WizzWatch Market Newsletter 11.10.08 – 11.14.08

This week was another rough week for the stock market. The Dow, The Nasdaq and the S&P 500 all ended the week trading lower. Barack Obama was elected the first black U.S. President in history after beating John McCain after months of campaigning. Unemployment hit its highest point in 14 years and the S&P 500 saw its biggest sell off since 1987. Over at the Dow, financial stocks had their largest decline. The biggest mover for the week was Coca Cola and the biggest loser was General Motors. The auto giant stated that it may not have enough cash to survive 2009. As for now we are still in a bear market waiting for a bull rally.

The Nasdaq opened the week at 1,720.76 and has been moving to the downside since. The index pulled back to a low of 1,603.87 before ending the week trading higher, but down for the week. The Nasdaq has been moving in a sideways consolidation for 3 weeks between 1,500 to 1,800. The Nasdaq is currently below its 5, 10, 50 and 200 week moving averages. The Nasdaq Composite ended the week at 1,647.40 down 73.55 points or -4.37 percent.

The Dow Jones Industrial Average ended the week on the downside after opening at 9,326.04. The index is also below its 5, 10, 50 and 200 week moving averages. The reason for the pullback in the Dow was due to stocks like (F) Ford Motor Company and (GM) General Motors. The Dow ended the week trading at 8,943.81 down 381 points or -4.09 percent on 4.90 million volume.

The Standard and Poors 500 had a very tough week after having its biggest sell off in 27 years. The sell off was due to the bad unemployment numbers as well as credit concerns and the threat that this recession might last longer than many expect. A few stocks in the index ended the week higher. The index is also below its 5, 10, 50 and 200 day moving averages. The S&P ended the week on the downside after hitting a price high at 1,0075.51. The index ended the week trading at 930.99 down 37.76 points or -3.90 percent on 21.2 billion trading volume.

By: Marlin Rolle
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