GE- Would it be a bargain now?

GE gap down by 4.70(about 12%) after reported First quarter earnings below expectations and issued disappointing outlook for 2008.

Despite all these disappointing outlook, GE is a well known established company. current price fall to 32.00. The next strong support level would be 31.00.

Would it be a good bargain for a long term investor?
Should the price fall below 31.00, we could just put a stop order at 30.80 to protect our capital.
Or just apply a covered call strategy in this case (if the stock price trading between 31-33 for 1 year, it would have generate at least 30% return for a year. Not bad for a passive investment.)

This could be a decent long term play since big player might go in to grab the company share at the bottom.
We might see this stock at the congestion period for a while before it pick up in price and volume.
If institutional players are accumulating GE shares. Should them?

But, i am not rule out that big players might test out the 31.00 support for a while before they really accumulating GE shares. So, should we pay a bit patience in this play?