 Submitted By Andy Wang
from MyHappyTrading.com by HappyTrading! ™
 The market was stunned by a slew of bad economic news! Both the unemployment and the retail data pushed the bulls over the cliff! Commodities and techs continued their downward spiral. The market opened down and slid lower as the day went. The financial followed the market lower: GS -4%; MA -5.49%; MER -7.48%; BAC -7.16%. The big tech names took another hit today: GOOG -3.05%; RIMM -6.35%; AAPL -3.44%; BIDU -7.54% (down $22.11).
There were lots of intelligent comments today in our Trading Room. Members jumped on puts early in the morning and cashed them out throughout the day.
good morning!
market
VIX going higher; be careful…
MOOs
could be on a new leg down.
anyone still holding the LM puts with me?
we’re in the sept 40 puts…patience pays off!!
just locked down a 100% winner on the sept 48 qqqq puts, bought aug 21!!!
TRIN nasdaq at 2.05 and spiking up from 1, Bear ugly
TRIn NYSE at .973, mixed neutral
XME
also looks weak; coals and steels.
Ouch! We broke some important levels: S&P 500 1260, Nasdaq 2300
Markets have more room to move down on the short term chart before becoming oversold (60 min charts)
VIX
above 23; could test 24 from here.
vix cooking, dow could be down 350 today, and vix up to 25
VIX…resistance at 24.20. market could bounce there.
cashing out on puts
VIX might go to 24, but, don’t want to get caught with a possible gap-up tomorrow morning.
Great Trading everyone!  You can see these comments as they are made during the market hours. Come join the conversations in our Trading Room where we share our thoughts, ideas, and information on the market daily!
The Dow finished down 344.65 points; SPX dropped 38.15 points; Nasdaq tumbled 74.69 points:
VIX jumped +12.13% to close just above 24. INX2 (internet), SOXX (semiconductors), BTK (biotechs), and SWH (software) all recorded big losses with INX2 down 4.21%. XME (metals and mining) fell another 5.59% while GDX (gold miners) stumbled 4.14%. USO (oil) lost 1.61%, but, UNG (natural gas) bounced back for a slight gain of +0.95%. MOO (agriculture) gave up 3.76%. FXI (Chinese ADRs) lost almost 5%.
SPX
SPX lost 38.15 points to close at 1236.83. It closed just below the 1240 level. The MACD went down.
Nasdaq
Nasdaq tumbled 74.69 points to close at 2259.04. It closed above the 2250 level. The MACD curved lower.
The market has been getting weaker and weaker since the beginning of the week. The unfavorable economic news today finally pushed the market over the cliff. There were almost no buyers in sight. The market overall still looks weak, but, could be oversold in the near-term. VIX closed just above 24, and is showing tops on the intraday charts. So, we could see some bounces on the market tomorrow. But, 25 is another breakout point for VIX. Also, tomorrow is Friday, so, people might want to hold on to their cash over the weekend. Commodities tried bouncing early in the morning today and got driven lower. They do show more room on the downside. Looks like another volatile day tomorrow. Trade carefully!
Good night and HappyTrading! ™
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