As for the week that passed in the stock market there was an uptick in the prices of all three major market indices for the fifth straight week as the market remains in a confirmed uptrend.
The Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 advanced to close at new price highs. The top industrial indexes in the week that passed were Banks +8.79%, Brokers +5.42%, Computer Technology +3.31%, Semiconductors +2.97% and the DJ. REIT’s index +2.69%.
As for commodities there were declines across the board as gold, silver, copper, platinum, palladium as well as oil moved lower. The price of gold ended the week trading at $1,660.50 per troy ounce down $52.10 or -3.04% as silver closed to end the week trading at $32.65 down -$1.49 or -4.45%. The price of oil ended the week trading at $107.05 down $0.28 or -0.26%.
The top stocks that helped the market move higher to the upside were (TUDO) Tudou Holdings Limited +145.03%, (BBX) Bank Atlantic Bancorp +96.76%, (COGO) Cogo Group +66.97%, (PCBC) Pacific Capital Bancorp +58.24%, and (HMNY) Helios & Matheson North +57.79%.
The Dow Jones Industrial Average began the week trading at 12,920.58 and moved to a price low at 12,919.98 before ending the week trading higher. The index has been moving higher to the upside for 15 of the past 24 weeks.
The Dow Jones Industrial Average is above its 5, 10, 20, 32, 50 and 200 week moving averages as it continues to move higher to the upside. Downside support for the Dow Jones Industrial Average is at 12,853.15 with upside resistance in the 13,289.19 area.
The top percentage gainers in the Dow 30 this week were (BAC) Bank of America +21.74% followed by (JPM) JP Morgan Chase +8.63%, (AA) Alcoa +7.44%, (AXP) American Express +6.30% and (GE) General Electric +6.09%.
The Dow Jones Industrial Average closed to end the week trading at a new 52 week price high at 13,232.62 up +310.60 points for the week or +2.40% on heavier than average trading volume of 4.91 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.88 billion.
At the tech heavy Nasdaq Composite Index there was continued momentum as it rose to the upside for its fifth week in a row. The index has been making higher highs and higher low since the first week of December 2011.
As for now the Nasdaq Composite Index has been moving higher to the upside for 16 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 its 10 week moving average at 2,905.88.
The top percentage gainers in the Nasdaq 100 this week were (ADSK) Autodesk 11.11%, (AAPL) Apple +7.41%, (SPLS) Staples +6.62%, (ATCI ) Activison Blizzard +6.21%, and (EXPE) Expedia +5.99%.
The Nasdaq Composite Index ended the week trading at 3,055.26 up 66.92 points or +2.24% on lighter than average upside trading volume of 8.36 billion. The average weekly upside trading volume for the tech weighed Nasdaq Composite Index is 8.61 billion.
The Standard and Poors 500 was not left out of the big push higher in the market as it also advanced higher to the upside. The S&P 500 has been moving higher to the upside for the past few weeks as it continues to make higher highs and higher lows.
The index moved into new high ground as it ended the week above its 5 week moving average after moving slightly below the week prior. As of now the Standard and Poors 500 is above its 5, 10, 20, 32, 50 and 200 week moving averages.
The S&P 500 has been moving higher to the upside for 19 of the past 25 trading weeks. Upside resistance is at 1,405.98 with downside support at 1,340.01.
The top percentage gainers in the S&P 500 this week were (BAC) Bank of America +21.74%, (ZION) Zions Bancorp +17.32%, (ETFC) E*trade +14.17%, (CLF) Cliffs +12.56% and (AKS) AK Steel +12.02%.
The Standard and Poors 500 ended the week trading at 1,404.17 up +33.30 points or +2.43% on heavier than average weekly trading volume of 16.02 billion. The average weekly trading volume for the S&P 500 is 14.35 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****