Wizzzwatch Weekly Newsletter

As the past week came to an end in the stock market the Dow Jones Industrial Average, the Nasdaq Composite Index and the Standard and Poors 500 all continued to move higher to the upside.

The U.S. dollar continued its decline against a basket of currency pairs for 17 of the past 19 weeks as the price of gold continued to move higher to end the week closing at a new 52 week price high at $1,364.70 per troy ounce. The price of the gold index continued to make higher highs and higher lows now up 10 of the past 11 trading weeks. The oil index also closed higher on the upside to end the week trading at $82.89 per barrel. Downside support for crude oil is currently at $78.15 with and upside resistance at $87.26 per barrel.

The top stocks that helped to push the market higher in the week that passed were (MEDQ) Med Quist, Inc. +71.02%, (GKK) Gramercy Capital +55.63%, (BIOF) Biofuel Energy +48.92%, (DDMX) Dynamex +37.69%, and (TSYS) Telecommunication Systems +35.34%.

The Dow Jones Industrial Average began the week trading at 10,828.85 but moved to a price low in the 10,711.12 area before ending the week trading much higher to the upside. As for now the index is above its 5, 10, 32, 50 and 200 week moving average. Upside resistance is currently in the 11,258.01 area with downside support at 10,513.01.

The top price movers in the Dow 30 this week were (A) Alcoa +5.41%, (GE) General electric +4.65%, (STX) Seagate technology Holdings, (DD) Dupont Co., and (DIS) Disney +3.48%. The Dow Jones Industrial Average ended the week trading at 11,006.48 +176.80 or 1.63% higher to the upside on lighter than average upside volume of 3.75 billion. The average weekly trading volume for the index is 4.31 billion.

At the Nasdaq Composite Index there was also an increase in the price of the indices. The Nasdaq began the week trading at 2,362.25 and moved to a price low in the 2,332.46 area before ending the week trading higher. The Nasdaq has been moving higher to the upside for 5 of the past 7 weeks. Downside support for the index is currently at 2,300.62 with upside resistance in the 2,535.28 area. As for now the index remain above its 5, 10, 32, 50, and 200 week moving averages.

The top price movers in the Nasdaq 100 this week were (WYNN) Wynn Resorts +7.76%, (ERTS) Electronic Arts +7.36%, (RYAAY) Ryanair Holdings +5.62%, (DELL) Dell, Inc. +5.07%, and (NWSA) News Corp. +4.83%. The Nasdaq ended the week trading at 2,401.91 +31.16 or 1.31% higher on lighter than average upside volume of 10.05 billion. The average weekly trading volume for the tech weighed index is 10.63 billion.

As for the Standard and Poors 500 there was a continued price advance as the index ended the week trading higher on the upside. The S&P 500 began the week trading at 1,144.96 and moved to a low in the 1,131.87 area before ending the week trading higher. 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 1,197.77 area.

The top price movers in the S&P 500 this week were (JCP) JC Penny Co. +19.63%, (CF) CF Industries Holdings, Inc. +16.11%, (ANF) Abercrombie & Fitch Co. +13.56%, (FO) Fortune Brands, Inc. +12.65%, and (F) Ford Motor Co. +11.42%.

The S&P 500 ended the week trading at 1,165.15 up +18.91 or 1.65% higher to the upside on lighter than average volume of 17.02 billion. The average weekly trading volume for the S&P 500 is 19.42 billion.

By: Marlin Rolle

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