diff --git a/Python/peephole.c b/Python/peephole.c
index e9da377..a3dda9c 100644
--- a/Python/peephole.c
+++ b/Python/peephole.c
@@ -13,7 +13,12 @@
 
 #define GETARG(arr, i) ((int)((arr[i+2]<<8) + arr[i+1]))
 #define UNCONDITIONAL_JUMP(op)	(op==JUMP_ABSOLUTE || op==JUMP_FORWARD)
-#define ABSOLUTE_JUMP(op) (op==JUMP_ABSOLUTE || op==CONTINUE_LOOP)
+#define CONDITIONAL_JUMP(op) (op==POP_JUMP_IF_FALSE || op==POP_JUMP_IF_TRUE \
+	|| op==JUMP_IF_FALSE_OR_POP || op==JUMP_IF_TRUE_OR_POP)
+#define ABSOLUTE_JUMP(op) (op==JUMP_ABSOLUTE || op==CONTINUE_LOOP \
+	|| op==POP_JUMP_IF_FALSE || op==POP_JUMP_IF_TRUE \
+	|| op==JUMP_IF_FALSE_OR_POP || op==JUMP_IF_TRUE_OR_POP)
+#define JUMPS_ON_TRUE(op) (op==POP_JUMP_IF_TRUE || op==JUMP_IF_TRUE_OR_POP)
 #define GETJUMPTGT(arr, i) (GETARG(arr,i) + (ABSOLUTE_JUMP(arr[i]) ? 0 : i+3))
 #define SETARG(arr, i, val) arr[i+2] = val>>8; arr[i+1] = val & 255
 #define CODESIZE(op)  (HAS_ARG(op) ? 3 : 1)
@@ -245,8 +250,10 @@
 		switch (opcode) {
 			case FOR_ITER:
 			case JUMP_FORWARD:
-			case JUMP_IF_FALSE:
-			case JUMP_IF_TRUE:
+			case JUMP_IF_FALSE_OR_POP:
+			case JUMP_IF_TRUE_OR_POP:
+			case POP_JUMP_IF_FALSE:
+			case POP_JUMP_IF_TRUE:
 			case JUMP_ABSOLUTE:
 			case CONTINUE_LOOP:
 			case SETUP_LOOP:
@@ -338,29 +345,24 @@
 	assert(PyList_Check(consts));
 
 	for (i=0 ; i<codelen ; i += CODESIZE(codestr[i])) {
+	  reoptimize_current:
 		opcode = codestr[i];
 
 		lastlc = cumlc;
 		cumlc = 0;
 
 		switch (opcode) {
-
-			/* Replace UNARY_NOT JUMP_IF_FALSE POP_TOP with 
-			   with	   JUMP_IF_TRUE POP_TOP */
+			/* Replace UNARY_NOT POP_JUMP_IF_FALSE 
+			   with    POP_JUMP_IF_TRUE */
 			case UNARY_NOT:
-				if (codestr[i+1] != JUMP_IF_FALSE  ||
-				    codestr[i+4] != POP_TOP  ||
-				    !ISBASICBLOCK(blocks,i,5))
+				if (codestr[i+1] != POP_JUMP_IF_FALSE
+				    || !ISBASICBLOCK(blocks,i,4))
 					continue;
-				tgt = GETJUMPTGT(codestr, (i+1));
-				if (codestr[tgt] != POP_TOP)
-					continue;
-				j = GETARG(codestr, i+1) + 1;
-				codestr[i] = JUMP_IF_TRUE;
+				j = GETARG(codestr, i+1);
+				codestr[i] = POP_JUMP_IF_TRUE;
 				SETARG(codestr, i, j);
-				codestr[i+3] = POP_TOP;
-				codestr[i+4] = NOP;
-				break;
+				codestr[i+3] = NOP;
+				goto reoptimize_current;
 
 				/* not a is b -->  a is not b
 				   not a in b -->  a not in b
@@ -400,16 +402,16 @@
 				break;
 
 				/* Skip over LOAD_CONST trueconst
-                                   JUMP_IF_FALSE xx  POP_TOP */
+				   POP_JUMP_IF_FALSE xx. This improves
+				   "while 1" performance. */
 			case LOAD_CONST:
 				cumlc = lastlc + 1;
 				j = GETARG(codestr, i);
-				if (codestr[i+3] != JUMP_IF_FALSE  ||
-				    codestr[i+6] != POP_TOP  ||
-				    !ISBASICBLOCK(blocks,i,7)  ||
+				if (codestr[i+3] != POP_JUMP_IF_FALSE  ||
+				    !ISBASICBLOCK(blocks,i,6)  ||
 				    !PyObject_IsTrue(PyList_GET_ITEM(consts, j)))
 					continue;
-				memset(codestr+i, NOP, 7);
+				memset(codestr+i, NOP, 6);
 				cumlc = 0;
 				break;
 
@@ -498,27 +500,49 @@
 				   "if a or b:"
 				   "a and b or c"
 				   "(a and b) and c"
-				   x:JUMP_IF_FALSE y   y:JUMP_IF_FALSE z  -->  x:JUMP_IF_FALSE z
-				   x:JUMP_IF_FALSE y   y:JUMP_IF_TRUE z	 -->  x:JUMP_IF_FALSE y+3
+				   x:JUMP_IF_FALSE_OR_POP y   y:JUMP_IF_FALSE_OR_POP z
+				      -->  x:JUMP_IF_FALSE_OR_POP z
+				   x:JUMP_IF_FALSE_OR_POP y   y:JUMP_IF_TRUE_OR_POP z
+				      -->  x:POP_JUMP_IF_FALSE y+3
 				   where y+3 is the instruction following the second test.
 				*/
-			case JUMP_IF_FALSE:
-			case JUMP_IF_TRUE:
+			case JUMP_IF_FALSE_OR_POP:
+			case JUMP_IF_TRUE_OR_POP:
 				tgt = GETJUMPTGT(codestr, i);
 				j = codestr[tgt];
-				if (j == JUMP_IF_FALSE	||  j == JUMP_IF_TRUE) {
-					if (j == opcode) {
-						tgttgt = GETJUMPTGT(codestr, tgt) - i - 3;
+				if (CONDITIONAL_JUMP(j)) {
+					/* NOTE: all possible jumps here are
+					   absolute! */
+					if (JUMPS_ON_TRUE(j) == JUMPS_ON_TRUE(opcode)) {
+						/* The second jump will be
+						   taken iff the first is. */
+						tgttgt = GETJUMPTGT(codestr, tgt);
+						/* The current opcode inherits
+						   its target's stack behaviour */
+						codestr[i] = j;
 						SETARG(codestr, i, tgttgt);
+						goto reoptimize_current;
 					} else {
-						tgt -= i;
-						SETARG(codestr, i, tgt);
+						/* The second jump is not taken
+						   if the first is (so jump past
+						   it), and all conditional
+						   jumps pop their argument when
+						   they're not taken (so change
+						   the first jump to pop its
+						   argument when it's taken). */
+						if (JUMPS_ON_TRUE(opcode))
+							codestr[i] = POP_JUMP_IF_TRUE;
+						else
+							codestr[i] = POP_JUMP_IF_FALSE;
+						SETARG(codestr, i, (tgt + 3));
+						goto reoptimize_current;
 					}
-					break;
 				}
-				/* Intentional fallthrough */  
+				/* Intentional fallthrough */
 
 				/* Replace jumps to unconditional jumps */
+			case POP_JUMP_IF_FALSE:
+			case POP_JUMP_IF_TRUE:
 			case FOR_ITER:
 			case JUMP_FORWARD:
 			case JUMP_ABSOLUTE:
@@ -591,14 +615,16 @@
 
 			case JUMP_ABSOLUTE:
 			case CONTINUE_LOOP:
+			case POP_JUMP_IF_FALSE:
+			case POP_JUMP_IF_TRUE:
+			case JUMP_IF_FALSE_OR_POP:
+			case JUMP_IF_TRUE_OR_POP:
 				j = addrmap[GETARG(codestr, i)];
 				SETARG(codestr, i, j);
 				break;
 
 			case FOR_ITER:
 			case JUMP_FORWARD:
-			case JUMP_IF_FALSE:
-			case JUMP_IF_TRUE:
 			case SETUP_LOOP:
 			case SETUP_EXCEPT:
 			case SETUP_FINALLY: