Normally, utilities are insulated against general economic factors -- like a recession. However, utilities do fall prey to other factors; like cooler temperatures and people looking to save a few bucks by cutting back on their electricity usage. So far this year, Duke has made 48 cents per share, compared to 63 cents per share a year ago. Revenue has also fallen compared to a year ago. Does this mean that next year will be a bad year for Duke? The Energy Information Administration (EIA) has forecast nationwide consumption to drop 2% this year, but to increase 0.8% next year.

I took a playful jab at Al Gore in the opening sentence, simply because I don't necessarily buy into global warming. With temperatures here in beautiful Southwest Ohio coming in far lower than a year ago, many conservatives (of which I consider myself) have questioned the validity of global warming. If this theory does turn out to be bunk, does it mean that companies like Duke will do poorly? Not necessarily, but I don't think it can be a good sign.

However, I think a far more foreboding omen for Duke is its technical picture. The stock faces overhead resistance from its 10-, 20-, and 50-month moving averages. All of these trendlines have been in a resistive position since early 2007 -- and it doesn't look like they are going to give up the role anytime soon. If there is anything that Duke should worry about, it is these trendlines -- not the weather reports.