DJIA Market Close for Week Ending Friday, May 18, 2012

The Dow closed down -73.11 (-0.59&) at 12,369.38. The S&P 500, Nasdaq and Russell 2000 were all down today, again.

The indexes are all roughly down 10% from the yearly highs. Some more, some less. Today was also options expiration.

On that note, I picked up a bit of ODVYX, but not that much as I know we can still slide a lot further from here. And it is only May.

Today was also Facebook (FB) day. I didn’t buy any, but I wish I had for an hour and a half or so.

I was watching the Facebook chart waiting for it to open and then it did with the stats bar finally printing an open of $42.23, tonight it says $42.05. Anyway, they had problems opening and they were 30 minutes late. To me, listening to CNBC it sounded like buyers got their orders for IPO shares fully filled, meaning that many players got more stock than they wanted. So those IPO buyers were trying to sell shares that were more than the quantity they actually wanted. The share price then steadily headed lower. It got down to $38.00 x $38.01 and ticked there for quite a while. I was waiting for it to break below $38. It didn’t as the underwriters or market makers propped it up, not letting it below the $38 pricing mark. CNBC shared that after the share price was back to the $40 range, with not enough room for trading as I saw it. From there it got up to $41 plus and then chopped around the rest of the day. In the last ten minutes of the session it got back down to $38.00 x $38.01 and you could tell it was being propped up again. Time and sales looked like more sellers than buyers in a big way. It finally closed at $38.23 for a +0.61% first day gain. Not a very impressive opening, but the sellers got a big first payday, with it being the third largest IPO ever. I could have made some coin on it today though, as it was trading very orderly for an IPO. The markets and certain stocks were trading funny today too. Whatever, it’s over.

Wal-Mart (WMT) and Verizon (VZ) both printed new 52 week highs today. Both being in the Dow stock winners column.

Dow leaders today included WMT (+1.22%), T, CAT, BAC, VZ, GE, KFT, MCD, HD and PFE.

Dow losers, 20 of them, were led by HPQ (-2.72%), DD,CVX, MSFT, KO, and JPM.

For the week DJIA was down -1.7%, Nasdaq -0.8%, S&P 500 -1.1% and Russell 2000 -0.2%.

Year-to-date DJIA is up +4.9%, Nasdaq +12.6%, S&P 500 +7.6% and Russell 2000 +6.6%.

Things were feeling pretty grim today, and you know what that means? We are due for a relief rally of some sort. I’m still hoping to buy lower yet.

Most social networking related stocks sold off today, probably on Facebook’s poor showing or maybe they were getting sold to make room for Facebook in investors portfolio’s.

The dollar was down against the euro, British pound and Japanese yen.

Oil for June delivery fell $1.08 to $91.48 a barrel.

Gold futures for June delivery was up $17.00 to $1,591.90 an ounce.

Bond yield rose to 1.75% from a record low close of 1.706% late Thursday. The 10-year hit an intraday record low of 1.671% on Sept. 23, 2011.

New High of the Day – Verizon (VZ).

New High of the Day – Wal-Mart (WMT).

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