Wizzwatch Weekly Newsletter

As the week that was came to a close in the stock market there were declines across the board as all three major indices continued to decline for the second consecutive week. As for now the market is correcting itself after 3 consective months of upside momentum. The Dow Jones Industrial Average, the Nasdaq, and the Standard and Poors 500 all closed to end the week lower.

Although there were many decliners in the market there were a few stocks that advanced. The top percentage gainers for the week were companies such as (NEWL) Newlead Holdings Ltd. +129.82%, followed by (AOL) Aol Inc. 40.01%, (RENN) Renren Inc. +34.25%, (TITN) Titan Machinery Inc. +31.77%, (LIWA) Lihua International +31.13%.

The top industrial index in the market this week was Gold & Silver +1.42% followed by a slump in the Computer Hardware Index down -0.77%, REITs -1.20%, Internet -1.31%, and S&P Chemicals -1.32%.

The Dow Jones Industrial average began the week trading at 13,057.57 and declined to a price low at 12,710.56 before ending the week trading higher. The Dow fell below 13,000 for the first time 4 weeks. The index is currently below its 5 and 10 week moving averages but above its 32, 50, and 200 week moving averages. Downside support for the index is at 12,244.19 with upside resistance at 13,297.21.

The top percentage gainers in the Dow 30 this week were (HPQ) Hewlett-Packard +6.32% followed by (AA) Alcoa +2.28%, (HD) Home Depot +0.67%, (INTC) Intel +0.07%, and (CAT) Caterpillar +0.02%.

The Dow Jones Industrial Average ended the week trading at 12,849.59 down -210.55 or -1.61% on lighter than average downside trading volume of 3.71 billion. The average weekly downside trading volume for the Dow Jones Industrial Average is 3.74 billion.

At the Nasdaq Composite Index there was a continued decline in the price of the index as it moved lower for the second consecutive week in a row. The index has been moving higher to the upside for 19 of the past 25 trading weeks. As for now the Nasdaq Composite Index is below its 5 week moving average but above its 10, 32, 50, and 200 week moving averages.

The top percentage gainers in the Nasdaq 100 index in the week that passed were (GOLD) Randgold +9.33%, (STX) Seagate Technology +6.45%, (SBUX) Starbucks +6.00%, (VRSN) VeriSign +4.44%, and (BIDU) Baidu +2.11%. The Nasdaq Composite Index ended the week trading at 3,011.33 down -69.17 or -2.25% on lighter than average weekly downside trading volume of 8.30 billion. The average weekly trading volume for the tech weighed Nasdaq is 8.03 billion.

As for the Standard and Poors 500 there was also a decline in the index as it too ended lower for the second consecutive trading week. The Standard and Poors 500 began the week trading at 1,397.45 and declined to a price low at 1,357.38 before ending the week trading slightly higher.

The index is currently below its 5 and 10 week moving averages but above its 32, 50 and 200 week moving averages. Downside support for the S&P 500 is at 1,339.07 with upside resistance at 1,422.48. The top percentage gainers in the S&P 500 this week were (SVU) Supervalu +24.95%, followed by (SWY) Safeway +7.51%, (HPQ) Hewlett-Packard +6.32%, (SBUX) Starbucks +6.01% and (TIE) Titanium Metals +5.90%.

The Standard and Poors 500 ended the week trading at 1,370.26 down -27.82 or -1.99% on lighter than average downside trading volume of 13.62 billion. The average weekly trading volume for the S&P 500 is 13.85 billion.

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