As this week in the stock market came to a close the Dow Jones Industrial Average, the Nasdaq Composite Index and the Standard and Poors 500 all ended the week trading on the downside.
Most of the selling in the market at the end of the week was due to news of a disagreement within the European Central Bank as well as a Thursday speech from the Federal Reserve Chairman Ben Bernanke that did not help the market at all.
There was also a downturn in the price of the gold index as well as the silver index as the price of oil moved higher to the upside. The dollar managed to move to the upside after several weeks of declines to end the week trading higher against a basket of major currency pairs.
The top stocks that moved higher to the upside were companies such as (CONN) Conn’s, Inc. +53.05%, (MELA) Mela Sciences, Inc. +50.00%, (CALP) Caliper Technologies Corp. +47.81%, (SWS) Southwest Securities Group +40.00%, and (CBLI) Cleavland Biolabs, Inc. +29.02%.
The top performing indices this week were Disk Drive Index +2.62% followed by US Forestry & Paper +2.60%, Semiconductors +2.03%, Gold & Silver +0.19% and S&P Retail -0.19%.
The Dow Jones Industrial Average began the week trading at 11,237.31 and moved to a price low in the 10,932.53 area before ending the week trading slightly higher. As for now the index remains above its 200 week moving average but below its 5, 10, 32, and 50 week moving averages.
Downside support for the Dow Jones Industrial Average is at 10,694.47 with upside resistance at 12,876.10. All indicators are pointing lower as the index continues to move in a downtrend. In order for the Dow to move higher to the upside there must be a break above the 11,701.00 area.
The top percentage movers in the Dow 30 this week were (CSCO) Cisco Systems, Inc. +2.66%, (KFT) Kraft Foods, Inc. +0.67%, (INTC) Intel Corp. +0.31%, (MSFT) Microsoft Corp. +0.23%, and (KO) Coca Cola, Co. -0.53%.
As the week came to an end the Dow Jones Industrial Average ended trading at 10,992.13 down -248.13 or -2.21% on lighter than average downside trading volume of 3.76 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.36 billion.
At the tech weighed Nasdaq Composite Index there was also a decline as the index continued to move in a sideways consolidation for the fifth consecutive week.
The Nasdaq began the week trading at 2,417.61 but pulled back to a low in the 2,414.31 area before ending the week trading higher. Downside support for the Nasdaq is at 2,331.54 with upside resistance at 2,887.85. The Nasdaq is currently above its 5 and 200 week moving averages but below its 10, 32, and 50 week moving averages.
The top percentage gainers in the Nasdaq 100 this week were (NVDA) Nvidia Corp. +7.43%, (MRVL) Marvell Technology Group, Ltd. +6.21%, (MXIM) Maxim Integrated Products, Inc. +4.91%, (CSCO) Cisco Systems, Inc. +2.66% and (LRCX) Lam Research Corp. +2.65%.
As the market came to a close of Friday the Nasdaq Composite Index ended the week trading at 2,467.99 -12.34 -0.50% on lighter than average downside volume of 7.56 billion. The average weekly trading volume for the tech weighed Nasdaq is 9.91 billion.
At the Standard and Poors 500 there was no escape from the declines in the market place. The S&P 500 began the week trading at 1,173.97 but moved to a price low in the 1,140.13 area before ending the week trading slightly higher to the upside.
The S&P has been on a decline for 6 of the past 7 trading week as it continues to move lower. As for now this indices remains above its 200 week moving average but below its 5, 10, 32, and 50 week moving average. The Standard and Poors 500 may move higher to the upside in the near term but will need to move above the 1,230.50 area in order to do so. As for now the index remains in a downtrend.
The top percentage gainers in the S&P 500 this week were (MU) Micron Technology, Inc. +15.45%, (YHOO) Yahoo!, Inc. +12.51%, (SNDK) San Disk Corp. +10.88%, (NVDA) Nvidia Corp. +7.43%, and (JNPR) juniper Networks +6.24%.
To end the trading day on Friday the S&P 500 ended the week trading at 1,154.23 down -19.74 points or -1.68% on lighter than average trading volume of 13.81 billion. The average weekly trading volume for the Standard and Poors 500 is 16.85 billion.
By: Marlin Rolle
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