Call it a failure to lauch; the U.S. Commerce Department said Thursday that new home sales unexpectedly soared in April, marking the biggest jump in 14 years. The report ignited a positive swing in the S&P 500 pushing it into all-time territory. But for the fourth time this week, we had the record in our sights and sold off. What happened?

Jeff Macke says investors ran out of reasons to buy and the Dow dropped late day. The bulls are taking off for for the week-end and he anticipates more selling.

Guy Adami tells the panel that MKM Chief Economist Mike Darda (who appears on CNBC) says the supply side of the housing market has probably bottomed out and demand side will probably bottom out buy the Fall. Consequently, Guy recommends buying Toll Brothers (TOL) because they don’t have exposure to subprime.

Eric Bolling says money is still better invested elsewhere.  The worst might not be over. Eric adds that this might be the beginning of a 4%- 6% correction. He recommends 3 short ETF’s; ProShares Short S&P500 (SH),ProShares Short MidCap400 (MYY) and ProShares Short Dow30 (DOG) as hedge plays against a sell-off.

Pete Najarian says volatility usually leads the way in a sell-off, but Pete doesn’t see enough volatility to worry him.

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Trader disclosure: On May 24, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Najarian Owns (JPM), (SPF), (MU, (EMC), (BIIB), (FITB); Bolling Owns (T), (DIS), (ICE), (NMX), Gold, Silver, Coffee, Sugar