Ditto, I was quite nervous watching the Dow plunge 60 points in the last half an hour to end up around 350 points down. What worried me about this is correction was that it was not confined to the financials. The SP500 also broke below 1490.

To answer your question, what I meant was that it has to close below the price and not just touch it intra-day. I think the closing price on the day was at around 1140 or so. I was only long for a day or so before I sold out.

I'm now looking to trade stocks predominantly from the short side. The Hang Seng index looks like it would be good to short soon.