Wizzwatch Weekly Newsletter

For the week that passed in the stock market the Dow Jones Industrial Average, the Nasdaq and the S&P 500 all moved to the downside after several weeks of upside momentum.

There was also a pullback in the prices of the gold index as well as the oil index. The Gold index ended the week on the downside after making higher highs and higher lows for 13 of the past 16 weeks. The precious metal index ended the week trading at $1,368.70 per troy ounce down $24.80 or -1.78% for the week. As for the oil index there was also a decline as it also ended the week trading lower. The oil index ended the week trading at $85.10 down $1.91 or 2.20%.

The top stocks that moved higher to the upside this week were companies such as (BSFT) Broadsoft +82.12%, followed by (OPTC) Optelecom +72.46%, (BVX) Bovie Medical +58.59%, (AHD) Atlas Pipeline Holdings +52.82%, and (URRE) Uranium Resources +52.57%.

The Dow Jones Industrial Average began the week trading in the 11,429.54 area before ending the week trading much lower. The index is currently above its 5, 10, 32, 50 and 200 week moving average. Downside support is in the 10,583.01 area with upside resistance in the 11,451.53 area. The top stocks in the Dow Jones Industrial Average this week were (XOM) Exxon Mobile Corp. +2.06%, (DIS) Walt Disney Co. +1.48%, (INTC) Intel Corp. +1.37%, (KO) Coca Cola Co. +0.54%, and (CVX) Chevron Corp. +0.54%.

As the week came to and the Dow Jones Industrials ended the week trading at 11,192.58 -251.50 or -2.20% lower on heavier than average downside volume of 4.51 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.34 billion.

At the Nasdaq Composite Index there was also a decline in the index after several weeks of upside momentum. The Nasdaq began the week trading at 2,570.86 before moving to a low in the 2,506.40 area but ended the week trading slightly higher. The index has been moving higher to the upside for 9 of the past 11 weeks. The Nasdaq is above all of its major moving averages with upside resistance in the 2,592.84 area with downside support in the 2,322.08 area.

The top stocks in the Nasdaq this week were companies such as (LOGI) Logitech Int'l. +7.29%, (PCLN) Priceline.com +6.71%, (HOLX) Hologic, Inc. +5.87%, (RIMM) Research in Motion, Ltd. +5.64%, and (NVDA) Nvidia Corp. +5.24%. To end the trading week the Nasdaq ended the week trading at 2,518.21 -60.77 or -2.36% on heavier than average downside volume of 10.70 billion. The average weekly trading volume for the Nasdaq is 10.55 billion.

At the Standard and Poors 500 there was no escape as it also pulled back after several weeks of upside momentum. The S&P 500 began the week trading at 1,223.24 but ended the week trading lower. The index is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is in the 1,126.22 area with upside resistance in the 1,227.08 area.

The top stocks in the S&P 500 this week were (HAL) Haliburton +12.22%, (CNX) Consol Energy +8.42%, (FO) Fortune Brands +8.12%, (COG) Cabot Oil & Gas Corp. +6.81%, and (RRC) Range Resouces Corp. +6.78%. The S&P 500 ended the week trading at 1,199.21 -26.64 or -2.17% on lighter than average downside volume of 17.90 billion. The average weekly trading volume for the S&P 500 is 19.33 billion.

By: Marlin Rolle
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