As for the week that passed in the stock market the Dow Jones Industrial Average finished to end the week on the upside as the Nasdaq and S&P 500 declined. As for now the market is in a confirmed uptrend but volume remains sluggish.
There was a new 52 week price high in the AMEX Composite Index as it closed to end the week at a new 52 week price high. The all time price high in the AMEX is at 2,562.20. The Amex ended the week trading at 2,447.89 up +25.75 or +1.06% on heavier than average volume of 22.8 million. The average weekly trading volume for the index is 21.7 million.
The transportation index was the worst performer for the week ending the week down -2.65% as the Gold and Silver Index ended the week up +6.52% followed by the Crude Oil Index +4.61%, Gold +3.23%, Disk Drives +1.72%, and Pharmaceuticals +1.63%.
The top stock in the market this week were (NSM) National Semiconductor +68.94%, (XNPT) Xenoport, Inc. +53.88, (IMGN) Immuno Gen, Inc. +32.97%, (AIB) Allied Irish Banks Plc. +34.95% and (HNSN) Hansen Medical, Inc. +30.28%.
The weak dollar helped to push the price of gold to a new all time high to end the week trading at $1,474.50 per ounce. The price of silver also continued to move higher to the upside ending the week at a 31 year price high trading at $40.91 per ounce. The price of the dollar continued to decline against a basket of currencies as it ended the week trading at 74.86. Downside support for the dollar is at 74.83 with an all time price low at 70.70.
As for the price of oil, the index has been making higher highs and higher lows for 7 of the past 9 weeks as it continues to advance. As long as concerns continue to rise in the Middle East as well as disruptions to oil facilities we will continue to see the price of oil move higher. The oil index ended the week trading at a new 52 week price high at $112.99 per barrel up $4.98 or 4.61%.
Wholesale gasoline also ended the week trading at a new 52 week price high at $3.25 per gallon and we are $32 cents away from breaking its all time price high at $3.64.
The Dow Jones Industrial Average began the week trading at 12,374.60 but pulled back to the 12,320.72 area before ending the week closing slightly higher. The indices is above its 5, 10, 32, 50 and 200 week moving averages.
Upside resistance is in the 12,391.34 area with downside support in the 11,530.98 area. The Dow Jones Industrial Average has been moving higher for the past 3 trading weeks but needs to breakout above upside resistance levels in order to move much higher.
The top movers in the Dow 30 this week were (CSCO) Cisco Systems, Inc. +3.58%, (AA) Alcoa, Inc. +2.63%, (AXP) American Express Co. +2.43%, (MSFT) Microsoft Corp. +2.32%, and (MRK) Merck & Co., Inc. +1.78%.
As the week came to a close the Dow Jones Industrial Average ended the week trading at 12,380.05 up +3.33 points or +0.03% on lighter than average upside trading volume of 3.18 billion. The average trading volume for the Dow Jones Industrials is 3.66 billion.
The Nasdaq Composite Index reversed the trend after moving higher for 2 of the past 4 weeks. The Nasdaq began the week trading at 2,796.26 but pulled back to a low at 2,772.40 before ending the week slightly higher. The tech weighed indices is currently above all of its major moving averages with downside support at 2,600.80 and upside resistance at 2,840.56.
The top stocks in the Nasdaq 100 this week were (EXPE) Expedia, Inc. +13.66%, (BBBY) Bed Bath & Beyond, Inc. +10.49%, (ISRG) Intuitive Surgical, Inc. +6.62%, (BRCM) Broadcom Corp. +4.01%, and (CSCO) Cisco Systems, Inc. +3.58%.
The Nasdaq Composite Index ended the week trading at 2,780.42 down -9.18 points or -0.33% on lighter than average downside trading volume of 9.11 billion. The average weekly trading volume for the tech weighed indices is 9.52 billion.
At the Standard and Poors 500 there was a light pullback in the indices after moving higher for the past 2 weeks. The S&P 500 began the week trading at 1,333.56 and moved higher during the week making a high in the 1,339.46 area before ending the week trading lower. The indices is above its 5, 10, 32, 50 and 200 week moving averages with upside resistance at 1,344.11 and downside support in the 1,240.16 area.
The top advancers in the S&P 500 this week were (NSM) National Semiconductor Co. +68.94%, (ANF) Abercrombie & Fitch Co. +13.76%, (EXPE) Expedia, Inc. +12.95%, (LTD) Limited, Inc. +12.64%, and (BBBY) Bed Bath & Beyond, Inc. +10.49%.
The S&P 500 closed to end the week trading at 1,328.17 down -4.24 points or -0.32% on lighter than average downside volume of 14.69 billion. The average weekly trading volume for the indices is 16.50 billion.
By: Marlin Rolle
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