Weekly Stock Market Newsletter

As the third week of August 2012 came to a close all three major market indices continued to trend higher to the upside. The Dow Jones Industrial Average, Standard & Poors 500 as well as the Nasdaq Composite Index all advanced higher to end the week.

The top percentage gainers that took the market higher in the week that passed were (IMH) Impac Mortgage Holdings, Inc. +127.44%, (GAI) Global-Tech Advanced Innovations +80.20%, (FSII) FSI Int'l., Inc. +53.22%, (SNFCA) Security National Financial Corp. +43.47%, and (CPSS) Consumer Portfolio Services, Inc. 39.34%.

As the market continued to trend higher to the upside the price of gold moved lower along with natural gas as the prices of silver, copper, platinum, palladium and crude oil moved higher to the upside.

The price of gold ended the week trading at $1,617.50 per troy ounce down - $4.00 or -0.25% as the price of oil advanced for the third consecutive week in a row to end the week trading at $95.77 per barrel.

The oil index has been making higher highs and higher lows for 7 of the past 9 trading weeks and is 15.43% from its 52 week price high at $110.55 per barrel.

The Dow Jones Industrial Average began the week trading at 13,204.93 and moved to a price low in the 13,112.94 area before ending the week trading higher to the upside.

The index has been advancing higher to the upside for 9 of the past 11 trading weeks. Downside support for the indices is at 12,864.45 with upside resistance at 13,338.66. The index is currently 0.478% or 63.46 points away from a new 52 week price high.

The top stocks that helped to push the Dow Jones Industrial Average higher sixth consecutive week were (CSCO) Cisco +8.67%, followed by (HD) Home Depot +6.92%, (BAC) Bank of America +3.36%, (UTX) United Tech +3.18%, and (AXP) American Express +3.12%.

The Dow Jones Industrial Average closed to end the week trading at 13,275.20 +67.25 or +0.51% on lighter than average upside trading volume of 2.28 billion. The average weekly trading volume for the Dow is 3.25 billion.

At the Nasdaq Composite Index there was also an increase in price as the index closed to end the week trading higher on the upside for the fifth consecutive trading week.

The index has been making higher highs and higher lows for 10 of the past 11 trading weeks. The index is currently above its 5, 10, 32, 50 as well as its 200 week moving averages. The index is closing in on its 52 week price high in the 3,134.17 area.

The top percentage gainers in the Nasdaq 100 in the week that passed were (SHLD) Sears Holdings +15.69%, (MNST) Monster Beverage +12.11%, (CSCO) Cisco +8.67%, (EBAY) eBay +6.55%, and (NFLX) Netflix +6.33%.

As the week that was came to a close at the Nasdaq the index closed to end the week trading at 3,076.59 up +55.73 or +1.84% on lighter than average upside trading volume of 7.95 billion.

The average weekly trading volume for the index is 8.35 billion. As of the close of trading on Friday the Nasdaq is 57.58 points or 1.87% from a new 52 week price high.

At the Standard and Poors 500 there was also a continuation of upside momentum in the index as it continued to advance higher for 9 of the past 11 trading weeks.

As for now the index remains above all of its major moving averages with downside support at 1,359.07 and upside resistance at 1,422.38. The index is 0.29% or 14.22 points away from a new 52 week price high.

The top percentage gainers that moved the S&P 500 higher in the week that passed were (SHLD) Sears Holdings +15.69%, (ANF) Abercrombie & Fitch +12.28%, (PCS) Metro PCS +11.07%, (TSO) Tesoro Petroleum +10.96% and (EL) Estee Lauder +10.77%.

The S& P 500 closed to end the week trading at 1,418.16 +12.29 or +0.87% on lighter than average upside trading volume of 10.59 billion. The average weekly trading volume for the Standard and Poors 500 is 13.24 billion.

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