At this point if you are looking for some natural support areas the 1175ish area from Nov 2010 looks like a good spot.
A bad unemployment number and gap down would be the 'best' thing tomorrow. A gap up, I would not prefer.
Today was the first day, after being patient with this selloff, I would have tried a foray into the long side but I was stopped out within a few hours. Any bad opening tomorrow would have me interested again.
So Ben Bernank's $600B of QE2 has been about halfway repelled in terms of 'wealth effect'. Another great use of our money. :)
Boy oh boy, just by having the fund open and being 100% in cash the past few weeks, I would have been off to a roaring start versus the indexes.