Wizzwatch Weekly Newsletter

As for the week that passed in the stock market, all three major indices advanced. The Dow Jones Industrial Average, the Nasdaq Composite Index and the Standard and Poors 500 moved to the upside after weeks of downside pressure due to euro zone debt concerns. The Dow Jones Industrials are up 0.73% for the month followed the S&P Poors 500 up 0.20% and the Nasdaq down -0.60%.

The top 5 market movers this week were companies such as (TLCR) Talecris Biotherapeutics Holdings +37.04% followed by (IDIX) Idenix Pharmaceuticals +23.69%, (CRY) Cryolife +23.55%, (APWR) A- Power Energy Generation +23.51%, and (PGNX) Progenics Pharmaceuticals +21.78%. The top industry groups in the market for the week were Dow Jones REITS +8.14%, Airlines +7.71%, Oil Services +7.25%, Dow Jones Chemicals +7.21% and the Commodity Related Index + 6.01%.

The Gold Index continued to move higher this week after making a new 52 week price high earlier in the week above the $1,252.10 area. There are also concerns that the price of oil will move even higher in the near term as oil ended the week trading on the upside at $74.48 per barrel. The price of oil has been on the decline for 4 of the past 6 weeks. As we head into the summer driving season historically the price of oil will move higher especially due to the threat of hurricanes.

The volatility Index also known as the fear index in which tracks investors confidence moved lower as the past few weeks of heavy selling in the markets came to an end. The U.S. Dollar declined as the Euro moved higher ending the week trading at $1.2112/14. The $USD/JPY ended the week trading at 91.65/67, and the GBP/USD ended trading at $1.4551/53. Going forward the price of the dollar may begin to move lower in the weeks ahead as the Euro and the Pound begin to fluctuate.

The Dow Jones Industrial Average began the week trading at 9,931.75 but moved to a price low in the 9,757.55 area before moving to the upside ending the week higher. The index moved to a price low in the 9,757.55 area before ending the week trading much higher. The index is above its 50 week moving average but below its 5, 10, 32, and 200 week moving averages. Downside support for the index is at 9,757.50 with upside resistance at 11,258.50. The top movers in the Dow 30 this week were (DD) DuPont +10.33%, (AA) Alcoa +8.09%, (CAT) Caterpillar, Inc +7.88%, (C ) Citigroup +6.59%, and (PFE) Pfizer +6.47%. The Dow Jones Industrials ended the week trading at 10,211.07 +279.10 or 2.81% on lighter than average upside volume of 4.32 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.51 billion.

At the Nasdaq Composite Index there was a decline in the index as it ended the week trading on the downside. The Nasdaq began the week trading at 2,226.60 before moving to a price low in the 2,139.46 area but ended the week slightly higher. The index has been on a decline for 5 of the past 7 weeks as the index continues to close above its 200 week moving average for the fourth consecutive week. Downside support for the Nasdaq is currently in the 2,130 area with upside resistance at 2,335.28. The top movers in the Nasdaq 100 this week were (FWLT) Foster Wheeler +12.25%, (JOYG) Joy Global +11.41%, (WCRX) Warner Chilcott +11.24%, (SRCL) Stericycle +10.94%, and (GRMN) Garmin +9.87%. The Nasdaq ended the week trading at 2,243.60 +24.43 or +1.10% on the upside with lighter than average volume of 11.34 billion. The average weekly trading volume for the tech weighed Nasdaq is 11.98 billion. The Nasdaq Composite Index is poised to move higher to the upside on a break above the 2,260.05 area.

As for the Standard and Poors 500 index there was also a price move to the upside. The S&P 500 started out the week trading at 1,065.84 and moved as low as 1,042.17 before ending the week trading much higher. The index is currently above its 50 week moving average but below its 5, 10, 32 and 200 week moving average. In order for the S&P 500 to move much higher investors must look for a break out above the 1,094.05 area. Downside support for the index is at 1,040.05 with upside resistance at 1,219.80. The top movers in the Standard and Poors 500 this week were (TIE) Titanium Metals +17.76%, (GCI) Gannett Co, Inc. +16.82%, (IP) International Paper +15.28%, CMI) Cummins, Inc. +14.74%, and (GLW) Corning +13.37% . The index closed to end the week trading at 1,091.60 +26.72 or +2.51% on heavier than average upside volume of 22.43 billion. The average weekly trading volume for the S&P 500 is 22.01 billion.

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