As the week that past came to a close all three major market indices continued to move higher. The Dow Jones Industrials, Nasdaq and S&P 500 continued to moved higher as the price of gold moved lower after weeks of momentum to end the week trading at $1,328.10 per troy ounce down $40.50 or -2.96%. There was also a move to the upside for crude oil coming from a downturn the week prior to end the week trading at $54.69 up +0.06 or +0.07%.
The top price movers in the market this week were stocks such as (RITT) Rit Technologies +240.74%, (SHZ) China Shen Zhou Mining +128.57%, (EONC) Eon Communications Corp. +80.56%, (WSCI) Wsi Industries +65.12%, and (CLRT) Clarient, Inc. +38.44%.
At the Dow Jones Industrial Average there was a continuation of momentum in the indices from the week prior. The Dow continued to move higher to the upside for 7 of the past 8 weeks. The index began the week trading at 11,062.63 and moved to a low in the 10,917.62 area before ending the week trading higher. Downside support for the index is at 10,544.40 with upside resistance in the 11,258.01 area. The index is currently above all of its major moving averages as it continues to make higher highs and higher lows.
The top stocks movers in the Dow 30 this week were (C) Citigroup +4.05%, (KO) Coca Cola Co. +2.79%, (HD) Home Depot +2.54%, (ADP) Automatic data Processing, Inc. +2.00%, and (PG) Proctor & Gamble +1.80%. The Dow Jones Industrials ended the week trading at 11,132.56 +69.78 or +0.63% higher for the week on heavier than average trading volume of 5.07 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.35 billion.
At the Nasdaq composite Index there was a continued upside move as the indices moved higher to the upside for 7 of the past 8 trading weeks. The index is currently above it 5, 10, 32, 50 and 200 week moving averages with downside support at 2,308.56 and upside resistance at 2,535.28.
The top price movers in the Nasdaq 100 this week were (EBAY) eBay, Inc. +9.31% followed by (BIDU) Baidu +8.74%, (LCRX) Lam research Corp. +6.09%, and (CHKP) Check Point Software Technologies +6.01%. The Nasdaq Composite Index ended the week trading at 2,479.39 +10.62 point sor up +0.43% on lighter than average upside volume of 9.76 billion. The average weekly trading volume for the index is 10.54 billion.
As for the Standard and Poors 500 there was also an advance in the index as it too continued to move higher to the upside. The S&P 500 is currently above its 5, 10, 32, and 50 week moving averages but below its 200 week moving average in the 1,195.38 area. The index is poised to move higher in the near term but needs to break above its 200 week moving average as well as its April price high that was set at 1,219.80.
As for now downside support remains in the 1,122.98 area with upside reistance at 1,219.80.
The top price movers this week to help the S&P 500 move slightly higher to the upside were (MEE) Massey energy +13.09%, (WFC) Wells fargo & Co. +10.93%, (CPWR) Compuware Corp. +10.71%, (EBAY) eBay, Inc. +9.31%, and (MWW) monster Worldwide, Inc. +8.61%. The S&P 500 ended the week trading at 1,183.08 +6.89 or 0.59% higher to the upside on heavier than average trading volume of 19.83 billion. The average weekly trading volume for the S&P 500 is 19.29 billion.
By: Marlin Rolle
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