The market fell over 400 points (3%) during the afternoon session today, and we still have 2 hours until the market closes.
European markets went into freefall this morning after Spain announced the cancellation of a government bond auction and Italy priced in a terrible bond auction last night.
Oil closed down about 6% on the day and both gold and silver are taking a serious beating as well.
This is what occurs during panic selling when the market is highly leveraged (borrowing money to purchase stocks). If it turns down then investors have to sell everything to cover margin calls.
With Japan, Switzerland, and Europe all providing a form of quantitative easing over the past 24 hours, the world now waits for the man known as helicopter to bring us his grand finale.