As this week in the stock market came to a close the Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 continued to move higher to the upside. All three indices have continued to make higher highs and higher lows for the past few weeks.
The top stocks that helped to take the market higher this week were (BDCO) Blue Dolphin Energy Co. +98.84%, (CYBI ) Cybex International, Inc. +66.90%, (LCAV) Lca-Vision, Inc. +44.41%, (ADEP) Adept Technology, Inc. +39.73%, and (DARA) Dara Biosciences, Inc. +39.04%.
In the commodities markets the prices of copper, palladium, platinum, and silver moved lower as the price of gold and oil advanced. Oil moved higher to the upside for the second straight week due to ongoing tensions between Iran, the United States and Israel. The price of crude oil ended the week trading on the New York Mercantile Exchange at $104.20 per barrel up $5.11 or +5.16% as the price of gold ended the week trading at $1,726.20 per troy ounce up $0.90 or +0.05%.
The top industrial sectors in the market this week were Networkers +4.37%, Natural Gas +4.37%, Disk Drives +4.23%, DJ Forestry & Paper +4.16% and N. American Telecom +3.17%.
The Dow Jones Industrial average began the week trading at 12,799.11 and moved to a price low in the 12,753.60 area before ending the week trading higher to the upside. The Dow Jones Industrial Average has been making higher highs and higher lows as it continues to move higher to the upside for 12 of the past 20 trading weeks.
As for now the index is above its 5, 10, 20, 32, 50 and 200 week moving averages. Downside support for the Dow Jones Industrial average is at 10,404.45 with upside resistance at 12,968.00. The top stocks in the Dow 30 this week were (MSFT) Microsoft Corp. +3.17%, (HPQ) Hewlett-Packard Co. +3.10%, (HD) Home Depot, Inc. +3.04%, (INTC) Intel Corp. +2.55%, and (JPM) JP Morgan Chase & Co. +2.29%.
The Dow Jones Industrial Average ended the week trading at a new 52 week price high at 12,949.87 up +148.64 or +1.16% on heavier than average trading volume of 4.04 billion. The average weekly trading volume for the index is 3.99 billion.
At the technology heavy Nasdaq Composite Index there was also a continued move to the upside as the index broke through previous upside resistance to end the week trading higher. The Nasdaq began the week trading at 2,926.21 and declined to a price low in the 2,911.330 area before ending the week trading higher to the upside.
The Nasdaq is currently above its 5, 10, 20, 32, 50 and 200 week moving averages as it continues to advance. Downside support for the Nasdaq is at 2,638.70 with upside resistance at 2,962.80. The top percentage gainers in the Nasdaq 100 this week were (FOSL) Fossil, Inc. +17.61%, (SHLD) Sears Holdings Corp. +14.63%, (GMCR) Green Mountain Coffee, Inc. +9.80%, and (VRTX) Vertex Pharmaceuticals, Inc. +8.61%.
The Nasdaq Composite Index ended the week trading at 2.951.78 up +47.90 +1.65% on heavier than average trading volume of 9.27 billion. The average weekly trading volume for the Nasdaq Composite Index is 8.80 billion.
As for the Standard and Poors 500 there was a continuation of upside momentum as the index ended the week trading higher to the upside.
The Standard and Poors 500 has been moving higher to the upside for 14 of the past 20 trading weeks. Downside support for the S&P 500 is at 1,241.51 with upside resistance at 1,370.60. The top percentage gainers in the S&P 500 this week were (FTR) Frontier Communications Corp. +18.32%, (DVN) Devon Energy Corp. +15.92%, (SHLD) Sears Holdings Corp. +14.63%, (DF) Dean Foods, Inc. +12.91%, (CHK) Chesapeake Energy Corp. +11.66%.
The S&P 500 ended the week trading at 1,361.23 up +18.59 or +1.38% on heavier than average trading volume of 14.74 billion. The average weekly trading volume for the S&P 500 is 14.74 billion.
By: Marlin Rolle
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