I look for deteriorating fundamentals WITH a catalyst although that has not been much use in the last 18 months. That to me is the tell that maybe it is done. That's for a trading short. I am looking for those all of the time. I'm looking for real problems not just a quick trade.
Day trading is a tool, one of the things in the arsenal, no more than that.
In fact, there are many many people who make a living day trading. I am long Lycos although I took some off the table today. I think that the big issue will be whether Terra's currency does hold up and I am concerned about that. Bill is right, but that doesn't mean you can make money with it. Dell was a crowded short, meaning too many people were short it and it wasn't BAD enough.