Wizzwatch Weekly Newsletter

As the stock market came to a close this week investors saw the major indices move higher for the second week in a row. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 continued their move to the upside.

The top movers in the market this week were stocks such as (CWLZ) Cowlitz Bancorporation + 184.34%, (LEI) Lucas Energy +55.00%, (RAME) Ram Energy Resources +35.29%, (VG) Vonage Holdings Corp. +34.50%, and (SMTB) Smithtown Bancorp +34.09%.

The stock market is poised to move higher in the week ahead as the fear index also known as the Volatility Index continues to decline as it ended the week at 23.95 down -16.81% after 3 weeks of downside pressure.

The price of Gold moved to a new 52 week high as it continues to make higher highs and higher lows for the fourth straight week. The Gold Index ended the week trading at $1,262.20 per troy ounce.

There was also an uptick in the price of oil as energy stocks moved higher to the upside as the week came to an end. The price of oil ended the week trading at $77.91 moving higher for 3 or the past 4 weeks.

The $USD - U.S. Dollar struggled to move higher against a basket of major currency pairs as the index continued to move lower for the past 2 weeks. The $EUR – Euro posted its biggest weekly gain since September of 2009 reaching its highest point ending the week trading at $1.2360/66.

The Dow Jones Industrial Average began the week trading at 10,211.83 but moved to a price low in the 10,186 area before ending the week higher on the upside. The index is above its 5 and 50 week moving averages but below its 10, 32, and 200 week moving averages. Upside resistance is at 11,258.01 with downside support at 9,757.55.

The top stock movers in the Dow 30 index were (CAT) Caterpillar +7.95%, (AXP) American Express Co. +5.36%, (JPM) J.P. Morgan Chase & Co. +4.96%, (GE) General Electric Co. +4.32%, and (DD) Dupont +4.07%.

The Dow Jones Industrial Average ended the week trading at 10,450.64 up +239.57 or 2.35% higher on lighter than average upside volume of 3.73 billion. The average weekly trading volume for the Dow Jones Industrials is 4.69 billion.

At the Nasdaq Composite there was an uptick in the index as it moved higher for 3 of the past 4 weeks. The index has been moving in a sideways consolidation for the prior 3 weeks but it’s now ready to move higher to the upside as it crossed above its 32 week moving average for the first time in 5 weeks. The Nasdaq is currently below its 10 week moving average at 2,334.37 but above its 5, 32, 50 and 200 week moving averages.

The top stocks in the tech weighed Nasdaq 100 index were (FSLR) First Solar +15.02%, (MRVL) Marvell Technology Group +8.86%, (NVDA) Nvidia Corp. +8.27%, (XLNX) Xilinx +7.85%, and (AAPL) Apple, Inc. +7.78%.

The Nasdaq ended the week trading at 2,309.80 +66.20 or 2.95% after beginning the week trading at 2,263.66 before moving higher. Volume moved higher to end the week but below its average weekly at 11.23 billion to end the week with volume of 10.04 billion.

As for the Standard and Poors 500 there was a price move to the upside for the second week in a row after the index declined to the downside for 4 of the past 8 weeks.

The index began the week trading at 1,095.00 but ended the week trading much higher. Upside resistance for the index is at 1,219.80 with downside support at 1,042.17. The S&P 500 is currently above its 5, and 50 week moving averages but below its 32, 10, and 200 week moving averages.

The top price movers in the S&P 500 this week were (MTB) M&T Bank Corp. +17.01%, (HAL) Halliburton Co. +12.32%, (MU) Micron Technology, Inc. +12.23%, (SUN) Sunoco, Inc. +11.79%, and (NEM) Newmont Mining Corp. +11.49%.

The S&P 500 ended the week trading at 1,117.51 +25.91 or 2.37% on lighter than average volume of 18.03 billion. The average weekly trading volume for the S&P 500 is 21.63 billion.

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