Attack of the high-frequency computer-traded algorithms.
The DJIA is off 204points or 2%, to 10,368. It just got a big bounce, as literally five minutes ago it was down to 10,264, making the chart below a little worse-looking that where the market is trading. In a volatile market like
this, I shan't (fake word?) worry about charts that are irrelevant after five minutes...
There's no reason the expect that yesterday's selling was about to end, especially given the comments yesterday from NYSE CEO Duncan Niederauer. The NYSE may have "slowed" the selling, but that doesn't mean investors were done.
"WE TRADE AS FAST AS EVERYBODY ELSE WHEN IT IS SUITABLE WE ALSO RESERVE THE RIGHT TO SLOW THE MARKET DOWN
WHEN WE THINK THAT IS APPROPRIATE, AND TODAY IS ONE OF THOSE DAYS."