Saturday, April 7, 2012

Wizzwatch Weekly Newsletter

As we closed to end the first week of trading for the month of April 2012, all three major market indices declined to end the week on the downside. There was a change in market sentiment in the past week as the market began to correct itself after moving higher to the upside for the past 3 months.

The top industrial indexes in the market this week were S&P Retail +0.37%, followed by Pharmaceuticals +0.16%, Oil Services +0.15%, Utilities +0.13%, and the CRB Index +0.18%.

The top percentage gainers in the market this week were (CLNT) Cleantec Solutions +203.72%, (NFEC) NF Energy Saving Corp. +150.00%, (HEAT ) Smartheat +130.77%, (CREG) China Recycling Energy +70.83% and (VRNG) Vringo +61.21% . The commodity markets were mixed during the week as the prices of gold and silver moved lower as the prices of oil, energy and agriculture moved higher.

The Dow Jones Industrial Average began the week trading at 13,211.36 and pulled back to a price low at 13,012.46 before ending the week trading slightly higher. The index is currently below it 5 week moving average but above its 10, 32, 50 and 200 week moving averages. The Dow Jones Industrial Average has been moving higher to the upside for 21 of the past 27 trading weeks. Downside support for the index is at 12,193.89 with upside resistance at 13,289.20.

The top percentage gainers in the Dow 30 this week were (MRK) Merck +2.32%, (HD ) Home Depot +1.42%, (MCD) McDonalds +1.00%, (AXP) American Express +0.71% and (KFT) Kraft Foods +0.61%.The Dow Jones Industrial Average ended the week trading at 13,060.14 down -151.90 or -1.15% on lighter than average downside volume of 2.47 billion. The average weekly trading volume for the Dow is 3.94 billion. As for now the Dow Jones Industrial Average is up 25.52% from its October price low at 10,404.49.

At the tech weighed Nasdaq Composite Index there was a pullback in the indices for the first time in 8 weeks as the index ended the week below its 52 week price high set the week prior at 3,134.17. The Nasdaq began the week trading at 3,085.94 before declining to a price low at 3,052.58. The Nasdaq Composite Index has been moving higher to the upside for 18 of the past 27 trading weeks.

The index is currently above all of its major weekly moving averages with downside support at 2,731.12 and upside resistance at 3,134.20. The top percentage gainers in the Nasdaq 100 this week were (BBBY) Bed Bath & Beyond +7.69%, (ESRX) Express Scripts +7.11%, (SIRI) Sirius XM Radio +5.88%, (PCLN) Priceline.com and (SBUX) Starbucks +4.40%.

The Nasdaq Composite Index ended the week trading at 3,080.50 down -11.07 points or -0.36% on lighter than average downside trading volume of 6.9 billion. The average weekly trading volume for the Nasdaq is 9.01 billion. As for now the Nasdaq is up 33.99% from its October 2011 price low and is poised to move higher but must break above its 52 week price high in order to do so.

As for the Standard and Poors 500 there were also declines in the indices as it moved lower after making a new 52 week price high the week prior. The index has been moving higher to the upside for 19 of the past 27 trading weeks. The S&P 500 is currently above all of its major moving averages with downside support at 1,275.32 and upside resistance at 1,422.40.

The top percentage gainers in the S&P 500 this week were (BBBY) Bed Bath & Beyond +7.69%, (ESRX) Express Scripts +7.11%, (SIRI) Sirius XM Radio +5.88%, (PCLN ) Priceline.com +5.48%, and (SBUX ) Starbucks +4.40%. The Standard and Poors 500 ended the week trading at 1,398.08 -10.39 -0.74% on lighter than average trading volume of 10.63 billion. The average weekly trading volume for the Standard and Poors 500 is 15.21 billion.

By: Marlin Rolle
*** Please have a close look at the charts listed below ****




No comments: