DJIA Market Close for Monday, May 14, 2012

The Dow closed down -125.25 (-0.98%) at 12,695.35.

So far tonight, the futures are up a hair, but I suspect by morning there will be some bad vibe from Europe or some other company will provide a downward spin to this market. I love it! Right now, I’m bearish having raised cash to about 60%, waiting for better prices to jump back in. Fridays expiration might turn out to be a good spot, with the Facebook IPO happening too. We’ll see…

Tomorrow before the open Home Depot reports earnings and we are expecting to hear good things, especially with many home builders already reporting good news with their earnings. So should Home Depot. If not, they will probably be shredded.

This morning, the national average price of gasoline was down to $3.727 per gallon. Tonight, I filled up at my local Costco and paid $4.169 a gallon here in Gig Harbor, WA. What’s with that? The national average price has been going down this past month and here in western Washington the price has gone up at least $0.18 in the same time period. Oh, just now on the King5 tv news ad, they say they are going to tell me why our gas demands a higher price tonight at 11:00.

Now on to JPMorgan (JPM). I think a bunch of folks should be fired, especially Dimon and Drew. Him for not knowing whats going on and her for knowing. How do you let a trade go bad to the tune of $2 billion dollars with the possibility of more to come. Especially after just bailing out the banking industry. Got to be time for some drastic changes to investment banking.

The dollar was up against the euro, but fell versus the Japanese yen and British pound.

Oil prices for June delivery dropped to a five-month low, losing $1.96 to $94.17 a barrel. Yeah!

Gold futures for June delivery fell another $26.30 and reached $1,557.70 an ounce.

The price on the benchmark 10-year U.S. Treasury was up, pushing the yield down to 1.78%.

Tomorrow before the open, notable stocks expected to report earnings include HD, RTK, ALIM, SOL, TNP, GMAN, and CACH.

On another note. I watched “Americas Got Talent” tonight from St. Louis, and it was great, even with Howard Stern.

UPDATE: Our gasoline is so much higher than the national average because half a dozen refineries are down or at reduced capacity for repairs. And we don’t live where there are tornados or hurricanes. The refineries aren’t expected to be back running until July. How convenient for the Refiners pocket books.

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