As the week that passed came to a close in the stocks market all three major market indices continued to advance. Since the last week of December the market shave been in a confirmed uptrend.
The Dow Jones Industrial Average, the Nasdaq and the Standard and Poors 500 have continued to move higher to the upside despite the European Debt Crisis or the turmoil in the Middle East between Iran and Israel.
The top stocks to help take the markets higher were (VVUS) Vivus +84.57% followed by, (THLD) Threshold Energy +72.24%, (GRH) Greehunter Energy +58.66%, (CORT) Corcept Therapeutics +43.56%, and (ONVI) Onvia.com +36.30%.
The top market industrial indexes for the week were Gold & Silver +3.78%, Oil Services +2.30%, Commodity Related Equities +1.83%, Brokers +1.82% and North American Telecommunications +1.77%. As for the overall commodity picture the price of Silver was up +6.43%, S&P Industrial Metals +5.66%, Platinum +5.37%, Crude Oil +5.04% and the S&P GSCI Energy Index +4.80%.
The Dow Jones Industrial Average began the week trading at 12,949.34 and declined to a price low in the 12,882.67 area before ending the week trading higher to the upside. The index is currently above its 5, 10, 20, 32, 50 and 200 week moving averages as it continues to make higher highs and higher lows. The index has been moving higher for 14 of the past 21 weeks.
The top percentage gainers in the Dow 30 this week were (AA) Alcoa +2.86% followed by, (PG) P&G +2.77%, (CVX) Chevron +2.27%, (IBM) IBM +2.24%, and (XOM) Exxon Mobile +2.01%.
The Dow Jones Industrial Average ended the week trading at 12,982.95 +33.08 or +0.26% on lighter than average upside trading volume of 2.64 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.78 billion.
The Nasdaq Composite Index has also been on a huge run currently up 28.92% from its October 2011 price low at 2,298.89. The Nasdaq has been moving higher to the upside for 12 of the past 22 trading weeks. The index is poised to continue its run up in price in the week ahead but must break above the 2,970.88 area in order to do so.
As for now the index is above its 5, 10, 20, 32, 50 and 200 week moving averages with downside support in the 2,644.17 area and upside resistance above the price high made earlier this week at 2,970.89.
The top percentage gainers in the Nasdaq 100 this week were (SHLD) Sears Holdings +25.27%, (GRMN) Garmin +8.76%, (MNST) Monster Beverage +5.98%, (WYNN) Wynn Resorts +4.80%, and (ALXN) Alexion Pharmaceuticals +4.48%.
The Nasdaq ended the week trading at 2,963.75 +11.97 or +0.41% on lighter than average upside trading volume of 6.85 billion. The average weekly trading volume for the tech weighed Nasdaq Composite Index is 8.61 billion.
As for the Standard and Poors 500 index there was an increase in its price as the index advanced to break above the previous price high from the week earlier at 1,370.58. The S&P 500 is currently above all of its major moving averages as it continues to advance. The S&P 500 has been making higher highs and lows for the past few weeks as the market continues to move higher to the upside.
Downside support for the Standard and Poors 500 is at 1,243.06 with upside resistance in the 1,368.95 area. The top percentage gainers that helped to push the index advance higher to the upside this week were (SHLD) Sears Holdings +25.27%, (PCS) Metro PCS +16.15%, (CRM) Salesforce.com +11.22%, (S) Sprint Nextel +7.39%, and (IPG) Interpublic +7.29%.
The Standard and Poors 500 ended the week trading at 1,365.74 up +4.51 points or +0.33% on lighter than average upside trading volume of 10.63 billion. The average weekly trading volume for the Standard and Poors 500 is 14.32 billion.
By: Marlin Rolle
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