Wizzwatch Weekly Newsletter

As for the week that was in the stock market all three major averages edge higher, as the market continues to correct itself. The Dow Jones Industrial Average, the Nasdaq Composite Index and the Standard and Poors 500 all ended the week on the upside. Equities ended the week higher due to the euro zone agreeing to work together in order to have stronger integration.

The top percentage gainers in the market this week were (MNI) Mclatchy Company +107.02%, (TLB) Talbots +83.77%, (DMAN) Demandtec +64.82%, (SFSF) Success Factors +51.89%, and (MSO) Martha Stuart Living +45.52%.

In the commodities area there was a pullback in the prices of gold, silver and oil as the rest of the market moved higher. The price of gold ended the week trading at $1,714.00 per troy ounce down -$34.00 or -1.95% as silver also continued lower ending the week trading at $32.23 per ounce. As for the oil index it also declined to end the week trading at $99.81 per barrel.

The top industrial indexes that pushed the market higher this week were Airlines +5.08% followed by Brokers +2.28%, Pharmaceuticals +2.03%, Computer Hardware +1.55%, and REITs +1.51.

The Dow Jones Industrial Average began the week trading at 12,031.54 and pulled back to a price low in the 11,966.22 area before ending the week slightly higher to the upside. The index has been moving higher for the past two weeks.

Upside resistance is at 12,284.31 with downside support at 10,404.49. The index is currently above its 5,10,32,50 and 200 week moving averages. The index is poised to move higher to the upside in the week ahead but must break above the 12,284.31 area.

The top stocks in the Dow 30 this week were (GE) General Electric +4.66%, (TRV) Travelers +4.07%, (PFE) Pfizer +3.37%, (MMM) 3M +3.06%, and (JPM) JP Morgan Chase +2.63%.

The Dow Jones Industrial Average ended the week trading at 12,184.26 up +164.84 or +1.37% on heavier than average volume of 4.25 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.19 billion.

At the Nasdaq Composite Index there was also a slight momentum push to the upside as the index closed higher for the second consecutive week in a row. The index began the week trading at 2,666.47 but moved to a price low in the 2,592.55 area before ending the week higher.

The Nasdaq is currently above its 5, 10, 32, and 200 week moving averages but below its 50 week moving average at 2,681.71. As for now the index will need to break above its 50 week moving average as well as upside resistance in the 2,753.37 area in order to move higher to the upside. Downside support for the tech weighed index is in the 2,298.89 area.

The top stocks that moved higher in the Nasdaq 100 index were (EBAY) eBay +6.89%, (NFLX) Netflix +6.81%, (ORLY) O’Reilly Auto +5.21%, (KLAC) KLA-Tencor +4.37%, and (NTAP) Network Appliance +4.01%.

The Nasdaq Composite Index ended the week trading at 2,646.85 +19.92 or +0.76% on lighter than average trading volume of 8.26 billion. The average weekly trading volume for the index is 9.75 billion.

The Standard and Poors 500 began the trading week at 1,244.33 and moved to a price low in the 1,231.47 area before ending the week higher. The index has been moving to the upside for the past 2 weeks on lighter than average trading volume and needs to break above upside resistance going forward in order to move higher to the upside.

As for now the index continues to correct itself. The Standard and Poors 500 is approximately 116 points from its price high made in April of 2011. The S&P 500 is above its 5, 10, 32, and 200 week moving average but below its 50 week moving average at 1,269.20.

In order for the Standard and Poors 500 to move higher in the week ahead the index must break above its 50 week moving average on heavier than average volume as well as a break of upside resistance in the 1,292.66 area. As for now downside support for the S&P 500 is at 1,074.77.

The top percentage gainers in the Standard and Poors 500 this week were (WWW) Monster Worldwide +8.58%, (API) Advanced Photonix +8.22%, (DF) Dean Foods +7.57%, (TER) Teradyne +7.29%, and (EBAY) eBay +6.89%.

The Standard and Poos 500 ended the week trading at 1,255.19 up +10.91 or +0.88% on lighter than average trading volume of 14.08 billion. The average weekly trading volume for the S&P 500 is 16.73 billion.

By: Marlin Rolle
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