WizzWatch Weekly Newsletter

As the stock market came to a close to end the week The Dow Jones Industrial average closed on the upside as the Nasdaq and the Standard and Poors 500 declined. The oil index moved sideways for the fourth consecutive week this week as the price of gold continued to make another all time high in price. The top industry groups this week were the S&P Healthcare Index, AMEX Pharmaceuticals, the Philadelphia Bank Index, the Insurance Index and the North American Telecommunication Index as the Oil Services Index moved lower. The top moving stocks this week were (NLST) Netlist, (HEAT) Smart Heat, (SMTL) Semitool, (LZB) La Z Boy, (CGA) China Green Agriculture, and (BWEN) Broadwind Energy.

The Dow Jones Industrial Average began the week trading at 10,267.53 but moved to a price low at 10,256.11 brfore ending the week slightly higher. The index has been making higher highs and higher lows as it continues it move to the upside. The Dow has been on a continued upside move since March of this year now up 25 of the past 37 weeks. Downside support for the Dow Jones Industrials is at 9,,919.85 with resistance at 10,438.17. The top movers in the Dow 30 this week were (MRK) Merck up 7.84%, (DTV) Direct TV Group up 4.06%, (PFE) Pfizer up 2.34%, (WMT) Wal Mart Stores up 2.11%, and (BAC) Bank of America up 1.39%. The Dow Industrials ended the week trading at 10,318.16 +47.69 or 0.46% on the upside on lighter than average upside volume of 3.58 billion.

At the Nasdaq there was a decline for the first time in the past 2 weeks. The index is on a huge run up in price since March as it continues to make higher highs and higher lows. The Nasdaq began the week trading at 2,177.31 and moved as high as 2,205.32 before ending the week trading lower. Downside support for the Nasdaq is at 2,106.69, with upside resistance at 2,205.32. The index is above its 5, 10, 32, and 50 week moving averages but below its 200 week moving average at 2,211.46. It the Nasdaq breaks above its 200 week moving average in the near term that will help to push the tech weighed index a lot higher. The Nasdaq ended the week trading at 2,146.04 -21.84 or -1.01% on lighter than average downside volume of 10.15 billion. The top Nasdaq 100 movers this week were (MICC) Millicom Int’l Cellular up 4.10%, (EXPE) Expedia up 4.31%, (STLD) Steel Dynamics up 3.46%, (NTAP) Network Appliances up 2.63%, and (CELG) Celgene Corp. up 1.67%.

The Standard and Poors 500 ended the week on the downside after moving higher for the past 2 consecutive weeks. The index ended the week trading with a doji candlestick formation. Doji’s represent indecision in the price of a stock or indices so we may see the S&P 500 move higher or maybe even lower in the week ahead. The top movers in the S&P 500 this week were (RF) Regions Financial up 10.77%, (AMD) Advanced Micro Devices up 8.09%, (MRK) Merck up 7.84%, (S) Sprint Nextel Corp. up 7.43%, and (PCS) Metro PCS up 6.89%. For now downside support is at 1,066.70 with support at 1,113.69. The Standard and Poors ended the week trading at 1,091.38 down -2.10 or -0.19% on lighter than average downside volume of 17.25 billion.

In the precious metal markets the Gold Index once again moved higher making higher highs and higher lows breaking through another price high for the fourth time in the past few weeks. The index began the week trading at $1,118.90 per ounce but ended the week much higher due to a continued decline in the price of the U.S. Dollar. The dollar has been on a huge pullback since March of this year and investors have been putting their money on gold to hedge against future price declines in the price of the dollar. Analyst predicts that the price of gold will move as high as $1400 per ounce in the next few months. The index is currently above all of its major moving averages as it continues it s run up in price. Downside support for the index is at $1,056.96 per ounce with upside resistance above this past week’s price high at 1,152.80 per ounce. The Gold Index ended the week trading at 1,150.50 per ounce up $31.30 or 2.80% on the upside.

The Oil Index began the week trading at $77.20 per barrel but moved as high as $80.88 per ounce before pulling back for the fourth week in a row. The index has been moving in a sideways consolidation for the past 5 weeks and will need to break above upside resistance in the $82.00 per barrel area in order to move higher. The only problem that the industry faces at this point is a lot of supply but no demand in which causes the price to remain stable trading in a price range from $75 to $82 per barrel. The oil index ended the week trading at $77.47 per ounce up $0.44 or 0.57% on the upside.

By: Marlin Rolle
*** Please have a close look at the charts below. ***