Dow[n]

So how does the most liquid stock market in the world drop 200 points in less than one minute? Either they had a technical screwup [*apparently the case] or somebody big wanted out fast. I don't know which is scarier for the market.

With few exceptions, CNBC bubble-heads are currently assuring everyone that this is a good thing, sure to be over in a couple days at worst, a great buying opportunity. The normally semi-sober David Faber just opined that people are "...not panicking, not concerned in any real way." We'll see.

Oh, and is there a bigger idiot on TV than Larry Kudlow?

From Marketwatch

*if you blinked at around 3 p.m. Eastern, you would have missed the knockout punch, as the blue-chip barometer plunged nearly 200 points in an instant. The move was so severe that many believed it was just a computer glitch. "It happened, but it didn't really happen," said Steve Goldman, chief market strategist at Weeden & Co. He said the move was "right" in the fact that the market was down about 500 points, but it was wrong in the size of the index's move at that moment.

A look at an intraday chart of the Dow shows a sudden move from around 12,343-- a 289-point loss on the day -- at 2:58 p.m. Eastern to about 12,165 -- a 467-point loss -- within the next minute. "I believe that stock data was just not being updated in a timely fashion," Goldman said. "When it was, right around 3 p.m., the index just fell."