If it holds 12.1 going into the last 1/2 hour, we can get back to 12.5, but the shorts are very active today, (under cover of NAS), and will try to take it down again to shake out more longs.
Shorts are reloading. If they can get the stock below 12, they'll trigger a wave of selling into which they will cover most of their position.
I think there's also concern about stability of earnings in addition to margins. Hopefully, we'll put some of this to rest later in the week.