As for the week that passed in the stock market there was an uptick in all three major indices after 4 of the past 5 weeks of downside momentum. The Dow Jones Industrial Average, the Nasdaq Composite Index, and the Standard & Poors 500 all advanced to end the week on the upside.
The top stocks that helped to push the market higher this week were (PANL) Universal Display Corp. +85.21%, (DY) Dycom Industries +36.68%, (EGHT) 8x8, Inc. +35.35%, (ATPG) Atp Oil & Gas Corp. +34.79%, and (PSS) Collective Brands +33.54%.
There was a pullback in the price of gold and silver as the week came to an end as crude oil moved higher.
The top industry groups for the week were Dow Jones US Forestry & Paper +7.71%, followed by the Philadelphia Bank Index +7.41%, S&P Retail +6.99%, Internet Index +6.73%, and Computer Hardware +6.35%.
The price of gold began the week trading at $1,862.90 before moving to a new all time price at $1,917.90 before ending the week trading lower at $1,830.80 per troy ounce down $24.50 or -1.32%.
The price of silver also declined to end the week trading lower after moving as high as $44.28 per ounce. The Silver index ended the week trading at $41.72 per ounce down $1.21 or -2.81% as the price of oil advanced for the first time in four weeks. The oil index ended the week trading at $85.55 +2.66 or +3.21%.
The Dow Jones Industrial Average began the week trading at 10,820.37 but moved to a low in price at 10,820.37 before heading higher to the upside. The index has been moving lower the past 4 weeks and is poised to move higher in the week ahead but must break above 11,391.95.
Downside support for the index is at 10,716.45 with upside resistance at 12,876.10. As for now the Dow is currently below its 5, 10, 32, and 50 week moving average but remains above its 200 week moving average at 10,716.60.
The top stocks in the Dow 30 this week were (BAC) Bank of America Corp. +11.33% (AXP) American Express Co. +9.02%, (IBM) International Business Machines +7.37%, (HD) Home Depot +6.65%, and (CAT) Caterpillar, Inc. +6.49%.
The Dow Jones Industrial Average ended the week trading at 11,284.54 +466.89 or +4.32% on heavier than average upside trading volume of 7.07 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.43 billion.
As for the tech weighed Nasdaq Composite Index there was also an advance in the price of the index. The Nasdaq began the week trading at 2,396.88 and moved to a price low in the 2,337.28 area before moving higher. The index has been moving lower for 4 of the past 5 weeks.
The index may move higher to the upside in the near term but will need to break above the 2,523.80 area before moving higher to the upside. Downside support for the tech Nasdaq is at 2,247.60 with upside resistance at 2,887.75. As for now the index remains below its 5, 10, 32, and 50 week moving averages but above its 200 week moving average in the 2,247.71 area.
The top stocks in the Nasdaq 100 this week were (LOGI) Logitech International +18.61%, (CERN) Cerner Corp. +16.32%, (ADSK) Autodesk, Inc. +13.75%, (FSLR) First Solar, Inc. +13.57%, and (PCLN) Priceline.com +12.14%.
The Nasdaq ended the week trading at 2,479.85 +138.01 or +5.89% on lighter than average upside trading volume of 9.63 billion. The average weekly trading volume for the Nasdaq is 10.41 billion.
At the Standard and Poors 500 there was an uptick in the index after 4 consecutive weeks of declines. The Standard and Poors 500 began the week trading at 1,123.55 and moved to a low in the 1,121.09 area before ending the week trading higher to the upside.
As for now the index remains below all of its major moving averages, the index is below its 5, 10, 32, 50, and 200 week moving averages. Downside support for the index is in the 1,101.45 area with upside resistance at 1,370.58.
The top price movers in the S&P 500 this week were (TIF) Tiffany and Co. +20.31%, (COH) Coach, Inc. +19.15%, (VMC) Vulcan Materials Co. +17.63%, (CERN) Cerner Corp. +16.32%, and (TSO) Tesoro Petroleum Corp. +15.76%.
The Standard and Poors 500 ended the week trading at 1,176.80 +53.27 or 4.74% on heavier than average trading volume of 18.99 billion. The average weekly trading volume for the S&P 500 is 17.23 billion.
By: Marlin Rolle
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