Yesterday stocks attempted to rebound from Monday’s rout, only to fail in the last 15 minutes of the session, falling more than 300 points to close down 204 for the session (Dow Jones Industrial Index). Today we have witnessed another attempt to rally stocks, with the Dow entering the last hour of trading up 408 points. It will be interesting and instructive to see how stocks react during this final hour. Should we see another failed rally end the session with stocks down for the day, investor confidence will likely suffer. Whether or not stocks end down today, my expectation is for further downside before we see a significant bottom set. A good short-term target for the S&P 500 is 1,820, which is the low during last Octobers correction. I will attempt to buy select stocks with limit orders if the overall market continues down, and will get more aggressive near that 1,820 level (if we get there). Further downside to 4,000 on the Nasdaq Composite would offer a very attractive entry point.