As this week came to a close in the stock market investors saw the Dow Jones Industrial Average, the Nasdaq Composite Index, and the S&P 500 all advance despite the weak job report numbers that came into the market to end the week.
There was also an up tick in the price of gold as the index moved to the upside after 5 weeks of downside pressure. The price of the oil index also moved higher as the volatility index continued its decline for the second week in a row. As for the U.S. dollar it continues to slide against a basket of major currency pairs for the third consecutive month.
The top 5 stocks for the week were (XJT) Expressjet Holdings +118.67%, (WWWW) Web.com +38.67%, (NANO) Nanometrics +35.05%, (IPGP) IPG Photonics Corporation +33.15%, and (PATK) Patrick Industries +33.01%.
At the Dow Jones Industrial average the index continued to advance. The Dow has been moving higher to the upside for 3 of the past 5 weeks. Upside resistance is at 11,258.01 with downside support in the 10,445 area. The index is currently above its 5, 10, 32. and 50 week moving averages but below its 200 week moving average in the 11,059.86 area.
As the Dow Jones Industrial Average continued its advance 26 of the 30 stocks in the Dow 30 index moved higher. The top 5 price movers in he Dow 30 were (PFE) Pfizer, Inc. +9.51%, (AA) Alcoa +4.04%, (KFT) Kraft Foods +3.94%, (DIS) Walt Disney Co, +3.92%, and (DTV) Direct TV Group +3.90%.
The Dow Jones Industrial Average ended the week trading at 10,653.56 +187.62 or +1.79% on lighter than average upside volume of 3.51 billion The average weekly trading volume for the index is 4.19 billion.
The Nasdaq Composite Index also moved higher after opening to begin the week trading at 2,283.32. The index moved to a high in price at 2,305.07 but ended the week trading slightly lower. The Nasdaq is currently above all of its major moving averages. Downside support is in the 2,061.14 area with upside resistance in the 2,341.11 area.
The top 5 stocks in the Nasdaq 100 were companies such as (HOLX) Hologic, Inc. up 13.79% followed by (CTSH) Cognizant Technology Solutions Corp. +11.68%, (AMZN) Amazon.com +8.85%, (VRTX) Vertex Pharmaceuticals, Inc. +8.56% and (EXPE) Expedia, Inc. +8.51%,
The Nasdaq Composite Index ended the week trading at 2,288.47 up 33.77 or 1.50% higher on the upside with lighter than average upside weekly volume of 9.62 billion. The average weekly trading volume for the Nasdaq is 10.99 billion.
As for the Standard and Poors 500 there was an up swing in the price of the index as it advanced higher for 3 of the past 5 weeks. The index began the week trading at 1,107.53 and moved to a price low in the 1,107.17 area before moving higher to the upside to end the week. Upside resistance for the S&P 500 is in the 1,131.23 area with support on the downside in the 1,042.17 area.
The top 5 stocks in the S&P 500 this week were (PKI) +14.61%, (APC) Anadarko Petroleum Corp. +13.26%, (CTSH) Cognizant Technology Solutions Corp. +11.68%, (MEE) Massey Energy Co. +11.67%, and (DO) Diamond Offshore Drilling, Inc. +11.67%.
The S&P 500 ended the week trading at 1,121.64 up 20.04 or 1.82% on lighter than average trading volume of 16.25 billion. The average weekly trading volume for the Standard and Poors 500 is 20.08 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****