As we closed the books on the last trading week of 2011 in the stock market, there were continued declines as the Dow Jones Industrial Average, the Nasdaq Composite Index, and the Standard and Poors 500 all ended the week trading lower.
As for now the market is in a confirmed uptrend but ended the week on mixed volume as the final week of trading came to a close. For the year the Dow Jones Industrial Average is up +5.60% as the Standard and Poors 500 declined -0.02% followed by the Nasdaq composite down -2.17%.
As the economic conditions worldwide remain rocky due to the economic crisis in Europe the price of dollar continues to move higher against a basket of currency pairs. The United States maybe the sole economic survivor going forward as it continues to advance to the upside as European markets continue to decline.
The U.S. Dollar index has recently lost ground against 3 out of 16 currencies. For now the Japanese Yen, Swiss Franc, and the British Pound continue to hold firm against the dollar. The U.S. Dollar is up +3.48 % for the year 2011 versus the Euro -2.19%.
In the commodities markets there has been declines across the board as gold, silver, platinum, copper, palladium, as well as oil declined to end the week on the downside. The price of gold has been moving lower for 10 of the past 16 weeks as it closed to end the week trading at $1,564.80 down $44.70 or -2.78% as the price of oil closed to end the week trading at $99.20 per barrel down -0.60 or 0.60%.
The price of gold is up 10.38% for the year 2011 as oil advanced +6.50% and the price of silver declined to end the year down -9.38%.
The top industry groups this week were Dow Jones Forestry +1.50%, Philadelphia Utility Index +1.02%, Computer Tech +0.84%, North American Telecom +0.80%, and Pharmaceuticals +0.71%.
The top stocks that moved higher during the down week in the market were companies such as (ACFC) Atlantic Coast Federal +64.74%, (PARL) Parlux Fragrances +46.97%, (PBIB) Porter Bancorp +38.76%, (MOSY) Mosys, and (PRXI) Premier Exhibitions +36.87%.
The Dow Jones Industrial Average began the week trading at 12,293.47 before moving to a price low at 12,140.17 before ending the week trading higher. The index has been moving higher to the upside for 9 of the past 13 weeks. Downside support for the Dow Jones Industrial Average is at 10,404.38 with upside resistance at 12,876.10.
The top percentage gainers in the Dow 30 were (VZ) Verizon +2.11%, (T) AT&T +1.96%, (MCD) McDonalds +1.75%, (BAC) Bank of America +1.65%, and (DIS) Disney +1.49%.
The Dow Jones Industrial Average ended the week trading at 12,217.56 -76.44 -0.63% on lighter than average downside trading volume of 1.80 billion. The average weekly trading volume for the index is 4.06 billion.
The Nasdaq Composite Index began the week trading at 2,613.51 and declined to a price low at 2,586.85 before ending the week trading higher to the upside. As for now the index remains above its 200 weekly moving averages but below its 5, 10, 32, and 50 week moving averages. Downside support for the tech weighed index is at 2,331.54 with upside resistance at 2,878.84.
The top percentage gainers in the Nasdaq 100 this week were (ALXN) Alexion Pharmaceuticals +6.15%, (GILD) Gilead Sciences +5.76%, (ILMN) Illumina +4.85%, (RIMM) Research in Motion +3.57%, and (ATVI) Activision Blizzard +3.53%.
The Nasdaq Composite Index ended the last trading week of 2011 at 2,605.15 down -13.49 or -0.52% on lighter than average downside trading volume of 4.11 billion.
At the Standard and Poors 500 there was also a decline in the index as it ended the week trading on the downside. The index has been moving slightly higher to the upside for the past 13 weeks. Downside support for the S&P 500 is at 1,074.65 with upside resistance at 1,370.69. AS for now the index remains below its 50 week moving average but above its 5, 10, 32, and 50 week moving averages.
The top percentage gainers in the Standard and Poors 500 this week were (IGT) International Game Tech +7.77%, (GILD) Gilead Sciences +5.76%, (JNS) Janus +4.64%, (THC) tenet Healthcare +4.27%, and (WYN) Wyndham +3.79%.
The Standard and Poors 500 ended the week trading at 1,257.60 -7.73 or -0.61% on lighter than average downside trading volume of 6.33 billion. The average weekly trading volume for the S&P 500 is 15.05 billion.
By: Marlin Rolle
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