Wizzwatch Weekly Newsletter

This week in the stock market was very interesting as the Dow Jones Industrial Average, the Nasdaq Composite Index as well as the S&P 500 all moved higher to end the week on the upside. All three major indices are very close to making new 52 week price highs.

The oil index moved to a new 52 week high after breaking above its previous price high at $88.84 per barrel. The oil index ended the week closing at $89.25 per barrel up $5.49 or 6.55% on the upside. There was also a run up in the price of gold index as the index ended the week trading at $1,414.20 up $50.60 or 3.71% ten dollars twenty cents away from a multiyear price high in the $1,1424.40 area.

The top stocks that helped the market move higher to the upside were (AMRN) Amarin Corp. +56.06%, (MIGP) Mercer Insurance Group, Inc., 49.81%, (REDF) Redif.com, Inc., (LOCM) Local.com Corp. +40.87%, and (BEZ) Baldor Electric Co. +38.82%.

The Dow Jones Industrial Average began the week trading at 11,083.75 and moved to a price low in the 10,929.28 area before ending the week trading higher. The Dow is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is at 10,597.31 with upside resistance in the 11,451.53 area.

The top movers in the Dow 30 this week were (HD) Home Depot, Inc. +8.84%, (AA) Alcoa, Inc. +8.05%, (MSFT) Microsoft Corp. +7.01%, (BAC) Bank of America Corp. +6.85%, and (DD) Dupont Co. +6.33%. As the week came to a close the Dow Jones Industrials ended the week trading at 11,382.09 +290.09 or 2.62% on heavier than average volume of 4.25 billion. The average weekly trading volume for the Dow Jones Industrials is 4.26 billion.

At the tech weighed Nasdaq Composite Index there was a continued advance to the upside. The Nasdaq has moved higher to the upside for 11 of the past 14 weeks. Downside support for the index is in the 2,327.66 area with upside resistance in the 2,592.94 area. The index is very close to breaking out into new high ground in the week ahead.

The top movers in the Nasdaq 100 this week were (GRMN) Garmin, Ltd. +9.19%, (NVDA) Nvidia Corp. +8.75%, (FWLT) Foster Wheeler Corp. +8.11%, (KLAC) KLA-Tencor Corp. +8.02%, and (ADSK) Autodesk, Inc. +7.93%. The Nasdaq ended the week trading at 2,591.46 +56.90 or 2.24% higher on lighter than average volume of 9.95 billion. The average weekly trading volume for the Nasdaq is 10.37 billion.

At the Standard and Poors 500 the index also moved higher to the upside after 2 prior weeks of declines. The S&P is currently above its 5, 10, 32, 50 and 200 week moving averages. The index remains strong as it holds above the 50 week moving average approaching a new 52 week price high. Upside resistance for the index is in the 1,227.08 area with downside support in the 1,126.53 area.

The top price movers in the S&P 500 were (MI) Marshall & Ilsley Corp. +17.89%, (ANF) Abercrombie & Fitch Co. +15.87%, (RF) regions Financial Corp. +15.81%, (HBAN) Huntington Bancshares, Inc. +15.32%, and (LEN) Lennar Corp. +14.68%. The S&P 500 ended the week trading at 1,224.71 +35.31 or 2.97% on lighter than average volume of 18.09 billion. The average weekly volume for the S&P 500 is 18.95 billion.

By: Marlin Rolle
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