As for the week that passed in the stock market the Dow Jones Industrial Average , the Nasdaq Composite Index and the Standard and Poors 500 all ended the week trading on the upside. The market has been in a confirmed uptrend for the past for 4 weeks as it continues to advance.
The top sectors in the market this past week were Networkers +5.47%, Airlines +4.48%, Banks +4.45%, S&P Chemicals +3.82% and Brokers +3.14%. In the commodities markets the price of gold, silver, copper, palladium, and platinum all advanced as the price of crude oil declined.
The price of gold closed to end the week trading at $1,640.90 per troy ounce up $23.50 or +1.45% on heavier than average volume of 693,925. Silver also advanced to end the week trading at $29.75 per ounce up $1.03 or 3.57% as the oil index closed to end the week at $99.03 per barrel down -02.97 or 2.91% on heavier than average downside trading volume of 1.45 million.
The top stocks that helped thw market move higher to the upside were (INHX) Inhibitex +148.73%, follwed by (IDIX) Idenix Phamaceuticals +104.54%, (GGC) Georgia Gulf Corp. +53.19%, (CCIH) Chinacahe International +50.33%, and (TSL) Trina Solar Limited +41.36%.
The Dow Jones Industrial Average started the week trading at 12,539.31 and declined to a price low in the 12,311.79 area before ending the week slighltly higher. The Dow has been advancing hihger to the upside 5 of the past 7 trading weeks.
The index is currently above its 5, 10, 32, 50 and 200 week moving average. 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 in the week that past were (CAT) Caterpillar +7.02%, (AA) Alcoa +6.99%, (BAC) Bank of America +6.99%, (DD) Dupont +5.13%, and (AXP) American Express +3.09%.
The Dow Jones Industrial Average closed to end the trading week at 12,422.06 up +62.14 or +0.50% on hevier than average volume of 4.16 billion. The average weekly trading volume for the Dow Jones Industrial Average is 4.02 billion.
At the Nasdaq Composite Index there was a continued moved to the upside as the tech weighed indices advanced higher to the upside for 8 of the past 15 weeks since hitting its October 2011 price low.
The tech weighed index is poised to move higher in the week ahead but would need to break above the 2,753.37 area. Upside resistance for the Nasdaq is at 2,887.86 with downside support at 2,298.79. As for now the Nasdaq remains above its 5, 10,32, 50 and 200 week moving average.
The top movers in the Nasdaq 100 this week were (SHLD) Sears Holdings +14.93% followed by (FSLR) First Solar +13.18%, (ILMN) Illumina +12.41%, (NFLX) Netflix +9.38%, and (GMCR) Green Mountain Coffee +8.80%.
As the week came to an end the Nasdaq Composite Index closed at 2,710.67 +36.45 or +1.36% on heavier than average trading volume of 8.71 billion. The average weekly trading volume for the Nasdaq Composite Index is 8.61 billion.
As for the Standard and Poors 500 there was also a continuation as the index advanced slightly to the upside to end the week in positive territory.
The S&P 500 started the week trading at 1,277.83 but declined to a price low at 1,274.55 before ending the week trading higher to the upside. The index has been moving higher to the upside for 10 of the past 15 weeks.
As the index continues to advance higher to the upside it remains above all of its major moving averages. As for now downside support for the Standard and Poors 500 is at 1,047.67 with upside resistance at 1,270.69.
The top percentage gainers in the S&P 500 this week were (EK) Eastman Kodak +37.84%, (API) Advanced Photonix +28.57%, (SHLD) Sears Holdings +14.94%, (GNW) Genworth +10.93%, and (TXT) Textron +10.77%.
The Standard and Poors 500 closed to end the week trading at 1,289.09 +11.28 +0.88% on lighter than average volume of 14.5 billion. The average weekly trading volume for the S&P 500 is 14.73 billion.
By: Marlin Rolle
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