Down 1% in 4 minutes

We went from 1076 to 1065 in 4 minutes from 3:23 PM.  There was no news.  That isn't a flash crash, but it shows you how little liquidity there is in this market.  Lots of volume, little liquidity.  Nobody wants to stand in front of the freight train because stocks are just lotto tickets, the fundamentals aren't supporting this market.  The credit markets are telling a grimmer story than equities.  Usually the credit markets are right.