Poised for a sentiment-related bounce?

The market closed at its lows today. Volume expanded on the NYSE, setting up the S&P 500 for its 2nd consecutive distribution day. The volatility indexes (VXO) started to get a little spiky today, and the CBOE put/call ratio ran above 1.0 all day.

Rita just got upgraded to a Category 5 hurricane, so let's all hold our breath that the storm calms some or changes its course. Another hurricane is the last thing that region needs. Oil didn't make much headway today, closing around $66, so maybe the hurricane fears are adequately priced in.