Eugene, can you please tell the ignorant masses where today's action falls in your Efficient Market Hypothesis?
I suggest that in a world where high frequency trading is the bulk of the market action, the hypothesis is just that; something to jerk off to down in Hyde Park because obviously the world they are discussing doesn't exists.
The markets are broken, friends; they don't work for you and me. They only work for the insiders, and even an administration change which promised Hope and Change won't change this.
Again, Lucky Luciano was extremely correct in saying “I realized I’d joined the wrong mob” after taking a tour of the stock market.
Denninger and Zerohedge provide much more analysis of today's flash crash of Progress Energy Inc. In summary - you have to be stupid to play in and think you can beat this market. It's royally rigged.