Wizzwatch Weekly Newsletter

As the first week of 2011 came to a close in the stock market there was a continuation of upside momentum in the major averages. The Dow Jones Industrial Average, Nasdaq Composite Index and Standard and Poors 500 all continued to move higher to the upside. All three indices have advanced into new high ground for the second consecutive week.

The top market movers this week were companies such as (GCFB) Granite City Food +99.58%, (IBCP) Independent Bank Corp. +90.01%, (OPXA) Opexa Therapeutics, Inc. +60.45%, (YAVY) Yadkin Valley Financial +45.86%, and (LXRX) Lexicon Pharmaceuticals +38.89%. The top sectors in the market this week were Airlines +5.13%, followed by Networking +5.03%, Internet +3.15%, Disk Drives +2.88% and Healthcare +1.81%.

There was a pullback in the price of oil for the second week in a row as it ended trading at $88.41 per barrel down $3.03 or -3.31%. The price of gold also moved lower to end the week trading at $1,368.60 per troy ounce down $52.10 or -3.67% as the dollar advanced higher to the upside for 8 of the past 10 weeks, advancing against a basket of major currencies. The dollar ended the week trading at 1.2912/22 against the Euro.

The Dow Jones Industrial Average began the week trading at 11,577.42 but moved to a price low in the 11,577.35 area before ending the week trading higher. The index has been on a move to the upside for 14 of the pas t 18 weeks as it continues to make higher highs and higher lows. Downside support for the Dow Jones Industrial Average is in the 10,765.70 area with upside resistance at its 52 week price in the 11,742.68area.

The top market movers in the Dow 30 this week were (HPQ) Hewlett Packard Co. +7.11%, (BAC) Bank of America +6.82%, (A) Alcoa +6.69%, (DIS) Walt Disney Co. +5.22%, and (PFE) Pfizer, Inc. +4.74%. The Dow Jones Industrial Average ended the week trading at 11,674.76 up +97.25 or +0.84% higher to the upside on heavier than average volume of 4.92 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.05 billion.

The Nasdaq also advanced higher to the upside after beginning the week trading at 2,715.96. The Nasdaq pulled back to a price low in the 2,663.64 area before ending the week trading higher. The tech weighed indices has been making higher highs and higher lows for the past 18 weeks. The index ended the week prior near a 52 week price high but broke above that high earlier in the week. The Nasdaq is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the Nasdaq is in the 2,382.11 area with upside resistance at 2,715.96.

The top stocks in the Nasdaq 100 this week (NVDA) Nvidia Corp. +29.03%, (WYNN) Wynn Resorts +14.34%, (BIDU) Baidu, Inc. +10.79%, (PCLN) Priceline.com +10.27%, and (MRVL) Marvell Technologies +8.03%. The Nasdaq ended the week trading at 2,703.17 +50.30 or +1.90% higher to the upside on heavier than average volume of 10.06 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.89 billion.

The Standard and Poors 500 continued to move higher to the upside this week as it broke above its previous price high. The S&P 500 began the week trading at 1,257.62 and moved to a price low in the 1,257.62 area before moving into new high ground as it broke above its previous price high in the 1,259.39 area. The S&P 500 is currently above its 5, 10, 32, 50 and 200 week moving average as it continues to move higher to the upside. Downside support for the S&P 500 is in the 1,147.15 area with upside resistance in the 1,278.17 area.

The top market movers in the S&P 500 this week were (NVDA) Nvidia Corp. +29.03%, (PHM) Pulte Group, Inc. +14.36%, (WYNN) Wynn Resorts +14.34%, (JDSU) JDS Uniphase Corp. +12.15%, and (DF) Dean Foods, Inc. +11.88%. The Standard and Poors 500 ended the week trading at 1,271.50 +13.86 points or +1.10% on heavier than average volume of 19.7 billion. The average weekly trading volume for the S&P 500 is 18.12 billion.


By: Marlin Rolle

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