The market was already on its heels and sank lower today after a sharp fall in the latest home sales report. Stocks were weak pretty much across the board. GOOG fell another $12.68 to close just above the $450 level. Just 2 weeks ago, GOOG was trading around $500/share! ISRG continued to stumble, down $13.82; ISRG was trading around $320 just 1 week ago. PCLN, which recently popped up to $310, gave up $8.02 today to close at $291.80.
We took some profits off of MLM puts, which we have been holding for more than a week:
August 24, 2010
12:54 | HappyTrading MLM ($72.65) Sold to Close 09P75 Sep 75 put, at $4.20 +58%
MLM was down 5.46% today and VMC lost 2.79%.
There were some stocks, here and there, that bucked the trend. CRM, which reported strong earnings last Thursday, still gained $1. TSL had initially traded lower after its earnings report this morning, but, finished up +5.76%. TSL delivered a strong quarter and gave a robust outlook.
The Dow was down 133.96 points; SPX fell 15.49 points; Nasdaq tumbled 35.87 points:
XME (metals and mining) dropped 3.07%. USO (oil) fell further, but, OIH (oil services) actually saw some strength, closing flat. GLD (gold) and SLV (silver) both went higher. XLF (financials) lost 1.67%. INX2 (internet) slipped 1.83%. FXI (Chinese ADRs) was down 1%.
SPX
SPX fell 15.49 points to close at 1051.87. Its daily MAs curved down and MACD went lower.
Nasdaq
Nasdaq tumbled 35.87 points to close at 2123.76. It closed at its daily lower BB.
Both SPX and Nasdaq fell to their respective daily lower BB. The daily MAs have curved down and are about to enter a new bearish formation. VIX popped up to close above 27 and can easily test 30. The market has started to roll downhill. There may be bounces here and there, but, the momentum is on the downside now. Until we start to get consistently positive economic data, any rally could be short-lived, and we could see the June support (SPX 1020) tested soon.
Good night and HappyTrading! ™ 
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