As for the week that was in the stock market there was a pullback in the price of all three major indices. The Nasdaq Composite Index, the Dow Jones Industrials as well as the Standard and Poors 500 all declined.
The top stocks that moved higher this week as the market declines were (VAVL) Shengkai Innovations +86.52% followed by (LAS) Lentuo International +70.76%, (HK) Petrohawk Energy, Inc. +55.35%, (SCEI) Sino Clean Energy, Inc. 48.18%, and (CDTI) Clean Diesel Technologies +34.89%.
Earning will be released in the week ahead for companies such as (IBM) International Business Machines, (GCI) Ganette Co., Inc., (WYNN) Wynn Resorts, (HAL) Haliburton as well as (CHKP) Check Point Software to name a few.
There was advance in the prices of commodities as gold, silver as well as oil continued to move higher to the upside. The price of gold advanced to a new all time price high. The index began the week trading at $1,545.00 but moved to a price high in the $1,594.90 area before ending the week trading at $1,590.10 per troy ounce or up $48.50 or 3.15%.
In the silver market there was also a continued move to the upside as the price of silver advanced to move higher ending the week trading at $39.07 up $2.53 or 6.93%. As for now silver is poised to continue its move to the upside in the week ahead.
As for the oil index there has been a third week of momentum as the index continued its run up in price. The index began the week trading at $96.10 but moved to a price high in the $99.21 area before ending the week trading at $97.24 up $1.04 or +1.08%.
The Dow Jones Industrial Average began the week trading at trading at 12,655.62 but moved to a price low in the 12,406.09 area before ending the week slightly higher.
The index has been moving higher to the upside for 2 of the past 3 weeks. As for now the indices remains above all of its major moving averages. The index is above is 5, 10, 32, 50, and 200 week moving averages. Downside support for the Dow Jones Industrial Average is at 12,148.64 with upside resistance at 12,876.00.
The top percentage gainers in the Dow 30 this week were (XOM) Exxon Mobile +0.71%, (CVX) Chevron Corp. +0.28%, (MCD) McDonalds Corp. -0.14%, (PG) Proctor & Gamble Co. -0.15%, and (JNJ) Johnson & Johnson -0.19%.
As the market came to a close to end the week the Dow Jones Industrial Average ended the week trading at 12,479.73 -177.47 or -1.40% on lighter than average downside trading volume of 3.39 billion, The average weekly trading volume for the Dow Jones Industrial Average is 3.42 billion.
At the Nasdaq Composite Index there was a pullback in the index as it moved lower for the first time in 3 of the past 4 trading weeks.
The Nasdaq began the week trading at 2,828.10 and pulled back to a price low in the 2,755.90 area before ending the week trading much higher. The index is currently above all of its major moving averages for now. Downside support is in the 2,747.21 area with upside resistance at 2,887.75.
The top percentage gainers in the tech weighed index this week were (APOL) Apollo Group, Inc. +1.51%, (AAPL) Apple, Inc. +1.45%, (WYNN) Wynn Resorts Ltd. +0.92%, (MIICF) Millicom Int’l. Cellular +0.50%, and (JOYG) Joy Global +0.06%.
The Nasdaq composite Index ended the week trading at 2,789.80 down -70.01 or -2.45% on heavier than average downside trading volume of 9.41 billion. Even though the index ended the week trading lower it held its 50 day moving average at 2,757.11. The average weekly trading volume for the Nasdaq is 9.21 billion.
At the Standard and Poors 500 there was also a decline in the index as it moved lower for the first time in the past 3 trading weeks. Downside support for the index is at 1,249.94 with upside resistance at 1,370.58. The S&P 500 is above its 5, 10, 20, 32, 50 and 200 week moving averages.
The top advancers in the S&P 500 this week were (GOOG) Google, Inc. +12.34%, (RRC) Range Resources Corp. +10.03%, (CLX) Clorox Co. +9.44%, (SWN) Southwestern Energy Co. +8.24%, (CHK) Chesapeake Energy Corp. +7.78%.
The Standard and Poors 500 ended the week trading at 1,316.44 down -27.66 or -2.06% on heavier than average downside volume of 14.04 billion. The average weekly volume for the S&P is 14.2 billion.
By: Marlin Rolle
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