WALL ST >>> Sell At The Bell; Dow At 3 Months Low

DJIA Ends Choppy Session Down 1.24%

Stocks struggled to pick a direction today, as the Street weighed upbeat housing data and encouraging news from China against newfound concerns about the fiscal health of Europe. Early this morning, the National Association of Realtors said sales of previously owned homes skyrocketed a steeper-than-expected 7.6% in April, marking the best monthly increase in five months as first-time buyers scurried to cash in on a tax credit. Meanwhile, a welcome pledge from China to reform its exchange rate – as well as rumors that the country's central bank will postpone efforts to curb economic growth – initially boded well for the bulls. Nevertheless, news that the Bank of Spain rescued a regional lender for only the second time on record exacerbated fears of Continental debt contagion, and provided more than enough ammunition for the bears to claim the session. Against this backdrop, the major market indexes accelerated their losses in the final hour of trading, with the Dow Jones Industrial Average (DJIA) swallowing a triple-digit deficit.

Stock selling accelerated through the close, with the Dow ending at a three-month low as worries about the global economic outlook overshadowed a bigger-than-expected rise in existing home sales.The Dow Jones Industrial Average (DJIA – 10,066.57) gave up 126.8 points, or 1.2%, as 29 of its 30 components finished in the red. Leading the laggards were financial concerns Bank of America and JPMorgan Chase, while Home Depot bucked the blue-chip trend. Settling at its lowest closing price since Feb. 10, the Dow is now poised to finish the month south of its 10-month moving average for the first time since June 2009. However, the round-number 10,000 level helped to limit the blue-chip barometer's intraday retreat.

The S&P 500 Index (SPX – 1,073.65) ended on a deficit of 14 points, or 1.3%, extending its recent slide beneath its all-too-important 160-month moving average.

Finally, despite a valiant effort to stay in the black, the Nasdaq Composite (COMP – 2,213.55) succumbed to eleventh-hour selling pressure, surrendering 15.5 points, or 0.7%, by the close. Containing the tech-rich index's pullback, however, was support at its 10-month trendline.

After retreating in eight of the last nine sessions, crude futures settled a volatile session in the black today. Despite a stronger dollar, the front-month contract reclaimed support at the round-number $70-per-barrel level, as investors anticipate seasonally strong gasoline demand following the upcoming Memorial Day holiday. By the close, July-dated crude oil futures advanced 17 cents, or 0.2%, to finish at $70.21 per barrel.

Gold futures snapped a five-session losing streak today, as escalating concerns over Europe's economic health boosted the metal's appeal as a safe-haven investment. In fact, gold virtually disregarded a strengthening greenback, which typically spooks holders of foreign currencies from buying the dollar-denominated commodity. Against this backdrop, gold for June delivery added $17.90, or 1.5%, to settle at $1,194 an ounce.

SPANISH FLY

Sports Is Heating Up

Banks Are Melting Down

BEWARE!

This Is The New Game In Town

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