1250-55 is support from the Jan and March intraday S&P lows. I'd recommend covering any shorts as we approach that level, and maybe picking up a few calls for a short-term bounce. I'd say there's a good chance we get there tomorrow or Monday.
Yes, indeed. And then after a bounce and some irrational exuberance followed by many ET'ers declaring the "bottom is in," a further move down.