More pain for shorts...stocks came off their lows at 10 a.m. ET as New Home Sales come in much stronger than expected, bucking every major housing report so far.
There has been a lot of pain because many traders had been set up to be short stocks and Treasuries this year. That trade has not worked out. Many traders face another year of underperformance for wrong bets.
—By CNBC's Bob Pisani