Action in today’s stock market slide makes me appreciate day trading even more. Generally, if I hold a stock overnight, it should be because I already have a profit, and my position is not taken out by predetermined stops. Land mines are inevitable in this game. Today, one went off for those holding on the long side. I won’t be looking to buy, until I see some strength in an issue. Let’s look at some sectors.

The OIH - Oil Service Holdrs, was a good short today, as it touched the trendline, stalled, and went right back down. Notice the flat moving averages. They’re very indicative of oil stock action. No trend. One day they’re up, and the next…who knows! I should have known better holding an energy stock (SU) for more than a day trade recently. Day trade this sector for now.

The Internet Holdrs - HHH, dropped close to trendline support on their weekly chart. EBAY, YHOO, and AMZN are the three main traders for me in that group. EBAY and AMZN dipped near their daily 50 day moving averages with some significant wide range bars. YHOO has been a little stronger. It held it’s 20 dma today. I’m looking for some shorts on weakness if those moving averages are broken. I will also look to short a trading pattern that bounces and then provides a lowerlow candlestick.

A couple of stocks that look interesting for tomorrow include RIMM, and NTRI. RIMM broke out of it’s base with decent volume.

After gapping higher a little over a week ago, NTRI has pulled back and trading reversed to the upside today.

I’ve been watching TSL move higher about every day the last few weeks, thinking… Why am I not in this beast?

I’ve still got FCEL. DSTI has been a runner in that group. SU decided to stop me out, as oil stocks showed some early strength today. KALU put in a higher low and high. Homebuilder stocks look weak. FIG had some nice follow through.