Wall Street was lower today giving up yesterday's gains. July pending sales of existing homes fell to the lowest level in 5 years. There are concerns about the likelihood of an interest rate cut still weighing on the market.

The NYSE had volume of 2.9 billion shares with 925 shares advancing while 2,398 declined for a loss of -115.51 points to close at 9,583.17. On the NASDAQ, 1.9 billion shares traded, 999 advanced and 1,991 declined for a loss of -24.29 to 2,605.95.

Tyson Foods (NYSE: TSN) fell $2.84 (-13%) to $19.17 after cutting profit forecasts. Jones Soda Co (NASDAQ: JSDA) lost $0.64 (-6%) to $10.07. Crocs (NASDAQ: CROX) fell $3.53 (-6%) to $55.93. KB Home (NYSE: KBH) traded lower $1.52 (-5%) to $29.25. Sotheby's (NYSE: BID) slipped $2.09 (-5%) to $41.97.

In options there were 5 million puts and 4.8 million calls traded for a put/call ratio of 1.05. Apple Computer (NASDAQ: AAPL) had heavy volume on the September 145 calls (APVII) with over 49,000 options trading. The September 150 calls (APVIJ) saw almost as much activity with over 47,000 options trading. Apple reported it lowered the price of the iPhone. Altria Group (NYSE: MO) moved heavy volume on the September 70 calls (MOIN) with over 44,000 options trading. Kraft Foods Inc. (NYSE: KFT) traded volume on the September 30 calls (KFTIF) with over 40,000 options trading. United Parcel Service (NYSE: UPS) saw heavy volume on the September 65 calls (UPSIM) with over 20,500 options trading.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Disclosure note: Mr. Kersten owns and or controls a diversified portfolio of long and short positions that may include holdings in companies he writes about.

The markets saw broad selling pushing the Dow Jones Industrial Average down another 207 points to the bottom of the correction range. From a technical standpoint the DJIA the down broke through support at 13,041; but is still above the numerically significant 13,000 level.

The NYSE had volume of 3.8 billion shares with 440 shares advancing while 2,924 declined for a loss of 174.59 points to close at 9,254.27. On the NASDAQ, 2 billion shares traded, 797 advanced and 2,234 declined for a loss of 43.12 to 2,499.12.

With all the market volatility, options continued to be very active. In options there were 7.6 million puts and 6.2 million calls traded for a put/call open interest ratio of 1.21. Coca-Cola Co. (NYSE: KO) saw heavy volume on the January 45 calls (KOAI) with over 44,000 options trading. General Motors (NYSE: GM) tallied volume on the August 30 calls (GMHF) with over 31,000 options trading. American Express (NYSE: AXP) saw heavy volume on the January 60 calls (AXPAL) with over 28,000 options trading. Home Depot (NYSE: HD) moved heavy volume on the August 45 puts (HDTI) with over 90,000 options trading.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Disclosure note: Mr. Kersten owns and or controls a diversified portfolio of long and short positions that may include holdings in companies he writes about.