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).

The Market

Facebook (FB), which priced its initial public offering at $38 a share after the closing bell Thursday, will start trading on Nasdaq Friday. The offering raised $16 billion, making it the most valuable tech IPO in history the third largest IPO ever.

There is much worry about a potential Greek exit from the euro, and the implications that could have for other fiscally troubled nations such as Spain and Italy. Rating agency Moody’s downgraded 16 Spanish banks on Thursday, including giants Banco Santander (STD) and BBVA (BBVA), the latest sign of distress in Europe.

Greece, now operating with a caretaker government, could leave the eurozone if anti-austerity parties win elections next month.

European stocks were mixed in afternoon trading and Asian markets closed lower with the Nikkei down nearly 3%.

New High of the Day – Pepsico (PEP).

Earnings Reports

Earnings reports (sorted by mkt cap): DCI-Donaldson (consensus $0.43), FL-Foot Locker (0.74), TTC-Toro (2.13).

Financial Calendar

0830 ET Factory orders and durable goods orders benchmark revisions.

1500 ET USDA Cattle-on-Feed report.

Tomorrow is expiration day and also Facebook IPO time under the symbol “FB” of course. Facebook priced today after the close at $38, the top of the range. I heard they were trying to get it up to $39, but no one would have that.

There were 6 Dow stocks up today, led by Wal-Mart (WMT, +4.21%), Verizon (VZ, +1.20%), AT&T (T, +0.30%), Hewlitt-Packard (HPQ, +0.14%), Alcoa (AA, +0.12%) and Chevron (CVX, +0.04%).

Losing Dow stocks, all 24 of them, were led by CAT -4.42%, JPM -4.31%, BA -3.62%, HD -3.59%, AXP -3.03% and DD -2.03%.

I just took a look at Jim Cramer’s charitable trust portfolio stock list and it only had one of the 26 stock portfolio up today. That was Ensco (ESV), up +0.56%. The portfolio’s big losers today were AIG -6.50%, IP -4.32%, JPM -4.31%, SWK -4.05%, RL -3.77% and BA -3.62%.

All three indexes (DJIA, S&P 500, Nasdaq) ended at the lowest levels since January.

Concerns about Greece’s place in the 17-nation eurozone continued to build, pushing investors toward U.S. government debt, which is perceived as a safe haven investment. The yield on the 10-year Treasury was 1.706% Thursday, it’s lowest closing level on record.

Wal-Mart (WMT) posted stronger-than-expected quarterly earnings and sales. Earnings came in at $1.09 per share versus estimates of $1.04.

Foreclosures fell for a third straight month in April, reaching the lowest level since 2007.

The Philadelphia Fed report showed that regional manufacturing unexpectedly plunged in May for the first time in eight months, falling to -5.8 from 8.5 in April. Economists were expecting the index to increase to 8.8. Any reading below zero indicates weakness.

The index of leading indicators, which gauges the economy’s performance over the next three to six months, was also discouraging. The index fell 0.1% in April, disappointing economists who expected it to rise 0.2%.

The dollar slipped against the Japanese yen, but rose against the euro and British pound.

Oil for June delivery was down 25 cents to settle at $92.56 a barrel.

Gold futures for June delivery was up $38.30 to settle at $1,5574.90 an ounce.

Tomorrow before the open, notable stocks expected to report earnings include ANN, BWS, CMRG, DCI, FL, HIBB, and KIRK.

New High of the Day – Verizon (VZ).

The Market

Wal-Mart Stores Inc. (WMT) reported a better-than-expected first quarter profit as its U.S. division produced a 2.6 percent sales rise in stores open at least a year. The company earned $1.09 per share from continuing operations, estimates were for $1.04. Wal-Mart reported $0.98 in the previous year.

Facebook (FB) is set to price its offering this evening and begin trading on Friday after filing for its IPO four months ago. It will be trading on Nasdaq.

European stocks are down in midday trading and Asian markets ended higher.

The national average price of gasoline dropped 6-tenths of a cent to $3.722 per gallon.

Earnings Reports

Earnings reports (sorted by mkt cap): WMT-Wal-Mart (consensus $1.04), PCP-Precision Castparts (2.27), CRM-Salesforce.com (0.34), INTU-Intuit (2.48), ROST-Ross Stores (0.93), AMAT-Applied Materials (0.24), GPS-Gap (0.45), DLTR-Dollar Tree (0.97), ADSK-Autodesk (0.47).

Financial Calendar

0830 ET Weekly initial unemployment claims expected -2,000 to 365,000, previous -1,000 to 367,000. Weekly continuing claims expected +6,000 to 3.235 million, previous -61,000 to 3.229 million.

0830 ET USDA weekly exports.

1000 ET Apr leading indicators expected +0.1%, Mar +0.3%.

1000 ET May Philadelphia Fed manufacturing index expected +1.5 to 10.0, Apr -4.0 to 8.5.

1030 ET DOE natural gas storage.

1100 ET Treasury announces amounts of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned May 22-24.

1235 ET St. Louis Fed President James Bullard speaks to the Rotary Club of Louisville, KY.

1300 ET Treasury auctions $13 billion in 10-year TIPS.

1630 ET Weekly money supply report and Fed balance sheet.

Dow Jones Industrial stocks in Jim Cramer’s Charitable Trust Portfolio include: AXP, BA, DD, GE, IBM, JPM and KFT. They are identified in the list below by [DJIA]. The current highest yielding stocks in the portfolio are ETP (+7.92%), GE (+3.58%) and IP (+3.49%). Share counts were adjusted on many of the trust portfolio positions.

Apple Inc.(AAPL) 175 Shares (reduce by 25 shares)

Abbot Laboratories (ABT) – 1775 Shares (reduced by 225 shares)

American Intl Group (AIG) – 2300 Shares

American Express (AXP) 1400 Shares [DJIA] (reduced by 300 shares)

Boeing Company (BA) – New Position! 1500 Shares [DJIA] (added 100 shares)

Broadcom Corp. (BRCM) – 2500 Shares (reduced by 500 shares)

Costco (COST) 1000 Shares

Coca-Cola Company (KO) 1065 Shares (reduced by 135 shares)

Devon Energy (DVN) – Newest Position! 1600 Shares (added 1100 shares)

DuPont & Co. (DD) – 1685 Shares [DJIA] (reduced by 215 shares)

Eaton Corp. (ETN) – 1800 Shares

Ebay (EBAY) – Newest Position 800 Shares

EMC Corp. (EMC) 4000 Shares (reduced by 700 shares)

Ensco PLC (ESV) – 1900 Shares (added 100 shares)

Energy Transfer Partners, L.P. (ETP) – 1800 Shares (added 500 shares)

General Electric Co. (GE) 4400 Shares [DJIA] (added 2900 shares)

IBM Corp. (IBM) – 350 Shares [DJIA] (reduced by 100 shares)

International Paper (IP) – 2000 Shares

JPMorgan Chase & Co. (JPM) – New Position! 1700 Shares [DJIA]

Kraft Foods (KFT) – 1000 Shares [DJIA]

Lam Research (LRCX) – New Position! 2000 Shares

Polo Ralph Lauren (RL) Newest Position! 500 Shares

Stanley Black & Decker, Inc. (SWK) – 1300 Shares

SunTrust Bank (STI) – New Position! 3700 Shares (Up from 2000 shares)

TJX Companies (TJX) – New Position! 2400 Shares

U.S. Bancorp (USB) – 3700 Shares

There were 13 lucky Dow stocks in the winners column today led by GE (+3.26%), PFE, MRK, CSCO and PG.

Dow losers (17 of them) were led by BAC (-2.60%), AA, JPM, INTC and HPQ.

At this hour, futures are up.

Stocks closed at three-month lows Tuesday as the eurozone debt crisis continues to weigh on the markets.

Tomorrow before the market open, Wal-Mart (WMT) reports earnings.

The Fed released the minutes from the April meeting of the Federal Open Market Committee in which several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough.

Today the FBI director said that the agency had opened an investigation into JPMorgan Chase (JPM), the nation’s largest bank, a week after the bank disclosed a $2 billion trading loss.

Oil for June delivery dropped $1.17 to $92.81 a barrel, the lowest since November.

Gold futures for June delivery fell $20.50 to settle at $1,536.60 an ounce, it’s lowest since last July.

The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.76% from 1.79% late Tuesday.

Tomorrow before the open, notable stocks expected to report earnings include AAP, ALKS, BONT, BKE, CATO, PLCE, CSC, DANG, DLTR, GME, GSOL, NM, PERY, PCP, PBH, QSII, ROST, SHLD, SMRT, TK, TNK, TSEM, and WMT.

The Market

Politicians in Greece have failed to agree on a coalition government with President Karolos Papoulias calling for all parties to meet Wednesday to set up a caretaker government that will conduct new elections. This instability in Athens has raised questions to whether the country will be forced to leave the eurozone and what such a move would mean for other troubled European economies.

Housing starts jumped to an annual rate of 717,000 in April, from the revised level of 699,000 in March. Analysts were expecting 680,000.

Building permits fell to an annual rate of 715,000 in April, from the revised figure of 769,000 in March. Analysts had expected permits to fall to 730,000.

JPMorgan Chase (JPM) shares edged higher yesterday as the bank held its annual shareholder meeting in Tampa, Fla. JPM stock is down more than 12% over the previous five trading sessions, however shares closed higher Tuesday and are up +1.23% premarket Wednesday.

Shareholders approved pay packages for the bank’s top executive, and affirmed their desire to keep Jamie Dimon in the dual role of chairman and CEO.

European stocks were mixed in midday trading and Asian markets ended lower.

The national average price of gasoline is up one-tenth of a cent today at $3.728 per gallon.

New High of the Day – Colgate-Palmolive (CL).

Earnings Reports

Earnings reports (sorted by mkt cap): TGT-Target (consensus $1.06), DE-Deere (2.53), LTD-Limited Brands (0.40), SPLS-Staples (0.30), NTES-Netease (1.04), ANF-Abercrombie (0.01).

Financial Calendar

0700 ET Weekly MBA mortgage applications, previous +1.7%, purchase sub-index +3.4%, refinancing sub-index +1.3%.

0830 ET Apr housing starts expected +4.7% to 685,000, Mar -5.8% to 654,000. Apr building permits expected -4.7% to 728,000, Mar +6.4% to 764,000.

0915 ET Apr industrial production expected +0.6%, Mar unchanged. Apr capacity utilization expected +0.4 to 79.0%, Mar -0.1 to 78.6%.

1000 ET Q1 mortgage delinquencies, Q4 7.58%. Q1 foreclosures, Q4 4.38%.

1030 ET DOE Weekly Petroleum Status Report.

1230 ET St. Louis Fed President James Bullard speaks about the U.S. economy and monetary policy at an event in Louisville, KY.

1400 ET Minutes of the Apr 24-25 FOMC meeting.

Looking at the Dow stocks I see none other than JPMorgan (JPM) leading the meager few Dow stocks that were higher today, up +1.26%. And that happened on the day of its annual share holders meeting. I guess Jamie Dimon found the right words.

Among the 30 Dow stocks only JPM, WMT, VZ, UTX, PG and MCD closed higher.

The Dow loss leaders were HPQ (-2.46%),HD (-2.43%), AA, MSFT and DD.

Home Depot (HD) reported okay earnings numbers this morning but came up a little light on revenue and was knocked down -2.43% for it.

Notable stocks expected to report earnings tomorrow before the open include ANF, ABMD, BRC, CHS, CTRN, DE, EXP, SPLS, TGT, and VVTV.

New High of the Day – United Natural Foods (UNFI).

The Market

Home Depot (HD) reported weaker-than-expected quarterly sales today after demand slowed in April following a jump in home improvement projects spurred by warm weather earlier in the year. Sales at Home Depot rose 5.9 percent to $17.81 billion in the first quarter ended on April 29, but missed the analysts’ average estimate of $17.96 billion. The company’s net earnings rose to $1.04 billion, or 68 cents a share, from $812 million, or 50 cents a share, a year earlier. Estimates were for $0.66 per share. Shares are down today, but I bet they go higher this coming year.

JPMorgan (JPM) is having it’s annual shareholders meeting today and it will be interesting to hear what comes out of it.

European stocks were mostly higher in afternoon trading and Asian markets ended mixed.

The national average price of gasoline was unchanged this morning at $3.727 per gallon.

Earnings Reports

Earnings reports (sorted by mkt cap): HD-Home Depot (consensus $0.66), TJX-TJX Co. (0.54), JCP-JC Penney (-0.08), CG-Carlyle Group, DKS-Dick’s Sporting Goods (0.38), VAL-Valspar (0.82), RAH-Ralcorp (0.85), SINA-Sina Corp (-0.23), SKS-Saks (0.18).

Financial Calendar

US American Iron and Steel Institute’s steel production report for period ended May 11