WizzWatch Weekly Newsletter

To end the first week of trading in the stock market in 2010 there was an uptick in the price of all three major indices. The Dow Jones Industrials Average, the Nasdaq and S&P 500 all moved higher to end the week on a positive note. The Oil index also moved higher for the forth consecutive week making a new 52 week price high closing at $82.75 per barrel +$3.39 or +4.27%. The price of Gold also made a advance to the upside after 4 weeks of price declines from its all time price high at $1,226.40 due to the upside advance of the U.S. dollar index over the past month. The gold index ended the week trading at $1,137.30 per troy ounce +$40.80 or +3.72% as the dollar slid -0.63% after 5 weeks of upside momentum. The top industry groups were the Philadelphia bank index +7.6%, followed by the oil services index +6.98%, the airline index +4.89%, gold and silver +4.44% and the commodity related equity index +3.89%. The top industry losers were pharmaceuticals -0.90%, utilities -1.23%, telecommunications -1.42%, disk drives -1.61% and insurance -2.05%.

The Dow Jones Industrials started out the week trading at 10,430.69 moved to a price low of 10,430.69 before ending the week trading much higher. The Dow is continuing it price move to the upside since its price break from the 2009 March lows at 6,469.95. The index currently has downside support at 10,367.76 with upside resistance at 10,619.40. The Dow Jones Industrials is currently above its 5, 10, 32, and 50 week moving averages but below its 200 week moving average at 11,182.17. The top movers in the Dow 30 this week were (GE) General Electric +7.44%, (BAC) Bank of America +6.95%, (C) Citigroup +5.59%, (KFT) Kraft Foods +5.47% and J.P. Morgan Chase +4.27%. To end the trading week the Dow Jones Industrials closed at 10,618.19 +190.14 or +1.82% higher on heavier than average upside volume of 4.24 billion. The average trading volume for the Dow Jones Industrial Average is 3.99 billion.

At the Nasdaq Composite Index there was a price advance in the index as it moved to a 16 month price high. The Nasdaq has been on a non stop move for the past few months as it continues to make higher highs and higher lows. The index began the week trading at 2,294.41 but ended the week trading much higher as it continues to advance above all of its major moving averages. the Nasdaq is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is at 2,203.32 with upside resistance in the 2,473.20 area. The top stocks in the Nasdaq 100 this week were (SHLD) Sears Holdings Corp. +18.88%, (FWLT) Foster Wheeler Corp. +13.13%, (FAST) Fastenal Co. +11.78%, (STLD) Steel Dynamics +10.39% and (GENZ) Genzyme General +9.04%. The Nasdaq ended the week trading at 2,317.17 +48.02 or +2.12% higher on heavier than average volume of 10.96 billion. The average weekly volume for the tech weighed index is 10.97 billion.

The Standard and Poors 500 continued to move higher as the new year began . The index started out the trading week at 1.116.56 and moved to a price low in the 1,116.56 area before moving much higher to end the week. The index is above its 5, 10, 32 and 50 week moving averages but below its 200 week moving average at 1,235.87. The index is now at a new price high as it continues to make higher highs and higher lows after coming from a multi year low in the 666.97 area back in March of 2009. Downside support for the S&P 500 is currently at 1,104.28 with upside resistance at 1,313.15. The top price movers in the S&P 500 for the first week of 2009 were (MBI) MBIA, Inc. +26.97%, (ZION) Zion Bancorporation +23.11%, (LEN) Lennar Corp. +22.60%, (MI) Marshall & Ilsley Corp. +19.83% and (SHLD) Sears Holdings Corp. +18.88%. The S&P 500 ended the week trading at 1,144.98 +29.88 or +2.68% o heavier than average trading volume of 19.89 billion. The average weekly trading volume for the Standard and Poors 500 is 18.40 billion.

By: Marlin Rolle
*** Please have a look at the chart below ***