Not extremely oversold, but did break below previous low.
I don't like talking about political stuff much in here because I think the strength is my charts, and those are a lot easier to update.
However, with the JPM stuff: The government is saying this is why we need tighter regulations. So, wait a second, we (investors, businesses, banks) are not allowed to lose money and regulations are going to stop that? I get it, JPM took a bailout so they shouldn't have been gambling. However, they shouldn't have been bailed out in the first place.
I've got a few ideas:
1) enforce existing laws and regulations before creating more.
2) let the market perform regulation - bad banks fail, other banks will likely not take same steps immediately
3) break up too big to fail - if something is so big that it is possible to have a gargantuan loss that can broadly affect markets, cause the federal government to throw a hissy fit, and affect the economy, it is probably too big.
For those who haven't seen how we got to "Too Big too Fail"
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