Wizzzwatch Weekly Newsletter

As this past week came to a close in the stocks market, the Dow Jones Industrials, Nasdaq and S&P 500 continued to advance higher. All three major indices ended the week in positive territory as the Dow Jones Industrials crossed above its 200 week moving average for the first time in many months.

The U.S dollar continued its decline against a basket of major currency pairs and is poised to make a move to the upside in the near future. The price of gold continued to move higher for 10 of the past 11 weeks now trading at $1,368.60 per troy ounce up $21.40 or 1.59% after making a new all time price high earlier in the week at $1,387.10. As for the oil index there was a pullback in price after the index opened at $82.82 to start the week. The oil index ended the week trading at $81.63 down -1.26 or -1.52%.

The top movers in the market this week were companies such as (PIP) Pharmathene +120.00%, (CCME) China Media Express +50.70%, (LGL) Lynch Corp. +28.93%, (YTEC) Yucheng Technologies +25.62%, (KH) China Kanghui Holdings +24.47%, and (NEXS) Nexus Lighting +21.62%.

The Dow Jones Industrial Average has been making higher highs and higher lows for seven of the past eight weeks. The index began the week trading at 11,006.93 before making a price low at 10,913.84. The Dow has crossed above the 200 week moving average for the since falling from its April price high in the 11,257.89 area. Upside resistance for the Dow is at 11,258.01 with downside support at 10,528.53.

The top movers in the Dow 30 were (STX) Seagate Technology Holdings +27.13%, (HPQ) Hewlett Packard Co. +4.06%, (AXP) American Express Co. +2.90%, (KFT) Kraft Foods, Inc. +2.32%, and (AD) Automatic Data Processing +2.01. The Dow Jones Inustrila Average ended the week trading at 11,062.78 +56.30 or +0.51% on higher than average trading volume of 4.74 billion. The average weekly trading volume for the Dow is 4.33 billion.

Over at the Nasdaq Composite there was continued move to the upside for 6 of the past 8 weeks. The Nasdaq is currenlty above its 5, 10, 32, 50 and 200 week moving avearges. Downside support for the tech weighed indices is at 2,305.07 with upside resistance at 2,535.28. In order for the Nasdaq to move higher to the upside it must break out above the 2,536.00 area.

The top movers in the Nasdaq 100 this week were (STX) Seagate Technology Holdings +27.13%, (YHOO) Yahoo, Inc. +12.15%, (GOOG) Google +12.14%, (WCRX) Warner Chilcott +10.01%, and (LOGI) Logitech Int'l. +9.43%. The Nasdaq ended the week trading at 2,468.77 +66.86 or +2.78% on lighter than average volume of 10.04 billon. The average weekly trading volume for the index is 10.61 billion.

The Standard and Poors 500 also continued to move higher to end the trading week. The index began the week trading in the 1,152.32 area and moved to a price low in the 1,155.71 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 at 1,196.52. The S&P 500 has not moved above its 200 week moving average since June of 2008.

The top market movers in the S&P 500 this week were (KG) King Pharmaceiticals, (MBI) MBIA, Inc., (YHOO) Yahoo!, Inc. +12.15%, (GOOG) Google, Inc. +12.14%, and (MON) Monsanto Co. +11.62%. The S&P ended the week trading at 1,176.19 +11.04 or +0.95% on heavier than average trading volume of 20.37 billion. The average weekly trading volume is 19.46 billion.

By: Marlin Rolle

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