The market is extremely oversold as the chart below shows. The last time the market was more oversold was in August when S&P downgraded the US credit rating. We will be dropping negative readings for 8 out of the next 10 days and 5 out of the next 6. We are dropping a small negative reading today so its possible for us to get a little more oversold but this is extreme.
Facebook has raised its IPO size and its now possible it will be over $18 billion. That is a huge cash drain on the market and it is possible that this has been contributing to the weakness.