Wizzwatch Weekly Market Newsletter

As the week that passed in the stock market came to a close there was an uptick in the price of the Dow Jones Industrial Average, the Nasdaq as well as the Standard and Poors 500. Technically speaking the price advance shows that the stock market is in a confirmed uptrend as it continues to move higher to the upside.

The top percentage gainers that helped to push the market higher to the upside were (BIOF) Biofuel Energy +90.66%, (WSB) WSB Holdings +83.22%, (VIRC) Virco Manufacturing +64.67%, (MEDF) Mediware Information Systems +48.68% and (REDF) Rediff.com +44.82%.

As for the commodity markets there were price moves to the upside across the board as the prices of natural gas, palladium, platinum , gold, silver, copper as well as the price of Oil advanced.

Higher gas prices due to the rise in crude oil pushed retail sales up 0.9% during the week as industrial production fell 1.2%. The price of crude oil ended the week trading at $99.01 per barrel up $2.76 or +2.87%.

The price of silver closed to end the week trading at $34.74 per ounce up $1.06 or +3.16% as gold closed to end the week trading at $1,773.50 per troy ounce up $35.90 or +2.07%.

The Dow Jones Industrial Average advanced for the second consecutive week as volume spiked above average. The index started the week trading at 13,308.56 before declining to a price low at 13,251.39. The index is currently above its major moving averages with downside support at 13,173.90 and upside resistance at 13,653.35.

The top percentage gainers in the Dow 30 in the week that passed were (BAC) Bank of America +8.52%, (AA) Alcoa +8.13%, (JPM) JP Morgan Chase +5.78%, (CAT) Caterpillar +5.75%, and (TRV) Travelers +5.17%.

As the week came to an end the Dow Jones Industrial Average closed to end trading at 13,593.37 +286.73 +2.15% on heavier than average trading volume of 3.78 billion. The average weekly trading volume for the Dow Jones Industrials Average is 3.45 billion.

The Nasdaq Composite Index began the week trading at 3,131.34 and declined to a price low in the 3,098.82 area before closing to end the week higher. The index has been moving higher to the upside for 12 of the past 15 trading weeks.

The Nasdaq Composite Index is above its 5, 10, 32, 50 and 200 week moving averages. Downside support for the tech weighed index is at 3,054.39 with upside resistance slightly above its 52 week price high at 3,195.80.

The top percentage gainers in the Nasdaq 100 during the week that passed were (GMCR) Green Mountain Coffee +11.71%, (WYNN) Wynn Resorts +10.01%, (SHLD) Sears Holdings +9.90%, (FOSL) Fossil +8.02%, and (GOLD) Randgold Resources +7.09%.

The Nasdaq Composite Index closed to end the week at a 12 year price high trading at 3,183.95 up +47.53 or +1.52% on heavier than average trading volume of 8.64 billion.

As for the Standard and Poors 500 there was also an advance in the price of the indices as it continued to make higher highs and higher lows. The S&P 500 began the week trading at 1,437.92 and declined to a price low at 1,428.98 before ending the week trading higher.

The index has been moving higher to the upside for 12 of the past 15 trading weeks with upside resistance at 1,474.62 and downside support at 1,410.04.

The top percentage gainers in the S&P 500 during the week that passed were (ODP) Office Depot +31.38%, (VMC) Vulcan Materials +21.89%, (API) Advanced Photonix +15.63%, (CBG) CBRE Group +15.03%, and (CLF) Cliffs +14.13%.

As the week came to an end the Standard and Poors 500 closed to end the week trading at a new 52 week price high. The index closed at 1,465.77 up +27.85 or +1.94% on heavier than upside trading volume of 14.50 billion. The average weekly trading volume for the S&P 500 is 13.81 billion.

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