The extreme negativity mid-week was setting the market up for a rebound before the market received a one-two punch. Two days ago Cisco warned that enterprise IT spending is slowing, which dragged heavily on tech stocks yesterday. Still stocks managed to rebound somewhat. After yesterday's close JPMorgan, supposedly the poster boy for a responsible bank, revealed massive speculative trades that have gone wrong. While the size of the losses relative to JPMorgan's earnings is small the psychological impact is large. This increases the possibility of another push lower. The good news is that we will be very oversold if we do get another push lower.