As for the week that was in the stock market all three major indices continued to advance. The stock market is a confirmed uptrend, the Standard and Poors 500, the Nasdaq Composite Index as well as the Dow Jones Industrial Average all closed to end the week on the upside.
The top performing stocks that assisted in taking the market higher this week were (KUTV) Ku6 Media Co. +56.52%, (BVSN) Broadvision +53.67%, (CNVO) Convio +48.04%, (ASIA) Asiainfo-Linkage +47.99% and (SHLD) Sears Holdings Corp. +46.01%.
There was upside momentum in the prices of gold as well as silver as crude oil moved lower to end the week on the downside. The price of gold ended the week trading at $1,665.60 up +24.70 or +1.51%, as silver closed to end the week at $32.03 +2.28 or +7.68%. As for the price of crude oil there was a pullback in its price as it closed to end the week trading at $98.50 down -$0.53 or -0.54% as the transportation index advanced. With the current pullback in the price of crude oil we may see an advance in the prices of airline stocks in the week ahead.
The top industry groups in the market the week were Semiconductors +5.77%, Brokers +5.45%, Networkers +5.11%, Oil Services +3.81%, and Airlines +3.61%.
The Dow Jones Industrial Average began the week trading at 12,423.12 but ended the week trading slightly higher as the week came to an end. The index is above its 5, 10, 32, 50 and 200 week moving averages as it continues to move higher.
The Dow Jones Industrial Average has been making higher highs and higher lows as it closes in on breaking above upside resistance at 12,832.93. Downside support for the Dow Jones Industrials is at 10,404.39. The index has been moving higher to the upside for 12 of the past 17 trading weeks.
The top percentage gainers in the Dow 30 for the week were (MSFT) Microsoft +6.11%, (IBM) International Business Machines +4.41%, (HPQ) Hewlett Packard +4.39%, (BAC) Bank of America +4.12%, and (CAT) caterpillar +4.10%.
The Dow Jones Industrial Average ended the week trading at 12,720.48 up 298.42 points or +2.40% on heavier than average trading volume of 4.08 billion.
At the tech weighed Nasdaq Composite Index there were similar advances as the index continued to climb higher to the upside for 4 of the past 5 trading weeks. The index is poised to move higher in the week ahead but must break above its upside resistance area at 2,876.93. Downside support for the Nasdaq Composite Index is at 2,298.79. The index is currently above all of its major moving averages as it continues to advance higher to the upside.
The top Nasdaq 100 percentage gainers for the week were (SHLD) Sears Holdings +44.12%, (CTRP) Ctri.com +15.75%, (FWLT) Foster Wheeler +8.93%, (PCLN) Priceline.com +8.90%, and (NFLX) Netflix +8.78%.
The Nasdaq Composite Index ended the week trading at 2,786.70 up +76.03 points or +2.80% on lighter than average upside volume of 7.78 billion. The average weekly trading volume for the Nasdaq is 8.79 billion.
As for the Standard and Poors 500 there was also an advance as the index continued to move higher to the upside. The S&P 500 has been moving higher to the upside for 12 of the past 17 trading weeks as it continues its trend. As for now the index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the index is at 1,047.67 with upside resistance at 1,370.69.
The top percentage gainers in the S&P 500 this week were (SHLD) Sears Holdings +44.12%, (JDSU) JDS Uniphase +15.55%, (APH) Amphenol +14.83%, (VLO) Valero Energy +12.27%, and (ODP) Office Depot +10.64%.
The Standard and Poors 500 ended the week trading at 1,315.38 up 26.29 points or +2.04% on lighter than average upside trading of 13.16 billion. The average weekly trading volume for the Standard and Poors 500 is 14.99 billion.
By: Marlin Rolle
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