As this week came to and end in trading the Dow Jones Industrial Average, and the Standard and Poors 500 declined as the Nasdaq Composite moved higher. There was also a a price decline in the price of oil as the index ended the week trading at $73.82 per barrel down -1.76 or -2.33% for the week.
The price of gold continued to move to the upside for the third week ion a row as it ended the week trading at $1,227.70 +12.30 or 1.01%. The US Dollar index also advance against a basket of currency pairs for the the second consecutive week in a row after pulling back for 9 of the past 11 weeks.
The top sectors in the market this week were the Internet Index +3.49%, the Gold & Silver Index +3.32%, Disk Drives +1.96, Networking +1.44%, and the Commodity Related Equity Index +1.28%. The top stocks that moved higher during the down week in the market were stocks such as (BDSM) BSD Medical +108.33%, (PAR) 3Par, Inc. +86.94, (OSTE) Osteotech +66.41%, (MFE) McAfee, Inc. +57.08%, and (WXCO) WHX Corp. +49.76%.
The Dow Jones Industrial Average began the week trading at 10,303.07 and moved to a price low in the 10,147.247 area before ending the week trading slightly higher. The Dow has been on a pullback for the past 2 weeks and is currently below its 5, 10, 32, 50 and 200 week moving averages.
The top price movers in the Dow 30 were companies such as (HD) Home Depot +3.15%, (MCD) McDonalds Corp. +1.66%, (CAT) Caterpillar +1.25%, (JNJ) Johnson & Johnson +1.01%, and (PG) Proctor & Gamble +0.27%. The Dow Jones Industrial Average ended the week trading at 10,213.62 -89.53 or -0.87% on lighter than average downside volume of 3.69 billion. The average weekly volume for the Dow is 4.14 billion.
At the Nasdaq the index moved higher as the Dow and S&P moved lower. The Nasdaq began the week trading at 2,161.31 and moved as low as 2,155.66 but ended the week trading higher. The index is currently below its 5, 10, 32, 50 and 200 week moving averages. Upside resistance is in the 2,220.23 area with downside support at 2,097.47.
The top price movers in the Nasdaq 100 this week were stocks such as (INTU) Intuit, Inc. +15.66%, (SYMC) Symantec Corp. +11.83%, (MRVL) Marvell Technology Group +11.37%, eBaY, INC. +8.70%, and (AKAM) Akamai Technologies +8.23%. The Nasdaq ended the week trading at 2,179.76 +6.28 or +0.29% on lighter than average upside volume of 9.01 billion. The average weekly trading volume for the index is 10.70 billion.
At the Standard and Poors 500 there was a pullback in the index for the second consecutive week. The S&P started the week trading at 1,077.49 and moved as low as 1,063.91 before ending the week trading higher to the upside. The index is currently below all of its major moving averages as its continues to move lower. Downside support is in the 1,010.91 area with upside resistance at 1,129.24.
The top price movers in the Standard and Poors 500 this week were (MFE) McAfee +57.08%, (CRM) Salesforce +15.95%, (INTU) Intuit, Inc. +15.66%, (SYMC) Symantec Corp. +11.83%, and eBay, Inc. +8.70%.
The Standard and Poors 500 ended the week trading at 1,071.69 -7.56 or -0.70% on lighter than average downside volume of 16.70 billion. The average weekly volume for the index is 19.46 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****