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It will be go down as the biggest point decline for the dow industrials in a matter of ten minutes. trillion dollars. we had a big rebound. saw the worse closing in a year for the dow. we are down, as you said, 85 points. don, what happened? most of the traders here telling me this was computerized trading and what happens in this market is electronic trades run this market, not the people on the floor next to me. they do not run most of the trades anymore. this is computering running faster than humans. a lot of speculation over quote, unquote, fat finger a trader made. nothing behind that as...

Scavengers? what are you talking about? >> not talking about day traders. not with the volume we had. you're talking about professional institution on wall street. hedge funds, money managers who basically just put -- basically they're limit orders the same ways would as an individual investors that says when these things start to come down, let's sell into it. it's like rolling a ball down a hill. the more -- you know, the further you go down, the more it accelerates. that's what we saw with nearly 1,000 point decline. >> it's not only greece but there are deep concerns about the debt of spai...

Do you buy that? >> i think it's very much a part of today's market performance. we can't put aside fundamentals. what is going on -- >> neil: could this have happened in a up market? >> as dagen said a25 point decline in proctor and gamble is worth 170 dow points. a 18 point decline in 3m -- if you add those together and realize how much of the market is programmatic, futures versus cash that, fact could have caused 25% of what we saw at the bottom. we recovered 66%. >> neil: but it's not a done story. believe me, i'm hardly the wet blanket. when i watched the sectors when we were in the midd...

This is not about the economy right now. this is about the stock market that has gone straight up for now almost ten years of expansion and old expansion. this is what is looks like in the late stages of expansion when you have a bond market telling you the economy could get overheated. >> we are still up 30% since election day, the dow. it is tough to couple that because the president is cheering. is this live by the sword or die by the sword? >> this is why treasury secretaries and presidents don't talk about the market as a cheerleader. this president has taken a new role as cheerleader in ...

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