THE CLOSE

A brutal day for the longs as stocks got crushed and the recent market run up is about half gone as the SPX fell from 1290 to 1253 after seeing a low of 1200 a few days ago.

Strongest sectors- internets gold and biotechs while homies, gaming, real estate, banks and brokers were crushed.

VIX- higher by 11% and back to 23.6;

Volume - fairly strong at 1.6B shares traded;

Looking for a bounce from the 50% retracement area near 1245 as I doubt we go straight down after going straight up- but 1260 definitely wasn't support as expected.

How helpful was Cramer with his watch C and XTO - ok watching - what is it exactly that we should looking for- C was crushed and XTO was a bit higher after being way down for weeks.

And again it was the recent losers that were the biggest winners and now the big losers yet again- NYX LVS WYNN MGM C BAC etc etc.