Wizzwatch Weekly Newsletter

As we closed the books on the month of February and end the first week of March 2012 both the Nasdaq Composite Index and the Standard and Poors 500 advanced as the Dow Jones Industrial Average declined. The big price moves for the past few weeks have been built on continued improving economic data.

All three major indices have been on an advance to the upside since the last week of December 2011. As for now the market remains in bull mode as the bears continue to hibernate.

The top sectors in the market this week were Dj. US Forestry/Paper +6.60%, Airlines +2.23%, S&P Retail +2.14%, Banks +1.99%, and Computer Technology +1.59%.

In the commodities market there was a decline in the prices of gold, silver, oil, and natural gas as palladium and copper advanced to end the week trading on the upside.

The price of gold ended the week trading at $1,713.50 per troy ounce down $62.30 or -3.51% as silver declined to end the week trading at $34.95 per ounce down $0.48 or -1.35%. The price of oil ended the week trading at $106.67 per barrel down $2.78 or -2.54%.

The top percentage gainers in the market this week were (ALIM) Alimera Sciences +121.05%, (SCEI) Sino Clean Energy +68.29%, (KUTV) Ku6 Media Co. +34.46%, (VRNM) Verenium Corp. +33.72%, and (TSON) Trans1, Inc. +32.79%.

The Dow Jones Industrial Average began the week trading at 12,981.13 and declined to a price low at 12,882.59 before ending the week trading higher to the upside. The Dow Jones Industrial Average crossed above the 13,000 mark for the first time since March 2008. The Dow has been making higher highs and higher lows for 15 of the past 22 trading weeks.

The index is currently above its 5, 10, 20, 32, 50 and 200 week moving averages. Downside support for the index is at 11,926.25 with upside resistance at 13,055.86. As for now the Dow Jones Industrial Average is poised to continue its run up in price but must break above its 52 week price high made earlier in the week at 13,055.75.

The top 5 percentage gainers in the Dow 30 this week were (JPM) JP Morgan Chase +6.14%, (BAC) Bank of America +3.30%, (DIS) Disney +2.54%, (MSFT) Microsoft +1.87%, and (T) AT&T +1.75%.

The Dow Jones Industrial Average ended the week trading at 12,977.57 -5.38 or -0.04% on lighter than average upside trading volume of 3.42 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.83 billion.

At the Nasdaq Composite Index there was a continued its push to the upside as the index advanced for 17 of the past 23 weeks. The index began the week trading at 2,945.87 and declined to a price low at 2,933.30 before ending the week trading higher.

The Nasdaq is currently up 29.46% from its 2011 October price low at 2,298.89. As for now the Nasdaq continues to move above all of its major moving averages. Downside support for the Nasdaq is at 2,647.84 with upside resistance at 3,000.21.

The top percentage gainers in the Nasdaq 100 this week were SHLD - Sears Holdings +11.20%, PRGO - Perrigo +10.02%, CTRP - Ctrip.com +9.99%, PCLN - Priceline.com +9.39%, and MU - Micron Technology +8.68%.

The Nasdaq Composite index ended the week trading at 2,976.19 +12.44 or +0.42% on heavier than average upside trading volume of 0.29 billion. The average weekly trading volume for the tech weighed index is 8.68 billion.

The Standard and Poors 500 started the week trading at 1,365.20 and declined to a price low in the 1,354.90 area before ending the week trading higher. The index is currently above all of its major moving averages as it continues to make higher highs and higher lows. Upside resistance for the index is at 1,378.15 with downside support at 1,243.83.

The top percentage gainers in the S&P 500 this week were (API) Advanced Photonix +12.33%, (SHLD) Sears Holdings +11.20%, (ODP) Office Depot +10.54%, (PCLN) Priceline.com +9.39%, and (MU) Micron Technology +8.68%.

The Standard and Poors advanced to a new 52 week price high earlier in the week but declined to stay above its high. The S&P 500 ended the week trading at 1,369.63 +3.89 or +0.28% on lighter than average upside trading volume of 13.75 billion. The average weekly trading volume for the S&P 500 is 14.27 billion.

By: Marlin Rolle

*** Please have a close look at the charts listed below ****
In order to have an in depth view of each chart, please double click