As for the week that was in the stock market the Nasdaq, Dow Jones Industrial Average and the Standard and Poors 500 all ended the week trading higher. There was also an upside move in the price of gold and silver as they continued to move higher to the upside.
The top stocks in the market this week were (DSCM) Drugstore.com +119.77%, (PRAN) Prana Biotechnology, Ltd. +94.56%, (ATEA) Astea Int'l, Inc. +88.06%, (LPTH) Lightpath Technologies, Inc. +61.03%, and (PFSW) PFS Web, Inc. +50.08%.
The Gold Index advanced to a new all time price high at $1,447.30 per ounce before ending the week trading at $1,429.40 per ounce up $11.20 or 0.79%. The Gold Index has been making higher highs and higher lows for 7 of the past 8 weeks.
There was also an advance in the price of silver as it ended the week at its highest level since 1980. The price of silver has doubled in the last 12 months as it ended the week trading at $37.31 per ounce up $2.06 or 5.83%.
The top industry groups in the market this week were the Disk Drive Index +6.55% followed by the Computer Hardware Index +5.07%, the Gold/Silver Index +5.07%, the Amex Oil Index +4.80% and the Computer Technology Index +4.30%.
The (VIX) Volatility Index also known as the fear index fell over 40% due to the lack of fear in the market. The index has been moved lower to the downside for 7 straight days as stocks continued to advance higher to the upside.
The Dow Jones Industrial Average began the week trading at 11,860.11 before moving to a price low in the 11,860.11 area as the week continued.
The index has moved above its 5 and 10 week moving average for the first time since moving lower 3 weeks prior. The Dow Jones Industrial Average is currently above its all of its major moving averages. Downside support for the index is at 11,393.71 with upside resistance in the 12,391.39 area.
The top price movers in the Dow 30 this week were (AA) Alcoa, Inc. +6.08%, (DIS) Walt Disney Co. +4.22%, (UTX) United Technologies Corp. +4.19%, (VZ) Verizon Communications +4.05%, and (IBM) International Business Machines +4.03%.
The Dow Jones Industrial Average ended the week trading at 12,220.59 up 362.07 points or +3.05% on lighter than average upside trading volume of 3.13 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.76 billion.
At the Nasdaq Composite Index there was also a price move to the upside after 4 weeks of downside pressure. The Nasdaq moved higher ending the week above its 5, 10 32, 50, and 200 week moving averages but slightly below its 10 week moving average.
The 10 week moving average is in the 2,745.72 area. Downside support for the tech-heavy Nasdaq is in the 2,562.15 area with upside resistance in the 2,840.56 area.
The top movers in the Nasdaq 100 this week were (BIDU) Baidu, Inc. +11.97%, (ADSK) Autodesk, Inc. +9.82%, (WYNN) Wynn Resorts, Ltd. +9.08%, (ALTR) Altera Corp. +9.02%, and (PCLN) Priceline.com +8.33%.
The Power Shares (QQQ) Trust index ended the week up +4.39% and the Nasdaq Composite ended the week trading at 2,743.06 +99.39 points or +3.76% on lighter than average volume of 8.99 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.62 billion.
The Standard and Poors 500 also advanced to end the week on the upside after moving lower for the past 4 trading weeks. The index began the week trading at 1,281.65 and continued to make higher highs as it continued to move higher.
The S&P 500 is currently above its 5, 10, 32, 50 and 200 week moving averages. The index has been below its 5 week moving average for the past 3 weeks and is poised to move higher in the week ahead.
The top movers in the S&P 500 this week were (RHT) Red Hat, Inc. +18.49%, (MU) Micron Technology, Inc. +14.71%, (JBL) Jabil Circuit, Inc. +14.47%, (NBR) Nabors Industries, Inc. +10.67%, and (WDC) Western Digital Corp. +10.33%.
The Standard and Poors 500 ended the week trading at 1,313.80 +34.60 or +2.70% on lighter than average trading volume of 15.62 billion. The average weekly trading volume for the S&P 500 is 16.95 billion.
By: Marlin Rolle
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