Thursday's major earnings reports include IBM ( IBM ), Google ( GOOG ), Morgan Stanley ( MS ), and Chipotle Mexican Grill ( CMG ). After Tuesday's bounce, traders were starting to throw up their hands and assume we would rally back to highs like we have done repeatedly so far this year, but yesterday's sell-off has reinvigorated bears. The intense sell-off of the Gold ETF (NYSEARCA:GLD) after it broke below its major support level of $148.50 shows that the Fed's actions are becoming incrementally less effective, and worries of deflation are resurfacing again.