Wizzwatch Weekly Newsletter

To end the trading week in the stock market, the Nasdaq Composite Index and the Standard and Poors 500 advanced as the Dow Jones Industrial Average moved lower. The Dow Jones industrial Average ended the month of May down -7.92%. the Nasdaq down -8.29% and the S&P 500 down -8.20%.

The top 5 market movers for the week were stocks such as (FSII), FSI Int'l, (NBIX) Neurocrine Biosciences, (ODSY)Odyssey Healthcare, (XIN) Xinyuan Real Estate Co. and (MELA) MELA Sciences. The top sectors in the market this week were Airlines +6.59%, followed by the Philadelphia Gold & Silver index +4.74%, Dow Jones REITs +4.58%, Disk Drives +4.18%, and Dow Jones Chemicals +3.44%.

The Volatility Index also known as the fear indicator moved lower after a huge spike the week prior to end the week down -20.02% at 32.07.

The price of oil advanced ending the week trading at $73.97 per barrel as the 2010 hurricane season begins next week. Forecasters are predicting 14 to 23 major storms as well as 8 to 14 major hurricanes. This may be the most active hurricane season since 2005. Natural Gas prices also moved higher as industrial and utility demand improves going forward.

As Europe tries to help with the debt woes of Greece they now will face the threat of debt woes in Spain as the country was downgraded by the Fitch credit agency before the close of trading on Friday.

There was spike in the price of the gold index as it fluctuated to end the week trading at $1,214.50 per troy ounce after 3 prior weeks of downside pressure. The U.S. Dollar continued its advance against a basket of major currencies for 19 of the past 27 weeks.

At the Dow Jones Industrial Average there was a pullback in the index for 4 of the past 5 trading weeks. The Dow Jones began the week trading in the 10,193.46 area but moved to a price low at 9,774.48 before ending the week trading slightly higher. The index is currently trading below its 5, 10, 32, and 200 week moving averages but above its 50 week moving average. the 50 week moving average for the index is at 10,0007.15.

The top 5 movers in the Dow Jones this week were (MRK) Merck & CVo. +5.71% followed by (AA) Alcoa +4.96%, (C) Citigroup +4.76%, (DIS) Walt Disney Co. +2.86%, and (CAT) Caterpillar, Inc. +2.60%. Upside resistance for the index is currently at 11,258.01 with downside support at 9,774.45. To end the week the Dow Jones Industrial Average closed at 10,136.63 -56.76 points or -0.56% on heavier than average volume of 5.19 billion. The average weekly trading volume for the index is 4.66 billion.

There was a move higher for the Nasdaq Composite Index as the index advance for moved there was an advance in the index as technology stocks such as (AAPL) Apple, (DECK) Deckers Outdoor, and (BIDU) Baidu, Inc. all advanced to for 2 of the past 5 weeks.

The Nasdaq opened to begin the week trading at 2,220.60 but ended the week slightly higher before moving to a price low in the 2,140.53 area. The Nasdaq looks poised to breakout into higher ground but needs to break above the 2,332.74 area before continuing higher.

The top movers in the Nasdaq this week were (NTAP) Network Appliance, Inc. +16.30%, (WYNN) Wynn Resorts, Ltd. +9.38%, (LBTYA) liberty Global +8.95%, (CMCSA) Comcast Corp. +7.87% and (ILMN) Illumina, Inc. +7.71%.

To end the week the Nasdaq clsoed at 2,257.04 +28.00 or 1.26% on the upside on heavier than average volume of 12.74 billion. The average weekly trading volume for the index is 12.37 billion. Upside resistance for the index is at 2,535.28 with downside support in the 2,140.53 area. The Nasdaq is currently above its 50 and 200 week moving averages holding steady but below its 5, 10 and 32 week moving averages.

The Standard and Poors 500 followed the Nasdaq higher to the upside as it too ended the week in positive territory. The S&P 500 began the week trading in the 1084.78 area but pulled back to a low at 1,040.78 before turning around and ending the week higher on the upside. The S&P is is above its 50 week moving average but below its 5, 10, 32 and 200 week moving averages.

The top movers in the S&P 500 were (NTAP) Network appliance, Inc. +16.30%, (COG) Cabot Oil & Gas +14.34%, (ATI) Allegheny Technologies +12.31%, (MBI) MBIA, Inc. +11.86%, and (SNDK) san Disk Corp. +11.52%.

To end the week the S&P 500 closed at 1,089.41 +1.72 or 0.16% on heavier than average upside volume of 25.04 billion. The average weekly trading volume for the index is 22.24 billion. In order for the S&P 500 to move higher into positive territory we must see heavier than average volume on a move above the 1,123.00 area. Downside support for the index is at 1,040.75 with upside resistance at 1,219.80.

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