As the week that passed came to a close in the stock market there was a continuation of downside pressure on the Nasdaq Composite Index as it ended the week trading on the downside. As for the Dow Jones Industrial Average and the Standard and Poors 500 Index there was a price move to the upside for the first time in 7 weeks.
The top stock that moved higher this week were companies such as (RITT) Rit Technologies, Ltd. +245.08%, (PVSP) Parkvale Financial Corp. + 83.08%, (MFW) M&F Worldwide Corp. + 51.24%, (ELMG) EMS Technologies, Inc. +32.44%, and (FNDT) Fundtech, Ltd. +21.09%.
The top Industry Groups in the market this week were Airlines +2.31%, Disk Drives +2.11%, Hospitals +1.78%, REITs +1.77%, and Banks +1.54%.
The price of oil continued lower for the third consecutive week as it ended the week trading at $93.39 -6.42 or 6.43%. The price of gold also moved higher to the upside after moving lower the week prior ending the week trading at $1,537.80 per troy ounce up $6.10 or +0.40% as the price of Silver continued to move lower. The price Silver ended the week trading at $35.75 down -0.45 or -1.23%.
The Dow Jones Industrial Average began the week trading at 11,945.33 but moved to a low in price in the 11,862.53 area before ending the week trading higher to the upside.
As for now the Dow Jones Industrial Average remains below its 5, 10, and 32 week moving averages but above its 50 and 200 week moving average. Previous downside support has been broken. The next level of support for the index is in the 11,509.00 area with upside resistance at 12,876.10.
The top percentage gainers in the Dow 30 this week were (HD) Home Depot +3.94% followed by (MCD) McDonalds Corp. +2.69%, (MSFT) Microsoft Corp. +2.36%, (UTX) United Technologies Corp. +2.26%, and (KFT) Kraft Foods, Inc. +2.04%.
As the week came to an end the Dow Jones Industrial Average ended the week trading at 12,004.36 up +52.45 or +0.44% on heavier than average weekly trading volume of 3.82 billion.
The average weekly trading volume for the index is 3.51 billion. In order for the Dow Jones Industrial Average to move higher in the week ahead the index will need to break above the 12,395.50 area.
At the Nasdaq Composite Index there was a pullback in the index for the seventh consecutive week. The Nasdaq began the week trading at 2,649.30 and moved to a price low in the 2,599.86 area before ending the week trading slightly higher.
The Nasdaq is currently below its 5, 10, and 32 week moving averages but above its 50 and 200 week moving averages. Upside resistance for the tech weighed index is in the 2,887.85 area with downside support at 2,572.50.
The top percentage gainers in the Nasdaq 100 this week were (FAST) Fastenal Co. +5.94%, (ORLY) O’Reilly Automotive, Inc. +4.64%, (JBHT) JB Hunt Transport Services, Inc. +4.51%, (PCAR) PACCAR, Inc. +4.15%, and (BIIB) Biogen Idec, Inc. +3.88%.
As the week the week came to an end the tech weighed Nasdaq Composite Index ended trading at 2,616.48 down -27.25 or -1.03% on heavier than average downside volume of 9.88 billion. The average weekly trading volume for the Nasdaq Composite Index is 9.48 billion.
At the Standard and Poors 500 there was an upside momentum move as the index advanced for the first time in 6 weeks. The S&P 500 began the week trading at 1,271.31 before moving to a price low in the 1,258.00 area. As for now the index remains above its 50 and 200 week moving averages but below its 32, 5 and 10 week moving averages. Downside support for the S&P 500 is at 1,231.41 w. upside resistance at 1,270.69.
The top percentage gainers in the S&P 500 this week were (JCP) JC Penny Co., Inc. +14.61% followed by (ODP) Office Depot, Inc. +12.02%, (VFC) VF Corp. +11.98%, (LO) Lorillard, Inc. +11.51%, and (BBY) Best Buy Co. +9.07%.
The S&P 500 ended the week trading at 1,271.50 +0.52 or +0.04% on heavier than average volume of 15.18 billion. The average weekly trading volume for the S&P 500 is 14.95 billion.
By: Marlin Rolle
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