As we closed the books to end another trading week in the stock market there was a decline in both the Dow Jones Industrial Average and the Standard and Poors 500 as the Nasdaq Composite Index ended the week trading higher.
The top industrial indices in the market this week were S&P Retail +1.87%, Disk Drives +1.63%, Internet +1.59%, Computer Hardware +1.36%, and Airlines +0.76%.
As for commodities there was a small advance in the price of gold as the prices of silver, copper, gasoline, palladium, platinum and oil declined. The gold index closed to end the week trading at $1,660.80 per troy ounce up $0.30 or +0.02%.
Although there were declines in both the S&P 500 as well as the Dow Jones Industrial Average there was some light at the end of the tunnel as (RCON) Recon Technology closed to end the week up +252.38% followed by (GALE) Galena Biopharma +40.37%, (ARNA) Arena Pharmaceuticals +36.93%, (TEAR) Tearlab Corp. + 33.58%, and (GMAN) Gordmans Stores +2.71 +32.32%.
The Dow Jones Industrial Average began the week trading at 13,231.94 and moved to a price low in the 1300 area before ending the week advancing higher. The index has been advancing higher to the upside for 15 of the past 25 trading weeks.
The index is above all of its 10,20,32,50 and 200 week moving averages but as of the close on Friday the index is below its 5 week moving average. Upside resistance for the Dow Jones Industrial Average is at 13,289.18 with downside support at 12,918.92.
The top percentage gainers in the Dow 30 this week were (CSCO) Cisco +2.50%, (KO) KO - Coco Cola +1.90%, (JPM) JP Morgan Chase +1.32%, (AXP) American Express +1.24%, and (DIS) Disney +1.07%.
The Dow Jones Industrial Average ended the week trading at 13,080.73 down -151.89 or -1.15% on heavier than average downside trading volume of 4.19 billion. The average weekly trading volume for the Dow Jones Industrials is 4.18 billion.
At the tech weighed Nasdaq there was an uptick in its price as the index ended the week trading higher for the 6th consecutive week. The Nasdaq has been making higher highs and higher lows for 16 of the past 24 trading weeks. The index is currently above its 5, 10, 32, 50 and 200 week moving averages.
Downside support is at 2,941.50 with upside resistance at 3,090.18. The top percentage gainers in the Nasdaq 100 this week were (NFLX) Netflix +9.30%, (BIDU) Baidu +6.05%, (FOSL) Fossil +6.01%, (PCLN) Priceline.com +5.85%, and (ALXN) Alexion Pharmaceutical +5.40%.
As the week came to a close the Nasdaq ended the week trading slightly below its new 52 week price high to end the week trading at 3,067.92 up 12.66 points or +0.41% on lighter than average upside trading volume of 7.49 billion. The average weekly upside trading volume for the Nasdaq is 8.51 billion.
The Standard and Poors 500 index there was also a decline in its price as it declined for the first time in 5 trading weeks. The S&P 500 has been trending higher to the upside since making its October price low at 1,074.77. As for now, downside support is at 1,381.50 with upside resistance above its 52 week price high made earlier in the week at 1,405.98 with downside support in the 1,358.70 area.
The top percentage gainers in the S&P 500 this week were (WDC) Western Digital +10.95%, (BBY) Best Buy +7.82%, (MWW) Monster Worldwide +7.13%, (PCLN) Priceline.com +5.85%, (DFS) Discovery Financial +5.55%.
The Standard and Poors 500 ended the week trading at 1,397.11, down -7.06 points or -0.50% on lighter than average downside trading volume of 13.74 billion. The average weekly trading volume for the S&P 500 is 14.29 billion.
By: Marlin Rolle
*** Please have a close look at the charts listed below ****