WizzWatch Market Newsletter 12.08.08 – 12.12.08

The Nasdaq, The Dow Jones Industrial Average, and the S&P 500 all ended the week on the downside. It was not easy for Oil or Gold Indices as they fell to end the week on the downside. We also ended the week with the job report numbers being the worst since Richard Nixon was Presidenr. The S&P 500 is down 41 percent for the year followed by The Dow Jones Industrial Average down 36 percent, and the Nasdaq Composite Index down 43 percent for year to date. The Dow ended the week trading at 8,635.42 down -193.62 or -2.19 percent on volume of 6.6 billion. The index is above the 5 and 10 week moving averages but below its 50and 200 week moving averages.

The S&P 500 Index started out the week trading at 888.61 and pulled back to a low of 815.69 before ending the week off its lows. The S&P 500 ended the week trading at 876.07 -20.17 or -2.25 percent on 24.2 billion trading volume. The S&P is below its 5, 10, 50 and 200 day moving average.

Over at the Nasdaq the index ended the week on the downside after starting out the week trading at 1501.15. The Nasdaq ended the week trading at 1,509.31 down -26.26 or -1.71 percent on 10.4 billion trading volume.

The Gold Index tumbled this week due to the rise in the price of the U.S. Dollar. The index has been on the upside for the past 4 weeks but ended this week on the downside. Gold ended the week trading at $752 per troy ounce, after opening at the beginning of the week at $819 per troy ounce. The index ended the week down $66.80 or 8.16 percent, its biggest weekly loss since 1983.

On the oil front the index is continuing to fall after breaking downside support at $51 per barrel to its biggest weekly price drop since 1991. Oil has now fallen for six consecutive days in a row. Recessionary concerns continue to increase expecatations of decreasing global oil demand. The index has been pulling back for the past 19 weeks and continues to decline. Oil was trading around $22 per barrel when George W. Bush became President of the United States and the way things are going it seems like we are getting very close to that price range. Oil ended the week trading at $40.81 per barrel down $13.62 or 25.02 percent.



By: Marlin Rolle
*** Please have a close look at the charts of major indices below ***