As the last week of April came to a close in the stock market all three major indices ended the week trading at 52 week price highs. The Dow Jones Industrial Average, the Nasdaq as well as the S&P 500 all advanced to move higher.
There was a price decline in the U.S. Dollar index as the price of gold, silver and oil continued to advance higher to the upside. The U.S. dollar index is currently been on a huge price decline for 37 of the past 46 weeks.
The stocks that helped to push the market higher this week were (GENE) Genetic Technologies, Ltd. +79.75%, (REDF) Rediff.com India Ltd. +46.06%, (ACOM) Ancestry.com +41.79%, (KUTV) Ku6 Media Co., Ltd. +39.59%, and (CLSN) Celsion Corp. +37.28%.
For the month of April the Dow Jones Industrial Average closed to end trading up +3.98% followed by the Nasdaq +3.32%, and the S&P 500 at +2.85%.
The top stocks for the month of April were companies such as (SIFY) Sify Technologies, Ltd. +129.81%, (CT) Capital Trust +1.1.92%, (AMRN) Amarin Corporation +119.18%, (REDF) Rediff.com India Ltd. +119.07%, and (KUTV) Ku 6 Media Co. Ltd. +89.80%.
The price of a barrel of oil continued to move higher as it closed to end the week trading at a new 52 week price high at $114.19. There was also a multi year high in the price of gold as the index ended the week trading at $1,563.20 per troy ounce.
The price of silver also advanced soaring to a 31 year price high at $49.75 per ounce. Silver ended the week trading at $47.87 per ounce up $1.30 or +2.79%.
The Dow Jones Industrial Average began the week trading at 12,505.99 but moved to a price low in the 12,446.05 area before moving higher. The index is currently above all of its major moving averages as it has been continuing to advance to the upside for 5 of the past 6 weeks.
All indicators have also been moving higher. The index is poised to continue its price move higher to the upside in the week ahead but must break above upside resistance in order to do so. Downside support for the indices is at 11,733.75 with upside resistance is at 12,832.95.
The top percentage gainers in the Dow 30 this week were (INTC) Intel Corp. +7.88%, (PFE) Pfizer, Inc. +5.96%, (MRK) Merck & Co. +5.96%, (CAT) Caterpillar, Inc. +5.47%, and (AXP) American Express Co. +4.18%.
The Dow Jones Industrial Average ended the week trading at 12,810.54 up +304.55 or +2.44% on heavier than average volume of 3.71billion. The average weekly volume for the index is 3.60 billion.
At the tech weighed Nasdaq Composite Index there was also upside momentum in the indices as it continued to advance higher for the past few trading weeks.
The Nasdaq began the week trading at 12,505.99 and moved to a price low in the 12,446.05 area before moving much higher during the week. For now the index continues to make higher highs and higher lows.
I would not be surprised or want anyone else to be suprised to see the Nasdaq as well as the other major indices pullback before the end of May 2011. Historically the stock market usually has a sell off right before the end of May as investors pull out of equities in order to move to cash.
Theoretically this is known as the sell in May and go away. Many smart investors don’t return to the market for trading until mid October early November due to the fact that time of the year is when the market starts to get better.
As for now the Nasdaq is currently above its 5, 10, 50, 32, and 200 week moving averages with downside support for the indices in the 2,652.93 with upside resistance at 2,873.65.
The top percentage gainers in the Nasdaq 100 this week were (CTXS) Citrix Systems, Inc. +10.44%, (NVDA) Nvidia Corp. +7.99%, (INTC) Intel Corp. +7.88%, eBay, Inc. +7.64%, and (CERN) Cerner Corp. +7.01%.
The Nasdaq Composite Index closed to end the week trading at 2,873.54 +53.38 or +1.89% on heavier than average trading volume of 10.04 billion. The average weekly trading volume for the Nasdaq is 9.36 billion.
As for the Standard and Poors 500 there was another week of advances in the indices. The S&P started the week trading at 1,337.14 before moving to a price low in the 1,331.47 area. As the week continued the index moved higher to the upside to close at a new 52 week price high.
The S&P 500 is currently above all of its major moving averages after moving above its 5 and 10 week moving averages 3 weeks prior. Downside support for the indices is at 1,261.37 with upside resistance in the 1,364.67 area.
The top percentage gainers in the S&P 500 this week were companies such as (GT) Goodyear Tire & rubber Co. +13.72%, (NSC) Norfolk Southern Corp. +12.71%, (EQT) Equitable Resources, Inc. +11.58%, (LEG) Legget & Platt, Inc. +11.26% and (CTXS) Citrix Systems, Inc. +10.44%.
The S&P 500 ended the week trading at 1,363.61 +26.23 or +1.96% on lighter than average upside trading volume of 15.72 billion. The average weekly trading volume for the S&P 500 is 16.05 billion.
*** Please have a close look at the charts listed below ****