With all the bad news, what will happen today?

With all the bad news yesterday with Wachovia's and other profit losses as well as higher initial jobless claims rising to 478,000 last week, I wonder how volatile the markets will be? I just bought SanDisk (SNDK) at 9.60 because it fell over 30% in one day on news that Samsung dropped its bid to acquire it. When there's negative news, the stock markets usually overreact, taking time to correct itself.