If the S&P breaks 1250 and then plummets to new lows, say 1100 or lower, they may well blink and do another 1/4 point cut at the height of the panic.
If that happens, it could be a multi-decade high in bond prices. Short the crap out of the 10 and 30 year, and back month Eurodollars. And JGBs for good measure.