Wizzwatch Weekly Newsletter

As the third week of October came to a close to end the trading week the Dow Jones Industrial Average as well as the Standard and Poors 500 moved higher to the upside as the Nasdaq Composite Index moved lower.

The market moved higher due to strong earnings as well as optimism of a weekend euro-zone debt crisis summit. The top moving industrial indexes this week were the Natural Gas Index +6.13%, Oil +3.94%, REITs +3.58%, Utilities +2.60, and the Banks +2.39%.

There was a pullback in the price of the dollar against a basket of major currency pairs as both the price of gold and silver continued to move lower. The gold index ended the week trading at $1,643.00 per troy ounce down $37.70 or -2.24% as the price of silver closed to end the week trading at $31.36 per ounce down $0.81 or -2.52%. The price of the oil index has been making higher highs and higher lows for the past 3 weeks to end the week trading at $87.49 per barrel up $0.21 or +0.24%.

The (VIX) volatility Index also known as the fear index in which tracks investor confidence advance to moved slightly higher as the week came to a close. The volatility index ended the week trading on the upside at 31.32 but will need to break above 36.87 in order to move higher. If the volatility index breaks above the 36.88 area it will continue to decline.

The top stocks in the market this were (ANDS) Anadys Pharmaceuticals +252.88%, (PZZI) Pizza Inn +40.01%, (HALO) Halozyme Therapeutics +34.98%, (TBOW) Trunkbow International +31.66%, and (PCYO) Pure Cycle Corp. +31.05%.

The Dow Jones Industrial Average began the week trading at 11,643.35 but moved to a price low in the 11,296.12 area before ending the week trading higher.

Currently the index is above its 5, 10, and 200 week moving averages but below its 32 and 50 week moving average at 11,865.05. The Dow has been moving higher to the upside for 4 consecutive weeks. Downside support for the Dow Jones Industrial Average is at 10,404.40 with upside resistance at 12,876.10.

The top percentage gainers in the Dow 30 this week were (TRV) Travelers +11.86%, (HD) Home Depot +5.16%, (AXP) American Express +5.12%, (CVX) Chevron +5.04%, and (JPM) JP Morgan Chase +4.77%.

As of the close of the market on Friday the Dow ended the week trading at 11,808.79 up 164.30 points or 1.41% on heavier than average volume of 4.64 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.54 billion.

At the tech weighed Nasdaq Composite Index there was a decline in the index after two prior weeks of advances. The Nasdaq Composite Index began the week trading at 2,653.32 and moved to a price low in the 2,557.17 area before ending the week trading higher to the upside.

As for now the index is above its 5, 10, and 200 week moving averages but below its 50 and 32 week moving averages. Downside support for the Nasdaq is at 2,099.29 with upside resistance at 2,887.75.

The top percentage gainers in the Nasdaq 100 this week were (APOL) Apollo +8.42%, (FAST) Fastenal +6.29%, (NIHD) NII Holdings +6.11%, (ISRG) Intuitive Surgical +5.66%, and (BIIB) Biogen Idec +5.59%.

The Nasdaq Composite Index closed to end the week trading at 2,637.46 -30.39 or -1.14% on lighter than average downside trading volume of 9.64 billion. The average weekly trading volume for the Nasdaq Composite Index is 10.16 billion.

As for the Standard and Poors 500 there was a third consecutive week of momentum as the index continued to moved higher to the upside. The S&P 500 began the week trading at 1,224.47 and moved to a price low in the 1,191.48 area before ending the week trading higher. In order for the Standard and Poors 500 to move higher to the upside the index must break above it 50 week moving average at 1,266.86.

Currently the Standard and Poors 500 is above its 200, 5 and 10 week moving averages but below its 32 and 50 week moving averages. Downside support for the S&P 500 is at 1,074.70 with upside resistance at 1,370.70.

The top percentage gainers in the S&P 500 this week were (EP) El Paso Energy +27.57%, (HAR) Harman +14.76%, (STT) State Street +14.40%, (APC) Anadarko +12.01% and (TRV) Travelers +11.86%.

As the week that was came to a close the Standard and Poors 500 ended the week trading at 1,238.25 up 13.67 points or 1.12% on heavier than average trading volume of 17.6 billion. The average weekly trading volume for the S&P 500 is 17.44 billion.

By: Marlin Rolle
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