WizzWatch Market Newsletter

 As this week came to an end in the stock market all three major indices closed to end the week moving lower, after the past few weeks of advancing to new closing price high levels. We are still in a positive trading market, despite the slight pullback in which is normal. 

The Dow Jones Industrial Average, the Nasdaq Composite Index, the S&P 500, as well as the price of silver declined as the prices of gold and light sweet crude oil advanced to end the week trading higher. The Dow Jones Industrial average began the week trading at 30,233.03 and moved to a price high at 30,319.70, but ended the week trading lower. As for now downside support on the index is currently at 29,300,540.

Out of all 30 stocks that are in the Dow 30 only 8 moved higher to end the week as 22 declined to end the week trading lower. The top price advancers in the Dow 30 this week were companies such as (DIS) Walt Disney Company +14.00%, (JNJ) Johnson & Johnson +1.78%, (HON) Honeywell International +0.92%, (MMM) 3M Company +0.90%, and (HD) Home Depot +0.21%. The biggest laggard in the index was (INTC) Intel Corp. Down 4.34% to end the week trading at $49.73 per share.

As the market closed to end the week, the Dow Jones Industrial average ended the the week trading at 30,046.370 down 171.89 or -0.57% on lighter than average downside trading volume of 1.79 billion. The average weekly trading volume for the Dow Jones Industrial Average is 1.92 billion. 

The tech weighed Nasdaq Composite index declined to end the week trading lower after advancing higher for 2 of the past 5 trading weeks. There were 73 stocks that declined in the Nasdaq 100 this week. As for now there is downside support for the index at 11,981.96. In due time we will get an good idea of where the markets are headed in the near term, but pullbacks are normal because market can’t just go straight up and continue higher without a slight corrections taking place.

After the close of the market to end the week the Nasdaq ended the session trading at 12,377.97 down -86.36 or -0.69% on heavier than average downside trading volume of 23.52 billion. The average weekly trading volume for the index is 18.25 billion.

The top percentage gainers in the Nasdaq 100 this week were (BIDU) Baidu +11.92%, (EA) Electronic Arts +5.82%, (TTWO) Take-Two Interactive +5.25%, (AAL) American Airline Group +3.96% and (ATVI) Activision Blizzard +3.46%. The biggest laggard out of all 100 stocks in the Nasdaq 100 was (LULU) Lulu Lemon Athletica -8.68%.

Over at the Standard and Poors 500 there was no escape as it too declined to end the week trading lower after moving higher for three of the past seven trading weeks. 

 

Like I mentioned, nothing goes straight up and what goes up must come down, so all pullbacks are positive as well as normal occurrence unless there is some major event that’s out of the ordinary that may have a larger affect on the overall conditions of the general market. Investors who are not prepared for times or circumstances like pullbacks will have to get over it and deal with the nature that exist in the markets. The markets are not tied to or built upon human emotions.  

 

The top advancers in the S&P 500 this week were the (EFX) Equifax +13.00%, (OXY) Occidental Petroleum Corp. +12.43%, (ETSY) Etsy, Inc. +9.67%, (LLY) Eli Lilly & Co. +7.81%, and Twitter, Inc. +7.77%The index closed to end the week trading at 3,663.46 down -35.66 or -0.96% on lighter than average downside trading volume of 12.05 billion.

 

As for the commodities, gold closed to end the week trading at $1,843.60 per ounce up $3.60 or +0.20% on lighter than average upside trading volume of 88.58 million as silver declined to end the week lower. The silver index closed to end the week trading at $24.09 per ounce down $0.16 or -0.66%.

 

West Texas Intermediate Crude Oil continued its advance for the 6^th consecutive week. The oil index closed to end the week trading at $46.57 per barrel and is currently trading at 8 month price high after coming from its April 2020 price low of $6.50 per barrel. 

 

By Marlin Rolle