Editor's Note: I contemplated long and hard about whether or not to release the below long trade, but since we are at such a critical point in the market I believe it is best to wait until we know whether or not the market is going to break down further, or give us a relief rally. I think there has to be a bounce soon but I have been saying this since late last week. And long trades should be managed with caution because the bounces can be violent and are likely to be short lived. In either scenario you should know early tomorrow whether this trade set-up is going to work. And if you take it honor stops and protect profits as things can reverse quickly in these conditions.

Long ALTR (Altera Corp, close $24.96) - The stock is forming a bull flag on the daily chart and has comeback to test its 20-day, 50-day, and 100-day SMA's from above. In addition, the stock has a prior support/resistance level in the $24.10 to $24.50 area. Targets are $26.00 and $26.60.