Wizzwatch Weekly Newsletter

For the week that was in the stock market the Dow Jones Industrial Average, Nasdaq Composite Index, as well as the Standard and Poors 500 continued to move to the upside. All three major indices have been making higher lows for the past few weeks. Both the S&P 500 and the Dow Jones Industrial average are at the highest point they have been since September of 2007.

The top industry groups that helped to push the market higher were the Philadelphia Oil Services Index +4.80%, the AMEX Networking Index +4.29%, the AMEX Oil Index +4.05%, the AMEX Disk Drive Index +3.64%, and the Philadelphia bank Index +3.44%.

The top stocks in the market this week were (GENE) Genetic Technologies +112.16%, (IPCI) Intellipharmaceuticals, Inc. +69.86%, (BRN) Barnwell Industries, Inc., +502.96%, (CT) Capital Trust, Inc. +47.96% and (HILL) Dot Hill Systems Corporation +47.62%.

The U.S. Dollar index moved lower against a basket of currency pairs as the Euro made its biggest move against the dollar in 20 months. The Euro/U.S. Dollar ended the week trading at $1.3389/93.

The price of gold continued to move lower for the second week in a row. The index has been moving in a sideways consolidation price pattern for 10 weeks. The price of gold has been moving between a price low in price in the $1,330.00 area to a high in the $1,400.00 area for the past few weeks. The index is above its 32, 50 and 300 week moving averages but below its 5, and 10 week moving averages. As for now downside support is in the 1,244.79 area with upside resistance at its old price high at 1,430.60. The gold index ended the week trading at $1,359.40 down $9,20 or -0.67%.

On the oil front the oil index has continued to make higher highs and higher lows for the past 18 week as it continues to move higher to the upside. The oil index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the oil index is at $81.19 with upside resistance in the $93.05 area. The oil index ended the week trading at $92.12 up $3.71 or +4.20%.

The Dow Jones Industrials have been moving to the upside for 8 weeks. The index has been making higher highs and higher lows for 16 of the past 21 weeks. The Dow Jones Industrial Average is currently at 2 year price highs as it continues to move higher. Upside resistance for the indices is in the 11,794.15 area with downside support in the 10,911.59 area. The Dow Jones Industrial Average is currently above its 5, 10, 32, 50 and 200 week moving averages as it continues to move higher.

The top movers in the Dow 30 this week were companies such as (BAC) Bank of America +7.02%, (HD) Home Depot +4.39%, (AXP) American Express Co. +4.26%, (XOM) Exxon Mobil Corp. +2.98%, and (JPM) JP Morgan Chase & Co. +2.91%. The Dow Jones Industrial Average ended the week trading at 11,787.38 +112.62 or +0.96% on heavier than average volume of 4.25 billion. The average weekly trading volume for the index is 4.06 billion.

At the Nasdaq there was a continued price moved to the upside as the index continues to make higher highs and higher lows. The Nasdaq began the week trading at 2,691.47 before moving to a price low in the 2,682.25 area before ending the week trading much higher. The Nasdaq Composite Index is currently at 2 year price highs with upside resistance in the 2,755.30 area and downside support in the 2,398.87 area. As for now the index is at its highest point since November of 2007.

The top price movers in the Nasdaq 100 this week were (NVDA) Nvidia Corp. +18.72%, (KLAC) KLA-Tencor Corp. +11.76%, (LRCX) Lam Research Corp. +11.63%, (APOL) Apollo Group, Inc. +11.40%, and (AMAT) Applied Materials, Inc. +9.67%. The Nasdaq ended the week trading at 2,755.30 up +52.13 points or +1.93% higher on lighter than average upside volume of 9.58 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.88 billion.

As for the Standard and Poors 500 the index moved to a price low in the 1,293.24 area after beginning the week trading in the 1,270.84 area. As the week continued the index advanced to move higher to the upside. The S&P 500 has been making higher highs and higher lows for 18 of the past 21 weeks. The index is currently at 2 year price highs as it continues to advance higher to the upside. The index is currently above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is in the 1,147.30 area with upside resistance at 1,293.35.

The top price movers that helped the S&P 500 move higher were (API) Advanced Photonix, Inc. +20.25%, (NVLS) Novellus Systems, Inc. +19.34%, (NVDA) Nvidia Corp. +18.72%, (ITT) ITT Industries, Inc. +12.69%, and (MU) Micron Technology, Inc. +12.38%. The S&P 500 ended the week trading at 1,293.24 +21.74 or +1.71% higher on lighter than average upside volume of 17.87 billion. The average weekly volume for the index is 18.11 billion.


By: Marlin Rolle

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