Wizzwatch Weekly Newsletter

As the stock market came to a close to end the month of April there was a pullback in all three major market indices. The Dow Jones Industrial Average, the Nasdaq Composite Index, and the Standard and Poors 500 pulled back to end the week trading on the downside. All three indices have been on huge move to the upside making higher highs and lows for the past nine weeks. The Nasdaq ended the month of April up +2.64% followed by the S&P 500 +1.48% and the Dow Jones Industrial Average +1.40%. The price of the U.S. dollar continues to rise against a basket of currency pairs as the price of oil continues to move higher closing slightly below a new 52 week price high at $87.26 per barrel.

The top sectors in the market for the week were the Gold & Silver index up +3.79%, Biotechnology +1.22%, Utilities +0.30%, S&P Healthcare +0.38%, and the Bank Index down -0.77%. The top stocks for the week were companies such as (TWPG) Thomas Weisel Partners up +80.05%, (LEI) Lucas Energy +65.85%, (OMNI) Omni Energy Services +61.95%, (CTIB) CTI Industries +57.38%, and (ATSI) Ats Medical +51.33%.

At the Dow Jones Industrial Average there was a pullback in the price of the index after weeks of upside momentum. The index is currently above its 10, 32, and 50 week moving averages but below its 5 and 200 week moving averages in the 11,133.72 area. The index moved above the 200 week moving average earlier in the month of April but failed to continue moving higher to the upside. Downside support for the Dow Jones Industrials is at 10,375.14 with upside resistance at 11,258.01. The top stock movers in the Dow 30 this week were (MRK) Merck & Co. +0.11%, followed by (VZ) Verizon Communications down -0.14%, (KO) Coca Cola Co. -0.52%, (DIS) Walt Disney Co. -0.54%, and (MCD) McDonalds Corp. -0.61%. The Dow Jones Industrial Average ended the week trading at 11,008.61 -195.67 points or -1.75 on heavier than average downside volume of 4.65 billion. The average weekly trading volume for the index is 4.18 billion.

The Nasdaq Composite Index began the week trading at 2,529.85 but moved to a price low in the 2,456.63 area before ending the week trading slightly higher. The index has been moving to the upside for 10 of the past 12 weeks. The Nasdaq Composite Index is above its 10, 32, 50 and 200 week moving averages but below its 5 week moving average at 2,465.85. Upside resistance for the index is in the 2,529.85 area with downside support at 2,247.13. The top movers in the Nasdaq 100 this week were (ILMN) Illumina +13.33%, (AKAM) Alamai Technologies +12.03%, (FSLR) First Solar +9.12%, (PPDI) Pharmaceutical Product Development +7.67% and (BIDU) Baidu, Inc. +7.51%. The index ended the week trading at 2,461.19 -68.96 points -2.73% on heavier than average volume of 14.02 billion. The average weekly trading volume for the Nasdaq is 11.49 billion.

As for the Standard and Poors 500 there was also a move to the downside after weeks of upside momentum. The index began the week trading at 1,217.07 but ended the week trading much lower. The S&P has been moving in a sideways consolidation for the past 2 weeks after failing to break above its 200 week moving average. The index is above its 10, 32, and 50 week moving averages but below its 5 and 200 week moving averages. The 200 week moving average is at 1,224.16 with upside resistance at 1,219.80 and downside support in the 1,113.38 area. The top stock movers in the S&P 500 this week were (AKAM) Akamai Technologies +12.03%, (TLAB) Tellabs +10.58%, (IVZ) Invesco Ltd. +6.53%, (LIFE) Life Technologies Corp. +6.23% and (DHI) DR Horton, Inc. +5.84%. The S&P 500 ended the week trading at 1,186.69 -30.59 -2.51% on heavier than average downside volume of 25.38 billion. The average weekly volume for the index is 20.09 billion.

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