Well we got the volatile day that I had anticipated with the high for the day being set in the first 8 minutes of trading.
From there it was a steady decline with very trade able rallies along the way. Take a look at the Day Trading Blog and see how we did http://www.lowriskdaytrade.blogspot.com/
I have attached the 1 minute chart of the S&P 500 to illustrate the clear direction of the market today. I actually thought at about 3pm that we might see my downside targets reached today, but the market was able to stabilize about 15 minutes later and close with a decent rally.
I am looking for the market to move a bit higher early tomorrow, probably to the 1490 - 1495 and then a full resumption of the correction. The most logical target now is 1446-1451 basis the S&P 500 cash index.
I will be posting a list of some short candidates, but being this close to the end of the correction these stocks should be utilized only for very aggressive traders.