Today is Mar 9 for bears
Today's action illustrates why it's always a bad idea to short the market. Let's take a hypothetical investor who bought S&P in Oct 9, 2007 exactly at the 1565 peak. By Mar 9 2009 he would reach the 666 trough and be down 57.5%. From Oct 2007 to Mar 2009 the index was paying a dividend yield of about 3% a year. The 54% overall paper loss is all that he was facing on Mar 9 this year.
Now, take another hypothetical investor who shorted the market on Mar 9 at 666. Today, at S&P 1030, he is sitting on a 54.5% paper loss, and that before the dividends he had to pay. The anguish and despair in the bear camp must be greater than anything the bulls were facing on that Mar 9 afternoon. We are not even close to regaining the previous high of 1565, and yet the bears already managed to lose their shirt.