Wizzwatch Weekly Newsletter

As this week in the stock market came to an end there was a continuation of momentum in all the three major indices. The Dow Jones Industrials, Nasdaq Composite Index and Standard and Poors 500 continued to move higher for the third consecutive week.

The top stocks that helped to push the market slightly higher to the upside were companies such as (AXK) Accelr8 Technology +82.44%, (CVV) CVD Equipment Corp. +53.73%, (GKNT) Geeknet, Inc. +49.67%, (WTW) Weight Watchers International +47.22%, and (REV) Revlon Inc. +43.07%.

The price of oil moved higher to end the week trading at $88.80 per barrel up $1.39 or +1.59% for the week. The oil index has been on a decline for 2 of the past 5 weeks. Downside support for the oil index is in the $85.29 area with upside resistance in the $93.27 area.

There was also an uptick in the precious metals index as the price of gold advance for the third straight week. The gold index is poised to move higher in the week ahead. The index ended the week trading at $1,387.50 up $31.40 or +2.32% higher on the upside.

The Dow Jones Industrial Average began the week trading at 12,266.83 but moved to a price low in the 12,193.27 area before ending the week trading higher. The Dow Jones Industrials are above all of its major moving averages as it continues to move higher to the upside. The index is above its 5, 10, 32, 50 and 200 week moving averages and is poised to continue its momentum to the upside in the week ahead. Downside support for the Dow Jones Industrial Average is in the 11,855.72 area with upside resistance in the 12,391.39 area.

The top movers in the Dow 30 this week were (TRV) Travelers, Inc. +3.27%, (CVX) Chevron Corp. +3.12%, (JPM) J.P. Morgan Chase & Co. +3.07%, (HD) Home Depot, Inc. +2.67%, and (DD) DuPont Co. +2.57%. The Dow Jones Industrials ended the week trading at 12,391.25 +117.99 points or +0.96% on lighter than average trading volume of 3.28 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.02 billion.

The Nasdaq Composite Index also moved higher to end the week after beginning the week trading at 2,810.19. The Nasdaq is currently above its 5, 10, 32, 50 and 200 week moving averages as it continues to advance higher to the upside for the third consecutive week. The Nasdacq Composite Index is currently above 2 and 1/2 year price highs. Downside support for the index is at 2,720.90 with upside resistance at 2,840.51.

The top movers in the Nasdaq 100 this week were (DELL) Dell, Inc. +10.45%, (NVDA) Nvidia Corp. +9.20%, (Comcast Corp. +7.02%, (INTU) Intuit, Inc. +6.89%, and (KLAC) KLA Tencor Corp. +6.88%. The Nasdaq ended the week trading at 2,833.95 +24.51 or +0.87% higher on heavier than average trading volume of 10.29 billion. The average weekly trading volume for the Nasdaq is 9.87 billion.

As for the Standard and Poors 500 there was a continued advance for the index as it climb higher for 22 of the past 27 trading weeks. The Standard and Poors 500 is up 98% from it March 9, 2009 price low. Downside support for the S&P 500is at 1,286.58 with upside resistance in the 1,344.17 area. The S&P 500 is currently all of its major moving averages as it continues to make higher highs and higher lows.

The top price movers in the S&P 500 this week were companies such as (API) Advanced Photonix, Inc. +20.19, (FDO) Family Dollar Stores +19.03%, (WMB) Williams Cos., Inc. +12.52%, (AMD) Advanced Micro Devices, Inc. +10.87%, and (DELL) Dell, Inc. +10.45%. The S&P 500 ended the week trading at 1,343.01 +13.86 points or +1.04% higher on lighter than average upside volume of 15.56 billion. The average weekly trading volume for the Standrad and Poors 500 is 17.91 billion.

By: Marlin Rolle

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