The difference now, is that the smart money is stepping in EARLIER to buy the SOW, hence a lower result per share or more churn.
Of course much if not most of that SOW-buying must be the smart shorts covering. I think what we're witnessing is more and more competition for the supply of shares available on a selling day. They are stepping in and buying the SOW quicker, to beat the other smarts to the punch.
I'm trying to remember too, that during a bear market all the news is bad news and at the bottom the news is the worst. Can the news get much worse than low-end guidance and the CEO stepping down?