Wizzwatch Weekly Newsletter

As the third week of May 2012 came to a close in the stocks market all three major market indices advanced after weeks of downside pressure. As for now the market continues to correct itself.

There was a uptick in the price of the Nasdaq Composite Index, the Dow Jones Industrial Average as well as the Standard and Poors 500 after weeks of declines across the board. The price of the U. S. dollar continued to advance against a basket of major currency pairs as the Euro continues to fall currently approaches 2 year price lows.

The top market movers for the week were (ROSG) Rosetta Genomics +140.73% followed by (GENE) Genetic Technologies +105.11%, (GNOM) Complete Genomics +82.93%, (AMRS) Amyris +61.64%, and (AMBT) Ambient Corp. +58.62%.

In the commodities markets there was a continuation of downside pressure in the price of crude oil for the 4th consecutive week as the index continued it decline. The price of the oil index ended the week trading at $90.70 per barrel down $-0.73 or -0.80%. As for the prices of gold and silver they also continued to move lower. The gold index ended the week trading at $1, 5730.00 per troy ounce down -$17.50 or -1.10%.

As the price of oil moved lower transports moved higher. The top stocks that helped the transportation sector move higher in the week that passed were (OSG) Overseash Shipholding +28.89%, (JBLU) Jet Blue +14.46%, (UAL) United Continental +12.81%, (DAL) Delta Air Lines +7.84% and (AVGO) Avago Technologies +10.43%.

The Dow Jones Industrial average started the week trading at 12,369.15 before declining to a price low at 12,311.56 and ending the week trading higher to the upside. As for now the index is currently below its 5, 10, 20 and 32 week moving averages but above it 50 and 200 week moving averages.

The top stocks in the Dow 30 index for the week that passed were (HD) Home Depot +5.08%, (WMT) Wal-Mart +4.61%, (HPQ) Hewlett-Packard +4.05%, (AA) Alcoa +2.37%, and (BAC) Bank of America +1.85%.

The Dow Jones Industrial Average ended the week trading at 12,454.83 up +85.45 or +0.69% on lighter than average upside trading volume of 3.64 billion. The average weekly trading volume for the Dow Jones Industrial Average is 3.64 billion.

As for the Nasdaq Composite Index there was an advance in the index as it moved higher to the upside. The Nasdaq began the week trading at 2,782.55 and declined to a price low at 2,774.76 before ending the week trading higher to the upside. The Nasdaq has been moving lower for 6 of the past 9 trading weeks. As for now downside support is at 2,774.40 with upside resistance at 3,134.22.

The top percentage gainers in the Nasdaq 100 this week were (AVGO) Avago Technologies +10.43%, (EXPE) Expedia +10.24%, (ALXN) Alexion Pharmaceuticals +9.68%, (SHLD) Sears Holdings +8.83%, and (DLTR) Dollar Tree +7.38%.

The Nasdaq Composite Index ended the week trading at 2,837.53 up +58.74 points or +2.11% on lighter than average upside trading volume of 8.62 billion. The average weekly trading volume for the Nasdaq Composite Index is 8.68 billion.

At the Standard and Poors 500 there was also an advance after 3 prior weeks of price declines in the index. The S&P 500 began the week trading at 1,295.73 and never looked back as it continued to move higher to the upside as the week continued.

As for now the index is above its 32, 50 and 200 week moving averages but below its 5, 10 and 20 week moving averages. The index is poised to move higher to the upside in the week ahead but needs to break above the 1,347.78 area in order to move higher.

The top percentage gainers in the S&P 500 this week were (S) Sprint Nextel +13.45%, (CPWR) Compuware +11.01%, (URBN) Urban Outfitters +10.92, (EXPE) Expedia +10.24%, and (CHK) Chesapeake Energy + 10.10%.

The Standard and Poors 500 ended the week trading at 1,317.82 up 22.60 points or +1.74% on lighter than average upside trading volume of 14.01 billion. The average weekly trading volume for the S&P 500 is 14.09 billion.

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