No one wants to be the sucker that sells the lows, people are hoping for the bounce to sell to the other sucker above 1300. Investor pyschology is such that a bounce from here will be short-lived. People are conditioned to buy below 1300 so that's what's going on right now, it will work until the market finally receives its death blow, hope does delay the inevitable, but it just drags out capitulation further out into the future.