Wizzwatch Weekly Newsletter

As for the week that was in the stock market the Dow Jones Industrial Average, The Nasdaq as well as the Standard and Poors 500 moved slightly higher to the upside but its uptrend remains under pressure. On Thursday the stock market had its biggest rally in 3 months but as of the close of the market on Friday all the gains were lost as the market retreated. The top sectors in the market this week were Crude Oil +7.51%, Hospitals +4.13%, Networking +2.89%, Pharmaceuticals +2.50%, and Gold & Silver +1.72%.

The jobless rate fell 0.1%, hiring rose at its fastest pace since May of 2010 as the unemployment rate declined from 9.0% in January to 8.9% in February. The 8.9% decline was its lowest in 2 years as stocks fell and oil continued to move higher. Many analysts believe that the big increase in the price of oil may cause a correction in the market going forward due to the increase of violence in the Middle East.

The oil index continued to move higher to the upside as it closed at a 29 month price high to end the week trading at $104.65 per barrel. There was also a price move to the upside for the gold index as it also advanced higher to the upside ending the week slightly below its all time price high made on Wednesday at $1,439.90. The gold index ended the week trading at $1,427.90 per troy ounce up $19.90 or 1.41% higher for the week.

The top stocks in the market in the week that passed week were (LEI) Lucas Energy +112.01%, (AXK) Accer8 Technologies +67.43%, (SYNM) Syntroleum Corp. +44.87%, (RPRX) Repros Therapeutics +42.76%, and (GTEC) Global Defense Technology and Systems +42.31%.

The Dow Jones Industrial Average began the week trading at 12,130.45 before moving to a price low in the 12,018.63 area and ending the week slightly higher to the upside. The index is poised to move higher but will need to break above the 12,283.20 area. The Dow has been moving higher to the upside for making higher highs and higher lows for 12 of the past 14 weeks. The index is above its 10, 32, 50 and 200 week moving averages but below its 5 week moving average for the first time since September of 2010.

The top price movers in the Dow 30 this week were (PFE) Pfizer +4.24%, (MRK) Merck & Co, Inc. +2.73%, (JNJ) Johnson & Johnson +2.38%, (MMM) 3M Co. +2.15%, and (MCD) McDonalds Corp. +2.14%. The Dow Jones Industrial Average ended the week trading at 12,169.88 +39.43 points or +0.33% on lighter than average upside volume of 3.61 billion. The average weekly trading volume for the index is 4.03 billion.

At the Nasdaq Composite Index there was a slightly higher move to the upside after a move lower the week prior. The Nasdaq is currently below its 5 week moving average but above its 10, 32, 50 and 200 week moving averages. Downside support for the tech weighed index is in the 2,518.90 area with upside resistance at 2,840.62.

The index has been making higher highs and higher lows for the past few weeks but needs to break above the 2,802.43 area in order to move higher. If the index breaks below the 2,746.52 area we may see the indices move even lower in the weeks ahead.

The top performers in the Nasdaq 100 this week were (WYNN) Wynnn Resorts Ltd. +7.36%, (LRCX) Lam Research Corp. +5.28%, (BIIB) Biogen Idec, Inc. +4.97%, (GRMN) Garmin Ltd. +4.86%, and (KLAC) KLA –Tencor +4.61%. The Nasdaq Composite Index ended the week trading at 2,784.67 +3.62 or +0.13% on higher than average upside trading volume of 10.10 billion. The average weekly trading volume for the Nasdaq is 9.91 billion.

The Standard and Poors 500 moved higher in the week before pulling back to lower levels as the week came to a close. The indices began the week trading in the 1,321.61 area before moving slightly lower to the downside in the 1,302.58 area. The index may continue to move higher to the upside in the week ahead but must break above the 1,332.40 area in order to continue to move higher to the upside.

Downside support for the index is in the 1,205.22 area with upside resistance in the 1,344.20 area. The index is currently above all of its major moving averages except for the 5 week moving average in which is currently in the 1,324.81 area.

The top movers in the index this week were (A) Agilent Technologies, Inc. +10.36%, (JDSU) JDS Uniphase Corp. +10.36%, (WYNN) Wynn Resorts +7.36%, (DVA) Davita, Inc. +6.59%, and (MRO) Marathon Oil +6.25%. The S&P 500 ended the week trading at 1,321.15 up +`.27 or +0.10% on lighter than average volume of 17.50 billion. The average weekly trading volume for the S&P 500 is 18.01 billion.

By: Marlin Rolle

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