CHART OF THE DAY: Why Facebook Never Fell Below $38 Per Share

Joe Weisenthal asks then answers, “Why didn’t Facebook fall below $38?” Read the commentary and see the chart here.

The Technical Take is of the opinion that this is the best time in several years to buy gold. Read the 4 reasons why, here.

In 2004, the AP reported: “Kenyan-born US Senate hopeful, Barrack Obama, appeared set to take over the Illinois Senate seat after his main rival, Jack Ryan, dropped out of the race on Friday night amid a furor over lurid sex club allegations.”

Read the rest of the article here.

The nation of Greece said sorry to the European Union with a present of an enormous wooden horse…A gift tag attached to the horse, which is surprisingly light for its size and has small holes along the length of its body, suggested that it should be placed in the bank’s vaults overnight to avoid it being targeted by thieves.

Read the rest here.

Bill Luby’s analysis finds that the extreme volume of SPX put contracts traded today has typically coincided with bottom in stocks.

Read his analysis here.

Rob Hanna from Quantifiable Edges and ETF Prophet has posted the results of an interesting setup which requires that SPY close in the bottom third of its range for five days in a row.

See the results here.

Fahmy with 7 excellent reasons to consider cash as a position.

Read the article here.

Although you’ve already made up your mind, Weidner gives you 10 reasons why you might want to pause before sending that FB buy order.

Read the article here.

Ritholtz and Faber are going to be backtesting some interesting re-entry signals. Based on Faber’s and Ritholtz’s track records, their results will likely prove to be of significant value to the system trader who wants to follow a long-term quasi buy-n-hold strategy with a market timing entry and exit. Read exactly what they will be testing here.

Everyone remembers the scene in The Social Network where Zuckerburg cuts his co-founder out by diluting his stake in the company. The Business Insider has a source who has provided the actual email sent from 20-year old Zuckerburg to his lawyer whereby the go-ahead was given to draft the paperwork which would ultimately result in the dissolution of their partnership.

Read the email here.

From Bloomberg: “Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency’s website today.”

And CNBC has more here: “Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation’s banking system and after Greece’s leaders failed to agree on a coalition government.”

Simply uncanny, the mirroring of the two indices…

Peter Brandt lets the charts speak for themselves, but notes that the completion of these patterns “signifies a major trend change.”

See the charts and read Brandt’s commentary here.

On Thursday, an auditor from the Government Accountability Office told Congress that a large, vacant area of federal land “contains about as much recoverable oil as all the rest the world’s proven reserves combined.” The GAO testimony continued, stating that the feds were in “a unique position to influence the development of oil shale” since it is primarily under federal land.

Read the rest of the article here.

JPM is allegedly unable to close the trades that are causing the hemorrhaging. With sharks circling a “wounded whale oozing blood”, Mendoz wonders how much higher than $2 Billion will the final tally be?

Read the article here.

As lawmakers grow weary of waiting on Greece to put into place reforms, the ECB is facing the distinct possibility that Greece may exit the Eurozone. The ECB would suffer massive financial losses, and the results of an exit could be disastrous.

Read the rest here.

Sober Look examines the damage that will likely be caused to the Eurozone should Greece exit.

Read the commentary here.

The Californian deficit estimate is adjusted 4 months after it was made to be 58% higher than previously guessed. What would you guess is Governor Brown’s solution to this crisis?

Read the article here.

Obama’s recent “All of the Above” energy strategy recently took an odd if not predictable twist when it left out the source responsible for almost half of the U.S. electricity production. Screen captures document the Obama administration’s bumbling and stumbling as they attempt to “fix” the publication.
Read the article here.