It’s been another dismal day for US stocks as weak economic data and the ongoing credit crisis drag on investor confidence.

The Dow Jones industrials fell 105 points to 12,428, while the broader S&P 500 shed 11 points to 1342. The Nasdaq Composite dropped 18 points to 2324.

According to TheStreet.com:

Weighing on the market was a report from the Commerce Department that orders for durable goods dropped 1.7% in February — an improvement from the prior month’s revised 4.7% decline, but far short of the 0.7% climb that economists were expecting. Excluding transportation goods, durables orders sank 2.6%, missing the forecast by a wide margin and more than doubling from January’s decline.

Self-taught stock picker Charles Delvalle says looking for a bottom right now in the US stock market would be the wrong thing to do.

“Obviously the economy is still slowing and disappointing analysts. So long as it does that, the overall trend should still be down.

“Remember when I told you last week that I’d be shorting the bejesus out of the Dow at this level? Well it’s true! I don’t think the Dow will make it past 12,800. On the other hand, it could fall to 11,800 or even 11,600.”