Wizzwatch Weekly Newsletter

As for the week that was in the stock market all three major indices continued to move lower for the third consecutive week. The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 all ended the week on the downside.

The top market movers this week as all three major indices continued to decline were (LONG) eLong, Inc. +76.33%, (HMPRD) Hampton Roads Bankshares, Inc. +60.56, (PRM) Primedia, Inc. +60.50%, (VITA) Orthovita, Inc. +40.29%, and (LAS) Lentuo International, Inc. +37.58%.

The industry groups that moved higher this week were Airlines +2.30%, Gold & Silver +2.06%, Natural Gas +1.93%, N. American Telecommunications +1.17%, and Oil Services +0.96%.

The price of oil continued to advance slightly to the upside for the second week in a row after falling from its 52 week price high at $114.88 per barrel 2 weeks prior.

As this week came to and end the price of oil closed at $99.77 up +0.11 or +0.11%. We may see the price of oil move higher in the week and months ahead as we move towards the summer driving season and the 2011 hurricane season.

The gold index also moved higher in the week that passed after two prior weeks of price declines. The gold index may move higher in the week ahead but will need to break above the $1,514.05 per ounce in order to do so.

As for now the fold index remains above its 10, 32, 50 and 200 week moving averages but remains below its 5 week moving average at $1,512.84 per ounce. The gold index is $63.51 away from a new 52 week price high at $1,575.10.

The Dow Jones Industrial Average began the week trading at 12,594.77 but continued to decline for the third consecutive week. The index pulled back to a price low in the 12,378.84 area before ending the week trading higher.

As for now the index remains above it 10, 32, 50 and 200 week moving averages but remains below its 5 week moving average. Downside support for the Dow Jones Industrial Average is at 11,880.66 with upside resistance at 12,876.10.

The top percentage gainers in the Dow 30 this week were (AXP) American Express Co. +3.44%, (MCD) McDonalds Corp. +1.97%, (KFT) Kraft Foods, Inc. +0.97%, (CVX) Chevron Corp. +0.95%, and (XOM) Exxon Mobil Corp. +0.87%.

As the week came to a close the Dow Jones Industrial Average ended the week trading at 12,512.04 down -83.71 or -0.66% on heavier than average downside volume of 3.63 billion.

The Nasdaq Composite Index the index has been moving lower for 2 of the past 3 weeks. The tech weighed index began the week trading at 2,815.90 before moving to a price low in the 2,759.29 area. Downside support for the Nasdaq is at 2,693.68 with upside resistance in the 2,887.85 area.

As for now the Nasdaq remains above its 10, 32, 50 and 200 week moving averages but is currently below its 5 week moving average at 2,830.61.

This is the first week the index has closed below its 5 week moving average in the past 8 weeks as it closed to end the week slightly above its 10 week moving average. A decline below its 10 week moving average will take the Nasdaq lower in the days and weeks ahead.

The top Nasdaq 100 percentage gainers were (EXPE) Expedia, Inc. +9.54%, (CERN) Cerner Corp. +3.58%, (JOYG) Joy Global, Inc. +3.28%, (BIDU) Baidu, Inc. +2.60%, and (DISH) Echo Star Communications Corp. +2.33%.

The Nasdaq Composite Index ended the week trading at 2,803.32 -25.15 -0.89% on heavier than average trading volume of 9.69 billion. The average weekly trading volume for the Nasdaq is 9.56 billion. The Nasdaq has had 11 of the past 38 weeks with heavier than average downside volume but heavier than average weeks have been happening more frequently than in the past.

As for the Standard and Poors 500 the index began the week trading at 1,334.77 but continued to decline for the third consecutive week. The index moved to a price low in the 1,318.51 area before ending the week trading slightly higher.

As for now the index remains trading above it 5 and 10 week moving average but below its 32, 50, and 200 week moving averages. Downside support for the S&P 500 is at 1,278.70 with upside resistance at 1,370.68.

The top percentage gainers in the S&P 500 this week were (EK) Eastman Kodak Co. +23.33%, (EXPE) Expedia, Inc. +9.54%, (CRM) Salesforce.com, Inc. +8.67%, (MAS) Masco Corp. +7.79%, and (S) Sprint Nextel Corp. +7.25%.

The S&P 500 ended the week trading at 1,333.27 down -4.50 or -0.34%on lighter than average downside volume of 13.84 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.