Editor's Note:

No new trades tonight.

The market looks vulnerable to more declines but the S&P 500 is still holding above support at the 1430 level. The NASDAQ composite, while weak, is still above support near 3040.

If you feel compelled to trade you may want to consider bearish positions on the SPY, the DIA, or the IWM if we see the indices breakdown to new relative lows.

I am providing a list of candidates that caught my eye and may have potential as trades in the near future:

(bullish ideas) HII, SWN, UAN, HMIN, NWL, BONT, ROVI, SLM, VMED

(bearish ideas) BMY, VLO, ARUN, TRIP, DMND,