As this week came to an end in the stock market all three major indices advanced. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 all moved higher after moving lower the week prior.
The top industry groups that helped to push the market higher this week were Computer Hardware Index +4.11%, followed by Disk Drives +3.70%, Gold and Silver +3.24%, Computer Technology +2.96%, and Semiconductors +2.78%.
The top percentage gainers this week were companies such as (AMRN) Amarin Corp. +92.97%, (QPSA) Quepasa.com, Inc. +40.88%, (SCSS) Select Comfort Corp. +36.90%, (BAA) Banro Corp. +31.80%, and (TRAD) Trade Station Group +28.69%.
The price of gold moved to the upside as it ended the week trading at a new all time high in price. The gold index has been making higher highs and higher lows for 10 of the past 12 weeks. The gold index ended the week trading at $1,504.60 up +18.20 or +1.22%.
The oil index also advanced as it moved higher to the upside 8 of the past 11 weeks. The oil index is approaching a new 52 week price high but ended the week trading at $112.29 up $2.31 or 2.10%. Downside support for the oil index is at $91.45 with upside resistance at $113.77.
As for the major indices the Dow Jones Industrial Average began the week trading at 12,339.71 and moved to a price low at 12,093.89 before ending the week trading higher to the upside. The index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support is in the 11,654.01 area with upside resistance in the 12,506.16 area.
The top movers in the Dow 30 this week were (INTC) Intel Corp. +8.66%, (JNJ) Johnson & Johnson +5.81%, (UTX) united Technologies Corp. +4.37%, (AA) Alcoa, Inc. +2.66%, and (TRV) Travelers Cos., Inc. +2.54%.
The Dow Jones Industrial Average ended the week trading at 12,505.99 up +164.16 points or +1.33% on lighter than average upside trading volume of 3.31 billion. The average weekly trading volume for the index is 3.59 billion.
The Nasdaq Composite Index also moved higher to the upside after moving lower for the past 2 weeks. The index began the week trading at 2,731.22 and pulled back to 2,706.50 before turning to the upside and ending the week trading higher. Downside support for the index is at 2,635.50 with upside resistance at 2,840.51. As for now the index remains above all of its major moving averages.
The top percentage gainers in the Nasdaq 100 this week were (BIIB) Biogen Idec, Inc. +20.18%, (INTC) Intel Corp. +8.66%, (QCOM) Qualcomm, Inc. +7.15%, (AAPL) Apple, Inc. +7.09%, and (WYNN) Wynn Resorts, Ltd. +6.68%.
The Nasdaq ended the week ended the week trading at 2,820.16 +55.51 points or +2.01% higher on lighter than average trading volume of 7.41 billion. The average weekly trading volume for the index is 9.29 billion.
At the Standard and Poors 500 the index advanced higher to the upside after moving above its 5, and 10 week moving averages. The index is currently above all of its major moving averages with downside support in the 1,2549.05 area and upside resistance at 1,344.17.
The top percentage in the S&P 500 index this week were (BIIB) Biogen Idec, Inc. +20.18%, (SLM) SLM Holding Corp. +10.35%, (INTC) Intel Corp. +8.66%, (JDSU) JDS Uniphase Corp. +8.11%, and (HAL) Halliburton Co. +7.82%.
The S&P 500 ended the week trading at 1,337.38 +17.70 or +1.34% on lighter than average trading volume of 13.44 billion. The average weekly trading volume for the S&P 500 is 16.08 billion.
By: Marlin Rolle
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