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Bulls Blow it Into the Bell, VIX Creeps Back Up

Fear slowly trickled into the market as the focus has shifted back to Europe where equity markets and the euro faltered on disappointing economic news.

Stocks started to weaken again in the last few hours on Thursday and traded pretty poorly into the bell, closing virtually at the lows from the morning. There really was not any major news that hit the tape in the back half of the session, so the real catalyst for selling was most likely technical. Once the 1130/1128 technical level was breached, that seemed to bring on some losses.

The Dow Jones Industrial Average closed down by 76.89 points, or 0.72% at 10,662, the S&P 500 finished lower by 9.45 points, or 0.83%, at 1124 and the Nasdaq closed down by 7.47 points, or 0.32%, at 2327.

The CBOE Volatility IndexI:VIX traded over $24.00 intraday, came back in a bit and finished the session up $1.36, at $23.87. Fear slowly trickled back into the market as the focus has shifted back to Europe where equity markets and the euro faltered on disappointing economic news. VIX put volume of 64,000 contracts compared to call volume of 90,000.

The SPDR S&P 500 ETF (SPY) - Get SPDR S&P 500 ETF Trust Report closed down $0.92, at $112.50 and continues to drift lower in the after market. SPY put volume of 1.04 million contracts compared to call volume of 560,000, with October 100 puts the most active trading 148,645 contracts.

The PowerShares QQQ Trust (QQQQ) finished down $0.02, at $48.67. QQQQ put volume of 335,000 million contracts compared to call volume of 240,000, with November 49 calls active on 24,045 contracts.

The corporate and economic calendars will be quiet for Friday. The only notable company reporting before the bell is KB Home (KBH) - Get KB Home Report. Economic data due to be released tomorrow includes: Durable Goods Orders at 8:30 a.m. EDT and New Home Sales at 10:30 a.m.

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