Monday 14 May 2012

Will Facebook IPO save the market this May?

Dear Friends,

Ever since the start of the month, Dow Jones has been falling from its height of 13,214 points. It has been a 400 points drop to close at 12,820 points last Friday. The drop was sparked by the disastrous Non farm payroll.

If you notice the chart in April, it suffers a similar fate. April also drop from 13,200 points to 12,700 points in the first 2 weeks. However in April, it recovered.

I am now wondering if Dow Jones will have a similar pattern in May. Dow Jones may have reach a support at 12750 points where there is a double top tracking back to last year July. Dow Jones has been consolidating in a box these few months. Let us see if there is a turnaround in May starting from this week.

As Facebook IPO is scheduled on Friday (pending approval from exchange), this should be the main focus this week! And I suppose some days this week, we shall see a bit of enthusiasm from Wall Street.

I am preparing my ammunition if I see any strong rebound. Like in the past article, what do I meant by rebound?

A more than 100point, triple digit rise in Dow Jones is the Spark that is needed. I am looking for it last week, but Dow Jones did not have a 100 points increase. Let us see how this week goes.



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