Our Market Pulse Indicator is getting in the rebound region. NYSE McClellan Osc closed at -241 and its NAZZ brethren closed at -141. We are deeply oversold here and next week is June Options Expiration Week. The puts bought in the last few days must go worthless by next week. So expect at least a dead cat bounce here.
The caveat is XLF. The Financials are in deep trouble. Best example is LEH (short bias) and SKF (long bias).