As the week that passed came to an end in the stock market the Dow Jones Industrial Average, the Nasdaq and the Standard and Poors 500 advanced to end the week on the upside. For the month of October the Standard and Poors is up +13.58% followed by the Nasdaq +13.32% and the Dow Jones Industrial Average is up 12.07%.
The top sector indices to take the market higher this week were the gold and silver index +12.50%, forestry and paper index +10.82%, oil services +10.73%, networking +10.24% and the commodity related equity index +9.25%.
As for equities (CMM) China Mass Media Corp. advanced +134% followed by (ADLR) Adolor Corp. +133.85%, (LNG) Cheniere Energy +97.84%, (MEG) Media General +82.25%, and (VDSI) Vasco Data Security +53.53%.
The consumer confidence index rose in this month of October as fewer unemployed filed for assistance. All bullish percent indices climbed across the board as the Morgan Stanley Cyclical Index advanced to its highest level since August.
Cyclical stocks such as (CAT) Caterpillar, (GT) Goodyear Tire & Rubber, (AA) Alcoa, (CSX) CSX Corp., and (R ) Ryder System continue to advance higher to the upside.
The U.S. Dollar fell against a basket of major currency pairs as it hit an all time price low against the Japanese Yen. The (VIX) Volatility Index also known as the fear index declined to end the week at 24.53, but a price move above 29.98 will change the direction of the market going forward as the market continues to correct itself.
In the metals and mining markets there has been an advance as the prices of gold, silver and copper as they all continue to move higher after weeks of declines.
Copper advanced to end the week trading up 14.46% its best week since copper started trading in 1988. There was also an advance in the price of silver as well as gold. The price of gold ended the week trading at $1,744.50 per troy ounce up $101.50 or 6.18% as silver closed to end the week trading at $35.37 per ounce up $4.01 or 12.79%.
At the Dow Jones Industrial Average there was an advance to the upside for the fifth consecutive week. The Dow began the week trading at 11,807.96 and moved to a low in the 11,682.50 area before ending the week higher.
The index is above its 5, 10, 32, 50 and 200 week moving averages as it continues to move higher. Downside support for the index is at 10,404.35 with upside resistance at 12,876.10.
The top percentage gainers in the Dow 30 this week were (BAC) Bank of America +13.78%, (AA) Alcoa +13.21%, (CAT) Caterpillar +10.83%, (HPQ) Hewlett Packard +10.09%, and (JPM) JP Morgan Chase +9.79%. The Dow is up 1,317.13 points for the month its best month ever 644.89 points away from its 52 week price highest in April.
As the week came to a close the Dow Jones Industrial Average ended the week with its best month ever trading at 12,331.11 up 422.32 or +3.58% on heavier than average trading volume of 4.62 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.55 billion.
The Nasdaq Composite Index began the week trading at 2,644.83 but moved to a price low in the 2,598.74 before ending the week advancing to end the week higher. The Nasdaq Composite Index has also been moving higher to the upside for 3 of the past 4 trading weeks.
The index broke out this week as it moved above its 50 and 32 week moving averages for the first time in 12 weeks. As for now the index is above its 5, 10, 32, 50 and 200 week moving averages with downside support for the Nasdaq Composite Index is at 2,298.89 with upside resistance at 2,887.75.
The top percentage gainers in the Nasdaq 100 were (LOGI) Logitech +23.39%, (ESRX) Express Scripts +19.32%, (BIDU) Baidu +18.39%, (ILMN) Illumina +17.72%, and (WYNN) Wynn Resorts +14.64%.
As the week came to an end the Nasdaq Composite Index ended the week trading at 2,737.15 up 99.69 points or +3.78% on heavier than average trading volume of 10.43 billion. The average weekly trading volume for the Nasdaq Composite Index is 10.18 billion.
As for the Standard and Poors 500 the indices is on its longest winning streak since January as it continues to move higher. The S&P 500 is up 13.58% for the month its best month of October since 1974 but there is still one more trading day to go in the month before it’s all over.
The Standard and Poors 500 began the week trading at 1,238.72 but declined to a to a price low in the 1,221.06 area before ending the week trading higher to the upside. The S&P is above its 5, 10, 32, 50 and 200 week moving averages as it continues to advance higher to the upside.
The top percentage gainers in the S&P 500 were (AMD) Advanced Micro Devices +26.11%, (NBR) Nabors Industries +25.11%, (CBG) CBRE Group +24.13%, (ATI) Allegheny +23.79%, and (CLF) Cliffs Natural Resources +21.29%.
The Standard and Poors 500 ended the week trading at 1,285.08 up +46.83 points or +3.78% on heavier than average trading volume of 18.79 billion. The average weekly trading volume for the S&P 500 is 17.57 billion.
By: Marlin Rolle
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