309	+6	12,387,863	9,859,509	+26
171	Total	19,344,006	17,570,771	+10	21,317,865	17,584,368	+21
Industrial
27	Building Materials & Fixtures	58,464	1,074,016	-95	85,127	1,173,625	-93
6	Heavy Construction	190,705	97,353	+96	189,566	99,655	+90
16	Aerospace	1,341,277	1,739,764	-23	1,347,854	1,759,373	-23
19	Defense	2,773,211	2,582,324	+7	2,776,411	2,503,898	+11
16	Containers & Packaging	765,570	690,718	+11	773,532	1,803,721	-57
13	Diversified Industrials	7,205,249	7,465,492	-3	7,045,478	7,998,912	-12
47	Electrical Components & Equipment	803,351	1,254,986	-36	821,103	1,245,400	-34
29	Electronic Equipment	894,200	842,462	+6	884,918	990,485	-11
23	Commercial Vehicles & Trucks	2,258,359	2,401,988	-6	2,607,389	2,400,935	+9
29	Industrial Machinery	1,763,804	1,292,988	+36	1,765,756	1,386,795	+27
5	Delivery Services	1,399,200	1,612,433	-13	1,404,439	1,612,525	-13
4	Marine Transportation	83,054	67,866	+22	100,054	90,966	+10
5	Railroads	2,351,600	1,791,700	+31	2,351,600	1,901,700	+24
3	Transportation Services	107,530	95,508	+13	107,530	95,508	+13
17	Trucking	372,704	349,136	+7	372,581	349,136	+7
31	Business Support Services	793,719	915,785	-13	795,487	934,976	-15
15	Business Training & Employment Agencies	146,049	373,415	-61	148,109	378,022	-61
12	Financial Administration	820,820	896,071	-8	828,718	984,904	-16
8	Industrial Suppliers	389,272	355,460	+10	389,272	355,201	+10
9	Waste & Disposal Services	558,045	452,969	+23	557,441	413,224	+35
334	Total	25,076,183	26,352,434	-5	25,352,366	28,478,961	-11
Telechnology
16	Computer Services	3,051,273	3,187,140	-4	3,056,111	3,220,353	-5
7	Internet	1,468,211	1,191,796	+23	1,467,530	1,160,550	+26
75	Software	6,342,611	6,002,446	+6	6,343,091	6,001,486	+6
34	Computer Hardware	3,008,506	4,312,713	-30	3,006,234	4,331,431	-31
3	Electronic Office Equipment	280,474	284,468	-1	280,474	284,468	-1
75	Semiconductors	2,488,440	3,132,397	-21	2,389,834	3,072,986	-22
58	Telecommunications Equipment	1,876,387	2,990,715	-37	1,876,450	3,009,891	-38
268	Total	18,515,902	21,101,674	-12	18,419,724	21,081,164	-13
Telecommunications
8	Fixed Line Telecommunications	5,326,699	6,701,130	-21	5,326,699	6,701,122	-21
2	Mobile Telecommunications	99,623	87,880	+13	99,286	87,366	+14
10	Total	5,426,322	6,789,010	-20	5,425,985	6,788,488	-20
Utilities
10	Conventional Electricity	3,242,448	2,615,885	+24	3,250,542	2,664,982	+22
5	Gas Distribution	400,070	179,046	+123	400,070	179,066	+123
2	Multiutilities	171,000	175,100	-2	171,500	174,900	-2
1	Water	8,257	8,011	+3	8,257	8,011	+3
1	Alternative Electricity	49,700	38,415	+29	49,700	38,415	+29
19	Total	3,871,475	3,016,457	+28	3,880,069	3,065,374	+27
1837	GRAND TOTAL	94,717,845	165,164,951	-43	99,199,908	170,700,295	-42

Source: WSJ Market Data Group