Sunday, February 13, 2011

Wizzwatch Weekly Newsletter

As for the week that passed came to a close in the stock market, it was an historic week for Egypt as well as the major indices. The people of Egypt forced their president Hosni Mubarak to resign after being in power over 30 years due to 18 days of unrest in the country. As for the stock market the Nasdaq Composite Index, the Dow Jones Industrial Average as well as the Standard and Poors 500 all advanced above 2 1/2 year price highs and may continue to move higher in the week ahaead.

The top sectors in the market this week were Networking +6.46%, Airlines +4.22%, Hospitals +4.16%, Brokers +3.37% and S&P Retail +3.36%. The stocks that helped to take the market higher this weeke were (INPH) Interphase Corp. +115.79% followed by (RHB) Rehabcare Group, Inc. +45.45%, (XETA) Xeta Technologies, Inc. +42.37%, (SWS) Southwest Securities Group +42.05%, and (LZR) Emergent Group, Inc. +38.78%.

The price of the dollar moved higher against a basket of major currency pairs as gold continued higher for the second week in a row as the price of crude oil declined to end the week trading at $87.41 per barrel down -$2.43 or -2.70%. Precious metals advanced higher after moving lower for 4 of the past 6 weeks. The Gold Index ended the week trading at $1,356.10 up +$7.10 or +0.53% higher on the upside.

The Dow Jones Industrial Average began the week trading at 12,092.38 but moved slightly lower to the 12,092.30 area before moving higher to the upside. The index has been making higher highs and higher lows for 10 of the past 12 weeks. The Dow Jones Industrial Average is currently above all of 5, 10, 32, 50 and 200 week moving averages as it continues to advance. Downside support for the index is in the 11,757.63 area with upside resistance at 12,286.04.

The top stocks in the Dow 30 this week were (AXP) Amercian Express +6.69% followed by (DIS) Walt Disney Co. +6.63%, (JPM) j.P. Morgan Chase & Co. +4.44%, (MMM) 3M Co. +3.98%, and (CAT) Caterpillar, Inc. +3.97%. The Dow Jones Industrial average ended the week trading at 12,2273.26 +181.11 or 1.50% higher on the upside on slightly lighter than average upside volume of 4.11 billion. The average weekly trading volume for the index is 4.12 billion.

At the Nasdaq Composite Index there was another week of strong upside momentum that help to push the index higher to the upside. The Nasdaq has been making higher highs and higher lows for the past 24 weeks as it continues to move higher. The Nasdaq began the week trading at 2,773.26 and moved slightly lower in the 2,762.34 area before moving higher as the week came to an end. The index is currently above its 5, 10, 32, 50 and 200 week moving averages and is poised to move higher in the week ahead. Downside support for the tech weighed index is in the 2,696.05 area with upside resistance at 2,810.67.

The top stocks in the Nasdaq 100 this week were (BIDU) Baidu, Inc.+10.11%, (CHKP) Check Point Software Technologies, Ltd. +9.70%, (WYNN) Wynn Resorts +9.35%, (AMZN) Amazon.com, Inc. +7.57%, and (DISH) Echo Star Communications Corp. +7.14%. The Nasdaq Composite Index ended the week trading at 2,809.44 up 40.14 points or 1.45% higher on heavier than average trading volume of 10.06 billion. The average weekly trading volume for the Nasdaq is 9.97 billion.

As for the Standard and Poors 500 there was also a continuation of momentum in the indices as the market continued to move higher. The index has been moving higher to the upside for 10 of the past 12 weeks.The S&P 500 began the week trading at 1,211.85but moved slightly lower before ending the week trading higher to the upside. The index is currently above 2 year price highs as it continues to make higher highs and higher lows. Downside support for the S&P 500 is at 1,276.34 with upside resistance at 1,330.84.

The top stocks in the S&P 500 this week were (JDSU) JDS Uniphase Corp. +23.78%, (BIG) Big Lots,Inc. +22.44%, (NYX) NYSE Euronext, Inc. +17.34%, (JCP) JC Penny Co., Inc. +14.91%, and (RL) Polo Ralph Lauren Corp. +12.71%. The S&P 500 ended the week trading at 1,329.15 up +18.28 or +1.39% on lighter than average upside volume of 16.53 billion. The average weekly trading volume for the S&P 500 is 18.27 billion.

By: Marlin Rolle

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