As the stock market closed on Friday all three major indices advanced for the third consecutive week. The Nasdaq Composite, Dow Jones Industrial Average as well as the Standard and Poors 500 ended the week trading higher on the upside.
The top stock movers in the market this week were (CRXL) Crucell +55.89%, (STU) Student Loan Corp. +41.23%, (CHTP) Chelsea Therapeautics +22.82%, (CO) China Cord Blood Corp. +17.09% and (MSPD) Mindspeed +16.13%.
The price of oil pulled back to close lower ending the week trading at $77.47 down $2.36 or -3.07%. As the price of oil moved lower the price of preciouse metals moved higher as the gold index broke out into all time price highs.
The price of gold continued its move to the upside for 6 of the past 7 weeks. The gold index began the week trading at $1,246.70 and moved as low as $1,241.60 before breaking out into new high ground in the $1,282.70 area. The index ended the week trading at $1,274.40 up $28.20 or 2.26% higher on the upside to end the week.
The Dow Jones Industrial Average began the week trading at 10,458.60 but declined to move any lower as it continued its move to the upside for the third consecutive week. The index is now above its 5, 10, 32, and 50 week moving averages but below its 200 week moving average in the 11,008.34 area. Downside support for the index is at 9,936.62 with upside resistance in the 10,719.94 area.
The stock advancers in the Dow 30 this week were (DTV) Direct TV Group +4.07%, (DD) Dupont Co. +3.93%, (STX) Seagate Technolgy Holdings +3.81%, (ADP) Automatic Data Processing +3.09%, and (AXP) American Express +2.96%.
The Dow Jones Industrial Average ended the week trading at 10,607.85 +145.08 or +1.39% higher on lighter than average weekly trading volume of 3.77 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.36 billion.
At the tech weighed Nasdaq Composite the index contiued its advance for the third consecutive week. The Nasdaq began the week trading at 2,263.80 but ended the week much higher now above its 5, 10, 32, 50 and 200 week moving averages.
The top price advancers in the Nasdaq 100 this week were (RYAAY) Ryanair Holdings, (EXPE) Expedia +11.21%, (ORCL) Oracle Corp. +9.70%, (ALTR) Altera Corp. +9.50%, and (KLAC) KLA-Tencor Corp. +9.22%. Downside support for the index is at 2,099.29 with upside resistance at 2,341.11.
The Nasdaq ended the week trading at 2,315.61 up 73.13 or 3.26% higher on slightly lighter than average upside trading volume of 10.33 billion. The average weekly trading volume for the index is 10.66 billion.
As for the Standard and Poors 500 the index continued to move higher to the upside on lighter than average volume. Downside support for the S&P 500 is at 1,039.70 with upside resistance at 1,131.23.
The top advancers in the index this week were (JCP) JC Penny +15.37%, (EXPE) Expedia +11.21%, (XRX) Xerox Corp. +10.99%, (NOVL) Novell +10.87%, and (ORCL) Oracle Corp. +9.70%.
The index ended the week trading at 1,125.59 +16.04 or 1.45% higher on volume of 16.92 billion. The average weekly trading volume for the index is 19.63 billion.
By: Marlin Rolle
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