As the second week of November came to a close in the stock market the Dow Jones Industrial Average as well as the Standard and Poors 500 advanced as the Nasdaq Composite Index declined to end the week on the downside. The stock market closed to end the week mixed as Greece swore in a new prime minister and Italy passed new economic reforms.
Most of the industrial groups in the market erased all their weekly losses to end the week trading higher. The top industrial indices to move higher this week were the Healthcare Provider Index +2.02%, S&P Retail +1.72%, Gold & Silver +1.66%, N, American Telecom +1.60%, and Oil Services +1.44%.
The top percentage gainers in the market this week were companies such as (PNS) Pinnacle Data Systems +105.22%, (SBSA) Spanish Broadcasting Systems +46.92%, (TPGC) TPC Group +28.15%, (TRX) Tanzanian Royalty Exploration +24.02%, and (ANAC) Anacor Pharmaceuticals +18.01%.
In the commodities markets there was an increase in the prices of gold, silver, oil, as copper moved lower. The price of gold ended the week trading at $1,789.60 per troy ounce up $33.10 or +1.88% as the price of silver closed to end the week trading at $34.67 up $0.53 or +1.55%. The oil index also continued to advance higher to the upside for the sixth consecutive week ending the week slightly below $100 per barrel at $99.21 up $4.79 or +5.07%.
The Dow Jones Industrial Average began the week trading at 11,983.02 but moved to a price low at 11,736.93 before ending the week trading higher to the upside. The Dow Jones Industrial Average has been moving higher to the upside for 5 of the past six weeks but need to break above the 12,284.45 area in order to move higher to the upside.
As for now the index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support is at 10,404.40 with upside resistance at 12,876.10. The top percentage gainers in the Dow 30 this week were (MRK) Merck +5.73%, (DIS) Disney +5.61%, (CSCO) Cisco +5.49%, (INTC) Intel +4.68%, and (HD) Home Depot +4.59%.
The Dow Jones Industrial Average ended the week trading at 12,153.68 +170.44 or +1.42% on lighter than average upside trading volume of 4.06 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.48 billion.
At the tech weighed Nasdaq Composite Index there was a move in the opposite direction. The Nasdaq Composite Index began the week trading at 2,683.38 but moved lower as the week continued. The Nasdaq declined to a price low in the 2,601.79 area before ending the week slightly higher to the upside.
As for now the index is below its 5 week moving average but above its 10, 32, 50 and 200 weekly moving averages. Downside support for the Nasdaq Composite Index is at 2,298.80 with upside resistance at 2,887.85.
The top percentage gainers in the Nsadq 100 this week were (DISH) Echo Star +9.80%, (HOLX) Hologic +8.62%, (CSCO) Cisco +5.49%, (ESRX) Express Scripts +5.46%, and (QGEN) Qiagen N.V. +5.14%.
The tech weighed Nasdaq Composite Index closed to end the week trading at 2,678.75 down -7.40 or -0.28% on lighter than average downside trading volume of 9.18 billion. The average weekly trading volume for the Nasdaq Composite Index is 10.08 billion.
The Standard and Poors 500 index unlike the Nasdaq continued to move higher to the upside after closing lower the week prior. The S&P 500 is currently below its 50 week moving average but above its 5, 10, 32 and 200 week moving averages. Downside support for the index is at 1,047.65 with upside resistance at 1,370.70.
The top percentage gainers in the S&P 500 this week were (ODP) Office Depot +7.23%, (SPLS) Staples +6.12%, (GNW) Genworth +6.11%, (DIS) Disney +5.95%, and (R.) Ryder System +5.86%.
The Standard & Poors 500 closed to end the week at 1,263.85 +10.62 or +0.85% on lighter than average upside trading volume of 14.98 billion. The average weekly trading volume for the S&P 500 is 17.30 billion.
By: Marlin Rolle
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