Wizzwatch Weekly Newsletter

This week in the stock market was a struggle as all three major market declined for the forth consecutive week. The Dow Jones Industrial Average, the Nasdaq and the Standard and Poors 500 continued to decline. The price of oil continued to decline for the forth straight week ending the week trading at $71.88 down $1.01 or -1.39%. The price of gold also Gold also continued to move lower as the the dollar moved higher against a basket of major currencies. The top sectors this week were the Computer Hardware +2.20%, Internet -0.65%, Biotechnology -1.00%, Gold & Silver -1.20%, and Networking -1.30%. The top 5 stocks for the week were (HDIX) Home Diagnostics +87.09%, (HDNG) Hardinge +54.89%, (ARG) Airgas +44.25%, (CITP) Comsys IT Partners +38.21%, and (KLIC) Kulicke and Soffa Industries +36.88%.

The Dow Jones Industrial Average began the week trading at 10,068.99 but moved below the 10,000 point mark to a price low in the 9,835.09 area. The price decline was the first time the index moved below 10,000 in 17 weeks. Downside support for the index is currently at 9,790.09 with upside resistance at 10,729.89. If the Dow Jones Industrials breaks below the 9,835.09 area new downside support will be in the 9,158.60 area. The top movers in the Dow 30 were (KFT) Kraft Foods =1.35%, (STX) Seagate Technology Holdings +0.67%, (DIS) Walt Disney Co. +0.07%, (WMT) Wal Mart Sores +-0.06%, and (T) AT&T, Inc. -0.54%. The Dow Jones Industrial Average ended the week at 10,012.23 down -55.10 or -0.55% on heavier than average volume of 5.15 billion. The average weekly trading volume for the Dow Jones Industrials is 4.32 billion.

The Nasdaq Composite has continued to move lower for the forth week in a row. The index is below its 5, 10 and 200 week moving averages but above its 50 week moving average. Downside support for the index is at 2,090.91 with upside resistance at 2,320.40. Volume has been higher than average for 3 out of the past 4 weeks. The top movers in the Nasdaq 100 were (BRCM) Broadcom Corp. +6.83%, (RIMM) Research in Motion +5.76%, (BIDU) Baidu +5.43%, (HOLX) Hologic +4.85%, and (IACI) Interactive Corp. +4.34%. The Nasdaq Composite Index ended the week trading at 2,141.12 -6.23 or -0.29% on volume of 12.58 billion. The average weekly trading volume of the Nasdaq Composite Index is 10.36 billion.

The Standard and Poors 500 continued to move lower as the market declined for the forth consecutive week. Downside support for the S&P 500 is currently at 1,051.09 with upside resistance at 1,150.45. The S&P is currently above its 50 week moving average but below its 5, 10 and 200 week moving averages. The top movers in the S&P 500 were (LXK) Lexmark Int'l. +20.34%, (CMI) Cummins +7.54%, (HOT) Starwood Hotels +10.39%, (BRCM) Broadcom +6.84%, and (DHI) D.R. Horton +6.83%. The S&P 500 ended the week trading at 1,066.19 -7.68 or down -0.72% on heavier than average volume of 22.12 billion. The average trading volume for the S&P 500 is 19.29 billion.

***Please have a close look at the charts below***