As the week that passed came to a close in the stock market there was a continued decline in all three major indices. The Dow Jones Industrial Average, the Nasdaq and Standard and Poors 500 finished the week on the downside.
The price of light sweet crude oil also declined during the trading week as the price of gold continued to advance higher. The Oil Index ended the week trading at $109.98 per barrel down -$3.01 or 2.66%. As for the price of gold the index ended the week trading slightly below its new all time high in price at $1,486.40 per troy ounce up $11.90 or +0.81% for the week.
The top stocks that advanced higher to the upside this week were (GLBC) Global Crossing, Ltd. +74.19%, (IDIX) Identix Pharmaceuticals, Inc. +46.21%, (SIFY) Sify Technologies, Ltd. +37.68%, (CAK) CAMAC Energy, Inc. +24.49%, (GRM) Graham Packaging Co. +37.19%, and (AMMD) American Medical Systems Holdings, Inc. +32.02%.
The top industry groups for the week were the Gold and Silver Index up +6.52% followed by the Crude Oil Index +4.61%, the Gold Index +3.13%, the Disk Drive Index +1.72% and Pharmaceutical Index +1.63%.
On the currency front the U.S. Dollar continued its decline against a basket of major currency pairs such as the Australian Dollar, the Japanese Yen, the British Pound to name a few. The U.S. Dollar ended the week at 74.83 down -0.03 or -0.04%. Downside support for the falling dollar is at its October 2010 price low at 74.23.
The Dow Jones Industrial Average began the week trading at 12,380.43 but pulled back to its 10 week moving average before moving slightly higher to the upside. The index is currently above its 5, 10, 32, 50 and 200 week moving averages but is still under pressure with downside support in the 11,590.10 area.
For now the index is poised to move higher to the upside but will need to break above its prior price high in the 12,450.93 area.
The top percentage gainers in the Dow 30 this week were (KFT) Kraft Foods, Inc. +5.34%, (PG) Proctor & Gamble +3.68%, (MRK) Merck & Co. +2.51%, (WMT) Wal Mart Stores, Inc. +1.92%, and (HD) Home Depot, Inc. +1.87%.
The Dow Jones Industrial Average ended the week trading at 12,341.83 down -38.22 points or -0.31% on lighter than average trading volume of 3.26 billion. The average weekly trading volume for the index is 3.27 billion.
At the Nasdaq Composite there was a pullback in the index for the second consecutive week. The Nasdaq began the week trading at 2,789.49 and declined to a price low in the 2,733.68 area slightly above its 5 week moving average before ending the week trading higher.
The Nasdaq is currently above its 5, 10, 32, 50 and 200 week moving averages but needs to remain above its 5 and 10 week moving averages in order to keep its trend intact. Downside support for the tech weighed index is at 2,617.40 with upside resistance in the 2,840.60 area.
The top percentage gainers in the Nasdaq 100 this week were (BIIB) Biogen Idec, Inc. +13.19%, (JBHT) J.B. Hunt Transport Services, Inc. +9.13%, (NVDA) Nvidia Corp. +6.61%, (MAT) Mattel, Inc. +5.64% and Check Point Software Technologies, ltd. +5.37%.
The Nasdaq Composite Index closed to end the week trading at 2,764.65 -15.77 or -0.57% on lighter than average downside trading volume of 9.11 billion. The average weekly trading volume for the Nasdaq is 9.49 billion.
The Standard and Poors 500 began the week trading at 1,329.01 before declining below its 5 and 10 week moving averages in the 1,302.42 area. The index has been moving lower 2 of the past 4 weeks. As for now the index remains above its major moving averages. Downside support is at 1,246.92 area with upside resistance in the 1,344.17 area.
The top percentage gainers in the S&P 500 this week were (SVU) Supervalu, Inc. +15.43%, (GME) Gamestop Corp. +11.16%, (NVDA) Nvidia Corp. +7.97%, (COH) Coach, Inc. +6.93%, and (ATI) Allegheny Technologies +6.48%.
The Standard and Poors 500 ended the week trading at 1,319.68 -8.49 or -0.64% on lighter than average volume of 15.02 billion. The average weekly trading volume for the S&P 500 is 16.32 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****
In order to have an in depth view of each chart, please double click.