I was just emailing someone a few hours ago that I did not think this was the bottom, and that before its said and done that 200 day moving average has to be broken. If nothing else, to flush out the technical traders, who will sell on that break. Bigger picture we have had little panic, and aside from yesterday it has been very methodical trading to the downside. I like to see a 'flush' selling moment to get constructive at the end of these selloffs, or at least to play a more tradeable bounce. It doesn't always work out that way, but usually it does.
As I type the S&P 500 has now given up gains on the day and is slightly negative. 1262 is what everyone is watching, and then 1250 below that (March intraday lows). I'd like to see both those broken and more emotion out there, rather than the serial bottom callers.
On a side note - I'm glad that Pandora (P) IPO blew up. Great fun service, not a great company and reminiscent of the 1999 version of IPO. CEO talking abstract nonsense on CNBC yesterday morning, and could not name a moment in the future the company might actually make money. Lemmings still ran into the stock, but now are jumping off cliffs. Flabbergasted the NYSE was willing to give this sort of company a coveted 1 letter symbol!