WizzWatch Market Newsletter 09.22.08 – 09.26.08

As for the week that passed, it was one of the wildest roller coaster rides in the history of the stock market. To end the week there was a huge rally after the U.S. Government stated that it will inject over 700 billion dollars into the financial markets due to recent bank and mortgage failures. The Dow and the S&P both dropped to lows that were made in October of 2005 and the Nasdaq pulled back to lows that were made in August of 2007. To end the week the Dow finished the week slightly lower but both the Nasdaq and the S&P 500 ended the week higher. All three indexes are below their 5 and 10 week moving averages.

The Dow Jones Industrial Average fell 956 points in the beginning of the week but by the end of the week it recovered 929 points to end the week slightly lower. On Monday September 15th the Dow dropped 504 points and the downtrend continued on Tuesday dropping another 449 points. The Dow started out the week trading at 11,416.37 but dropped to a low of 10,459.44 and ended the week trading at 11,388.44 -33.55 or 0.29 percent on 10.71 billion trading volume.

The S&P 500 opened the week trading at 1,250.92 but fell to a low of 1,133.50 before finishing the week on the upside. The S&P ended the week trading at 1,255.08 up 3.38 or 0.27 percent on 38.1 billion trading volume below its 5 and 10 week moving averages.

As for the Nasdaq the index edged higher due to the help of banking, and insurance stocks. As for most of the tech stocks in the tech heavy index they ended the week much lower. The Nasdad closed on the upside ending the week trading at 2,273.90 up 12.63 or 0.56 percent on 16.6 billion trading volume.

In the Gold sector there was a big move to the upside earlier in the week as many stocks in the sector edged higher. The index moved to the upside after opening at $773.20 at the beginning of the week and ran up as high as $926 before ending the week. The Gold Index closed on the upside after moving on the downside for the past 8 weeks. The index is now above its 5 and 10 week moving averages. The gold index ended the week at $864.70 per ounce up $100.20 or 13.11 percent.

At the (NYMEX) New York Mercantile Exchange there was a huge spike in the price of oil that started on Wednesday. Oil finally started to move to the upside after several weeks of downside pressure after making a high in price of $147.90 per barrel in June. Oil hit a price low at $90.42 per barrel but ended the week trading at 102.75 per barrel. Oil ended the week up $1.50 or 1.48 percent. Many traders think the government bailout of the banking sector will help stabilize the price of oil in the near term. There are also still threats to the Gulf of Mexico from Hurricanes as well as unrest in Nigeria due to terrorism attacking facilities.

By: Marlin Rolle