WizzWatch Market Newsletter 07.28.08 – 08.01.08

At the close of trading on Friday July 25, 2008 the market continued its decline to the downside after closing higher the week before. The Dow Jones Industrial Average and the S&P 500 both ended the week trading lower while the Nasdaq closed slightly higher.

The Dow Jones Industrial Average ended the week trading at 11,370.69 down 125.88 or 1.09 percent on higher than average downside trading volume at 4.7 billion. The S&P 500 also pulled back in price after moving higher the previous week. The S&P 500 ended the week on the downside trading at 1,257.76 down 2.92 or 0.23 percent on higher than average trading volume at 23.3 billion. As for the Nasdaq there was a move to the upside for the second week in a row. The Nasdaq ended the week closing at 2,310.53 up 27.75 or 1.22 percent.

In the energy sector oil continued to slide for the third consecutive week in a row. Oil tumbled to 7 week lows ending the week at the $123.26 per barrel. As for now there is downside support on oil in the $110.00 per barrel area. Gold also took a dive to the downside for the second week in a row after breaking above the $950.00 area. The Gold Index ended the week trading at $936.90 down 21.10 or 2.20 percent.



By: Marlin Rolle

*** Please click on the charts below to have a closer look ***