As the first week of November comes to an end in the stock market all three major indices continued to move higher to the upside. The Dow Jones Industrial Average, the Nasdaq as well as the S&P 500 all ended the week trading higher.
The price of the precious metals index continued to make higher highs and higher lows for 12 of the past 14 weeks as it ended the week trading at a multi year price high. The gold index ended the week trading at $1,393.50 before moving as high as $1,398.00 earlier in the week. There was also a move to the upside in the oil index as it closed to end the week slightly below its 52 week price high trading at $87.01 per barrel.
The (USD) U.S. Dollar Index continued its decline to the downside against a basket of currency pairs for 19 of the past 22 weeks as the (VIX) Volatility Index continued to move ending the week at 18.26 -2.94 or 13.87% lower. The top price movers in the market this week were stocks such as (MAJCD) Majestic Capital Ltd. +982.50%, followed by (TPLM) Triangle Petroleum +869.75%, (AVNR) Avanir Pharmaceuticals +97.93%, (AERL) Asia Entertainment & Resources +93.36%, and (CBKN) Capital Bank Corporation +89.87%.
The Dow Jones Industrial average began the week trading at 11,120.30 and moved to a price low in the 11,062.33 area before ending the week trading higher. The Dow has been moving to the upside for 8 of the past 10 weeks as it continues to make higher highs and higher lows. The index is above its 5, 10, 32, 50 and 200 week moving averages now at a new 52 week price high. Upside resistance for the index is at the high of the week at 11,451.53 with downside support in the 10,574.72 area.
The top price movers in the Dow 30 this week were (JPM) J.P. Morgan Chase & Co. +8.77%, (BAC) Bank of America Corp. +8.04%, (C) Citigroup +7.43%, (AA) Alcoa, Inc. +6.79% and (AXP) American Express Co. +6.30%. The Dow Jones Industrial Average ended the week trading at 11,444.08 up 325.59 or 2.93% on lighter than average upside volume of 4.31 billion. The average weekly volume for the Dow Jones Industrial Average is 4.33 billion.
At the tech weighed Nasdaq Composite Index there was a continuation of upside momentum as the index moved higher for 9 of the past 10 weeks. The Nasdaq is currently above its 5, 10, 32, 50, and 200 week moving averages. The index is above all of its major moving averages as it continues to move higher. Upside resistance for the Nasdaq Composite Index is in the 2,582.18 area with downside support at 2,318.47. The Nasdaq is currently at a new 52 week price high.
The top price movers in the Nasdaq 100 this week were (FWLT) Foster Wheeler Corp. +16.08%, (STLD) Steel Dynamics +9.56%, (ROST) Ross Stores +8.92%, (ESRX) Express Scripts +8.74%, and (SBUX) Starbucks Corp. +8.09%. The Nasdaq ended the w week trading at 2,578.98 +71.57 or +2.85% on lighter than average upside volume of 10.39 billion. The average weekly trading volume for the index is 10.55 billion.
As for the Standard and Poors 500 the index continued to advance to the upside as it broke above its 200 week moving average for the first time in since June of 2008. The index is also at a new 52 week price high as it broke above its April price high in the 1,219.80 area. The S&P 500 is currently above its 5, 10 32, 50 and 200 week moving averages as it continues to move higher to the upside. Upside resistance is at 1,227.08 with downside support in the 1,125.56 area.
The top price movers in the S&P 500 this week were (HAR) Harman Intl Industries, Inc. +18.87%, (KBH) KB Home +17.24%, (VMC) Vulcan Materials Co. +16.94%, (NYT) New York Times Co. +16.30%, and (JNS) Janus Capital +15.91%. The S&P 500 ended the week trading at 1,225.85 +42.59 or 3.60% on lighter than average upside volume of 18.85 billion. The average weekly trading volume for the S&P 500 is 19.38 billion.
By: Marlin Rolle
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