Wizzwatch Weekly Newsletter

As the first week of trading for the month of June came to an end, the Dow Jones Industrial Average, the Nasdaq Composite Index as well as the Standard and Poors 500 all advanced.

The market finished the week with its best week of gains in 2012 in part due to the belief that Spanish banks will soon get the aid it needs in terms of bailout funds from the eurozone in order to keep the country afloat as Fitch cut Spain’s credit rating to triple (BBB) on Friday.

The top market movers that helped push the market higher were companies such as (PAMT) Parametric Sound Corp. +48.31%, (AUMN) Golden Minerals +43.13%, (OCC) Optical Capital Corp. +38.69%, (DSS) Document Security Systems, Inc. +36.01% and (MTOX) Medtox Scientific +35.53%.

As for commodities the price of gold declined after moving higher the week prior as silver advanced along with the price of oil. The gold index closed to end the week on the downside trading at $1,594.70 per troy ounce down -$27.40 or -1.69% as the price of silver closed to end the week trading at $28.52 +$0.01 or +0.03%. After declining for 11 of the past 15 weeks the price of oil moved higher for the first time to end the week trading at $84.50 per barrel up $1.27 or +1.53%.

The Dow Jones Industrial Average began the week trading at 12,119.85 before declining to a price low at 12,035.09. The index is above its 50 and 200 week moving averages but below its 5, 10, 32 week moving averages. Downside support for the Dow Jones Industrial Average is at 11,735.15 with upside resistance at 13,338.66.

The top percentage gainers in the Dow 30 this week were (HD) Home Depot +9.15%, (BAC) Bank of America +7.69%, (JPM) JP Morgan Chase +5.48%, (INTC) Intel +5.05%, and (HPQ) Hewlett Packard +4.99%.

As the week came to a close the Dow Jones Industrial Average ended the week trading at 12,554.20 up 435.63 points or +3.59% on heavier than average trading volume of 3.74 billion. The average weekly trading volume for the index is 3.65 billion.


At the Nasdaq Composite Index there was also an uptick in its price after moving lower 8 of the past 11 trading weeks. The index began the week trading at 2,747.61 but advanced to the upside to end the week trading higher.

The Nasdaq is currently above its 200, 50, and 32 week moving averages but below its 5, and 10 week moving averages. The index is poised to move higher in the week ahead but must break above the 2, 927.39 area in order to advance higher. As for now downside support for the tech weighed index is at 2,518.48 with upside resistance at 3,134.20.

The top percentage gainers in the Nasdaq 100 in the week that passed were (SNDK) SanDisk +13.45%, (APOL) Apollo +10.70%, (FOSL) Fossil +9.44%, (AVGO) Avago Technologies +9.23% and (FLEX) Flextronics +9.12%.

As the week came to a close the Nasdaq Composite Index ended the week trading at 2,858.42 up +110.94 or +4.04% on lighter than average downside volume of 8.12 billion. The average weekly trading volume for the Nasdaq is 8.52 billion.

As for the Standard and Poors 500 there was also an advance in the index after weeks of downside pressure. The index began the week trading at 1,278.29 before declining to a price low in the 1,266.74 area but ending the week trading slightly higher. The index is currently above its 50, 32, and 200 week moving averages but below its 5 and 10 week moving averages.

The top percentage gainers in the S&P 500 higher this week were (IRM) - Iron Mountain +18.85%, (S) -Sprint Nextel +18.73%, (CHK) Chesapeake Energy +17.84%, (SNDK ) SanDisk +13.45% and (MAS) Masco +12.13%.

The index ended the week trading at 1,325.66 up +47.62 or +3.73% with heavier than average upside trading volume of 14.49 billion. The average weekly trading volume for the S&P 500 is 13.93 billion.

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