"Early price action was positive after news over the weekend that Spain was given up to $125 billion in credit to assist their banking system," said Schaeffer's Senior Equity Analyst Joe Bell. "After the initial pop at the open, we quickly experienced a reversal that pushed almost all sectors into the red." Indeed, it didn't take long for the skeptical mood to take hold, knocking the Dow Jones Industrial Average (DJI) down by nearly 156 points at its late-session low.

Keep reading to see what else was on our radar today:

• Did Wall Street "buy the rumor, sell the news" on Spain?
• We're watching two significant technical levels on the S&P 500 Index (SPX).
• Plus, now you can analyze charts with Bernie Schaeffer and the Schaeffer's trading team.

The Dow Jones Industrial Average (DJI – 12,411.23) began the day in the black, reaching the 12,650.47 level right out of the gate. But the positivity didn't last too long as the Dow lopped off nearly 143 points, or 1.1%, to land just atop its session low of 12,398.48. All but four of the 30 components suffered defeats, as Bank of America (BAC) paced the 26 laggards with a 3.7% decline. Verizon (VZ) led the winning minority with a 0.3% rise.

The S&P 500 Index (SPX – 1,308.93) pulled back 16.7 points, or 1.3%, while the Nasdaq Composite (COMP – 2,809.73) notched the largest loss of its fellow benchmarks, falling 48.7 points, or 1.7%.

The CBOE Market Volatility Index (VIX – 23.56) turned in its first daily gain in a week today, jumping roughly 11%, and ending at its session peak.

Today's highlight: "There wasn't much to cheer about today, as it seems we experienced a 'buy the rumor, sell the news' situation with Spain," reflected Bell. "The SPX once again struggled with the 1,333 area that we talked about earlier today, as the potential 'good news' this morning did little to calm this market volatility. With Spain's rescue out of the way, many investors will now be eyeing Italy's economy and the upcoming Greek elections this Sunday.

Turning to today's major market stories...

• Are selling climaxes another sign of a positive turnaround for the market?
• Analysts adjusted their positions on semiconductor issues Broadcom (BRCM) and oil titan Marvell Technology Group (MRVL).
• Facebook (FB) options players seem to be taking things a bit slow.
• Ahead of earnings, skeptical options traders surround Kroger (KR).
• A bear put spread was initiated on Wells Fargo & Company (WFC).
• Stockholders could be writing covered calls on Dunkin' Brands Group (DNKN) to protect against a stagnation.
• Retailers Target (TGT) and SUPERVALU (SVU) were among today's equities making record-breaking moves.
• Put players rolled out their bets on PulteGroup (PHM) and rolled down their positions on Green Mountain Coffee Roasters (GMCR).
• Schaeffer's Columnist Adam Warner compared the CBOE put/call ratio to the VIX.
• Bernie Schaeffer On Charts: Two ways of looking at Research in Motion (RIMM) charts.

For today's activity in commodities, options, and more, head to page 2.