Sunday, June 17, 2012

Stock Market Newsletter

As for the week that was in the stock market all three major market averages moved higher. The Dow Jones Industrial Average, the Standard and Poors 500 as well as the Nasdaq Composite Index advanced. There was downside momentum in the price of the dollar as it continued to move lower against a basket of currency pairs for the second consecutive week.

As for the commodity indices the top movers for the week were Natural Gas +7.99%, followed by Platinum +3.42%, Palladium +2.68%, Copper +2.42% and the S&P GSCI Precious Metal Index +2.14%.

The price of oil closed to end the week on the downside at $83.95 per barrel as the price of gold advanced. Downside support for the oil index is at $75.65 per barrel as gold ended the week trading at $1,628.80 per troy ounce up +$34.10 or +2.14%.

The top stocks that helped the market move higher in the week that passed were (BIOF) Biofuel Energy +153.71%, (NOIZ) Micronetics +94.93%, (KITD) Kit Digital +49.68%, (OSIR) Osiris Therapeutics +43.66% and (RMTR) Ramtron International +39.66%.

The Dow Jones Industrial Average began the week trading at 12,553.81 before moving to a price low at 12,398.48 before closing to end the week trading higher to the upside. The Dow is currently above its 5, 32, 50 and 200 week moving averages but below its 10 week moving average.

As for now all indicators are turning to the upside. The moving average convergence-divergence, on balanced volume, as well as the relative strength indicators are all turning to the upside. Downside support for the Dow Jones Industrial Average is at 12,035.09 with upside resistance at 13,338.76.

The top percentage gainers in the Dow 30 this week were (JNJ) Johnson & Johnson +4.81%, (BAC) Bank of America +4.50%, (GE) General Electric +4.17%, (JPM) JP Morgan Chase +4.01%, and (INTC) Intel +3.52%.

The Dow Jones Industrial Average ended the week trading at 12,767.17 up +212.97 points or +1.70% on lighter than average upside trading volume of 3.57 billion, The index is poised to move higher in the week ahead but must break above the 12,774.61 area in order to do so.

At the Nasdaq Composite Index there was also a continued move to the upside as the index climbed higher to the upside for its second straight trading week. The index is currently above its 32, 50, and 200 week moving averages but below its 10 week moving average at 2,906.63. Downside support for the Nasdaq Composite Index is at 2,726.53 with upside resistance at 3,134.22.

The top percentage gainers in the Nasdaq 100 were (VRSN) Verisign +6.92%, (CTXS) Citrix +6.57%, (SNDK) SanDisk +6.41%, (GOLD) Randgold +6.33%, and (CERN) Cerner Corp. +6.13%.

The Nasdaq ended the week trading at 2,872.80 up +14.38 or +0.50 on lighter than average downside volume of 8.24 billion. The average weekly trading volume for the Nasdaq Composite Index is 8.56 billion.

The Standard and Poors 500 index began the week trading at 1,325.72 but declined to a price low at 1,306.62 before ending the week trading higher on the upside. The index has been on the downside for 6 of the past 11 trading weeks.

The S&P 500 may move higher in the week ahead but must break above its 10 week moving average at 1,343.42. The index is currently above its 5, 32, 50 and 200 week moving averages but below its 10 week moving average.

The top percentage gainers in the Standard and poors 500 in the week that passed were (FTR) Frontier +13.91%, (COG) Cabot Oil & Gas +9.73%, (FII ) Federated Investors +8.26%, (IGT) Int'l Game Tech +7.51%, and (VRSN) Verisign +6.33%.

The S&P 500 ended the week trading at 1,342.84 up +17.18 points or +1.30% on lighter than average weekly trading volume of 13.71 billion. The average weekly trading volume for the S&P 500 is 13.91 billion.

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





















No comments: