SPY is looking like it could open down over 1% this morning.  While a 1% gap may have been considered small in the fall of 2008, this would be only the 3rd time this year that SPY gapped down as much as 1%.  Below I have listed all 1% gap downs since the beginning of 2012, and how they fared from open to close.

More often than not they have gained back some losses during the day, but it certainly has not been a lock.  Good luck trading today.