DJIA Market Close for Monday, May 21, 2012

The Dow closed up +135.10 (+1.09%) at 12,504.48.

Not a very good day for Facebook (FB). Lots of sellers today. If I’d bought it and hadn’t sold Friday (which I would have) I’d have sold premarket today for sure. Nuff said about that.

Wow, the Dow caught an up day. Now the question is, is it a relief rally or the real deal? If I remember correctly, the IBD always said you need a 1% plus day sometime during days 3 to 5 on higher volume to confirm the new trend, or something like that.

During lunch today Phil of Phils Gang radio broadcast said not to buy any stocks until XLF turned up.

Speaking at a Deutsche Bank conference, JPMorgan Chase (JPM) CEO Jamie Dimon said the firm would suspend its stock buyback program but would keep its dividend.

There were only 7 Dow component stocks that bucked the trend and fell. Those losers were JPM, BAC, MRK, VZ, PG, PFE and T.

The Dow winners were led by BA (+3.80%), CAT (+3.72%), AA (+2.02%), HPQ (+2.00%) and DD (+1.88%).

Oil for June delivery was up $1.09 to settle at $92.57 a barrel.

Gold futures for June delivery fell $3.20 to settle at $1,588.70 an ounce.

The price on the benchmark 10-year U.S. Treasury dropped Monday morning, pushing the yield up to 1.75% from the 1.70% level late Friday.

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