This is what a market crash sounds like in the pit

[muldoon]

does this sound like a single trade mistake? 

http://www.mediafire.com/?ng3mtaztmiv

[ScottA]

Sounds like a planned event.

[John Raabe]

I'll bet that guy went home with a sore throat

That was the sound of the old fashioned way of trading (in the pits). If that was where all the trading had been happening, this 1000 point loop the loop probably wouldn't have happened.

http://www.nytimes.com/2010/05/07/business/economy/07trade.html?nl=technology&emc=techupdateema1 - here's the current tech answer to how this happened.

It will be interesting to see who made the big bucks here. I know I would have loved to have had a big position at the bottom of that trough!

But, the longer the market confirms this by a drift downward, the more it becomes a sentiment change rather than just a tech event.