Wizzwatch Weekly Newsletter

As this week came to a close in the stock market all three major indices ended the week higher. The Nasdaq closed to end the week above a 3 year price high. The Dow Jones Industrial Average as well as the Standard and Poors 500 closed to end the week higher. There was also a huge move in the price of the U.S. Dollar as it ended the week higher against a basket of major currencies as the Euro fell on concerns over the Eurozone during the week.

As the major indices advanced there was a pullback in the price of gold as well as the oil index. The Gold Index ended the week trading at $1,386.20 down $28.00 or -1.98%. Downside support for the gold index is in the $1,272.75 area as it continues to remain above its 5, 10, 32, 50 and 200 week moving averages. As for the price of oil there was a pullback as it ended the week trading at $87.99 per barrel down $1.26or 1.41%. There was a 50% retracement in the index so therefore we may see the price of oil move higher in the near term.

The top price movers to help move the market higher this week were companies such as (OREX) Orexigen Therapeutics +74.84% followed by (THC) Tenet Healthcare Corp. +55.01%, (IRE) Ireland Governor & Co. Bask +53.71%, (VRGY) Verigy, Ltd. +53.72%, and (PZG) Paramount Gold and Silver.

The Dow Jones Industrial Average began the week at 11,381.33 before moving to a price low in the 11,327.49 area before ending the week trading slightly higher. The index has upside resistance in the 11,451.53 area with downside support at 10,609.86. As for now the index needs to break above 11,450.89 in order to move higher.

The top price movers in the Dow 30 this week (BAC) Bank of America +7.93%, (GE) General Electric +5.54%, (JPM) J.P. Morgan Chase & Co. +4.59%, (VZ) Verizon Communications +3.47%, and (CSCO) Cisco Systems, Inc. +3.30%. The Dow Jones Industrials ended the week trading at 11,410.32 up +28.23 points or +0.25% on lighter than average upside volume of 3.95 billion. The average weekly trading volume for the index is 4.23 billion.

At the Nasdaq Composite Index there was a huge move to the upside as the index broke out above 3 year price highs. The Nasdaq began the week trading at 2,591.28 before moving to a price low in the 2,584.09 area. The index then continued to move higher during the week to a 3 year price high at 2,639.41.

The Nasdaq is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the tech weighed index is in the 2,333.17 area with upside resistance at this past week’s price high.

The top price movers in the Nasdaq 100 this week were (FWLT) Foster Wheeler Corp. +7.52%, (FSLR First Solar +5.47%, (WCRX) Warner Chilcott Plc. +5.23%, (FLEX) Flextronics International +5.21% and (LRCX) Lam Research Corp. +4.86%. The Nasdaq Composite Index ended the week trading at 2,637.54 +46.08 or +1.78% higher on the upside on lighter than average downside volume of 8.98 billion. The average weekly trading volume for the Nasdaq Composite Index is 10.31 billion.

At the Standard and Poors 500 there was also a continuation of momentum to the upside as the index ended the week above its prior price high made last week. The S&P 500 began the week trading in the 1,223.87 area before ending the week higher on the upside.

The index is currently above its 5, 10, 32, 50, and 200 week moving averages as it continues to advance. Downside support for the index is in the 1,128.21 area with upside resistance in the 1,240.45 area.

The top price movers in the S&P 500 this week were (THC) Tenet Healthcare Corp. +55.01%, (DF) Dean Foods +18.47%, (GT) Goodyear Tire & Rubber Co. +14.30%, (MAS) Masco Corp. +12.84%, and (AIG) American International Group, Inc. +11.86%. The Standard and Poor 500 ended the week trading at 1,240.40 up +15.69 points or 1.28% higher on the upside on heavier than average volume of 20.47 billion. The average weekly volume for the S&P 500 is 18.94 billion.

By: Marlin Rolle

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