As this week in the stock market came to a close in the stock market there was a slight move to the upside after a negative week the week prior. The Dow Jones Industrials, the Nasdaq and the S&P 500 moved slightly higher to the upside. The top stock in the market this week were companies such as (LDSH) Ladish Co. +50.83%, (CYAN) Cyanotech Corp. +45.07%, (LNG) Chinere Energy, Inc. +40.96%, (ENMD) EntreMed, Inc. +40.84%, and (CPWM) Cost Plus, Inc. +37.12%.
There was a pullback in the price of the oil index as well as the precious metals index for the second straight week. The oil index closed to end the week trading at $81.98 down $3.12 or 3.67%. Downside support for the index is at $78.31 area with upside resistance at $88.84 its previous price high.
The gold index ended the week trading at $1,353.30 per troy ounce down $15.40 or -1.13 as it also continued to pullback after moving higher to the upside for 12 of the past 16 weeks. Downside support for the precious metals index is in the $1,251.19 area with upside resistance at its all time price high at $1,424.40.
The US Dollar index moved higher for the second week in a row against a basket of major currency pairs after moving lower for 16 of the past 23 weeks since June of 2010. The EUR/USD ended the week at $1.3668/73, GBD/USD @ $1.5979/81, USD/JPY @ $83.52/57, AUD/USD @ $0.9849/59, and the AUD/USD @ $0.98.
The Dow Jones Industrial Average began the week trading at 11,194.02 and moved to a price low in the 10,978.93 area before ending the week trading slightly higher. The index is currently above its 5,10,32,50 and 200 week moving averages. Downside support for the index is in the 10,589.46 area with upside resistance at its previous price high set on November 7th at 11,451.53.
The top movers in the Dow 30 this week were (CAT) Caterpillar +3.62%, (KO) Coca Cola Co. +2.23%, (MRK) Merck & Co. +1.79%, (DD) Dupont Co. +1.25%, and (UTX) United Technologies Corp. +1.16%. The Dow Jones Industrial Average ended the week trading at 11,203.55 +10.97 or +0.10% on lighter than average upside volume of 3.96 billion. The average weekly trading volume for the index is 4.33 billion.
At the Nasdaq Composite Index there was a pullback in the price of the index after it opened in the 2,529.02 to begin the week. The index pulled back to its 10 week moving average before continuing to move higher to the upside.
Downside support for the tech weighed index is in the 2,324.08 area with upside resistance in the 2,592.94area. The index continues to remain above all of its major moving averages going forward. The index is currently above its 5, 10, 32, 50 and 200 week moving averages. As the week came to an end there were more buyers than sellers in the Nasdaq so we may continue to see the index move to the upside in the week ahead.
The top price movers in the tech weighed index this week were (URBN) Urban Outfitter +13.22%, (MXIM) Maxim Integrated Products, Inc. +7.04%, (ILMN) Ilumina, Inc. +6.01%, (MAT) Mattel, Inc. +5.95%, and (JOYG) Joy Global, Inc. +5.62%. The Nasdaq Composite Index ended the week trading at 2,518.12 down -0.09 or -0.00% unchanged on
lighter than average downside volume of 9.78 billion. The average weekly trading volume for the Nasdaq is 10.53 billion.
The Standard and Poors 500 began the week trading in the 1,200.44 area before moving to a price low in the 1,173.00 area slightly below its 10 week moving average. The S&P is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the S&P 500 is currently in the 1,126.39 area with upside resistance at 1,227.08.
The top market movers in the S&P 500 this week were (CRM) Salesforce.com +18.99%, (URBN) Urban Outfitters, Inc. +13.22%, (CAM) Cameron International Corp. +10.08%, FMC Technologies, Inc. +7.94%, and National Oilwell Varco, Inc. +7.08%. The S&P 500 ended the week trading at 1,199.73 +0.52 or +0.04% on lighter than average upside volume of 17.52 billion. The average weekly trading volume for the Standard and Poors 500 is 19.28 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****
In order to have an in depth view of each chart, please double click.