As this week came to an end in the stock market there was a decline in the Dow Jones Industrial Average as the Standard and Poors 500 and the Nasdaq advanced to move higher. For the month of November the Nasdaq ld the way up +5.86% followed by the S&P 500 up +3.69% and the Dow Jones Industrial Average up +3.06%. The economy grew by 2% in the second quarter as inflation cooled.
The price of the gold index advanced to the upside as it continues to trend higher 11 of the past 13 weeks. The gold index ended the week trading at $1,358.10 per troy ounce up $30.00 or 2.26% as the oil index pulled back to end the week trading at $81.45 down $0.24 or -0.29%. The top price movers in the stock market this week were stocks such as (TORM) Tor Minerals +67.31% follwed by (FRZ) Reddy Ice Holdings +53.82%, (GIW) Wilber Corporation +53.82%, (FMR) First Mercury Financial +47.24%, and (MIPS) Mips Technologies, Inc. +41.35%.
The Dow Jones Industrial Average began the week trading at 11,133.40 and moved to a price low in the 11,020.82 area before ending the week slightly higher. The index is currently above its 5, 10, 32, 50 and 200 week moving averages for now. Downside support for the indices is at 10,556.16 with upside resistance in the 11,258.01 area.
The top price movers in the Dow 30 this week were (AXP) American Express Co. +6.23%, (AA) Alcoa +3.32%, Walt Disney Co. +3.29%, (IBM) International Business Machines +2.81%, and (DTV) Direct TV Group +1.71%. The Dow Jones Industrial Average ended the week trading at 11,118.49 -14.07 or -0.13% on lighter than average downside volume of 3.81 billion. The average weekly volume for the Dow Jones Industrials Average is 4.33 billion.
As for the Nadaq Composite Index there was an upside move in the index for the fourth consecutive week in a row or 8 of the past 9 weeks. The index continues to advance now approaching April 2010 price highs. As for now the Nasdaq is above its 5, 10, 32, 50 and 200 week moving averages. Downside support is in the 2,312.72 area with upside resistance in the 2,535.28 area.
The top price movers in the Nasdaq 100 this week were (RIMM) Research in Motion Ltd. +16.09%, (FLEX) Flextronics Int'l. +15.09%, (MXIM) Maxim Integrated Products +11.88%, (MRVL) Marvell Technology Group +8.93%, and (NIHD) NII Holdings +8.82%. The Nasdaq Composite Index ended the week trading at 2,507.41 +28.02 or +1.13% on lighter than average trading volume of 9.74 billion. The average trading volume for the Nasdaq is 10.55 billion.
At the Standard and Poors 500 there was also an advance in the indices as it to advanced to end the week higher on the upside. The S&P 500 began the week trading at 1,184.74 before moving to a price low in the 1,171.70 but ended the week trading much higher. The index is above its 5, 10, 32, and 50 week moving averages but below its 200 week moving average in the 1,194.20 area. The index advanced slightly above its 200 week moving average earlier in the week but pulled back ending the week with a doji candlestick. A doji represents in-decision in the price of a stock or indices so therefore we may see the index move higher or lower to begin the coming week. Downside support for the S&P 500 is currently in the 1,123.71 area with upside resistance in the 1,219.80 area.
The top price movers to help the S&P 500 move higher during the past week were companies such as (MWW) Monster Worldwide +27.81%, (EK) Eastman Kodak Co. +19.59%, (ATI) Allegheny Technologies +12.51%, (COH) Coach, Inc. +12.23%, and (LSI) LSI Corp. +11.73%. The S&P 500 ended the week trading at 1,183.26 +0.18 or +0.02% on lighter than average trading volume of 17.28 billion. The average weekly trading volume is 17.29 billion.
By: Marlin Rolle
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