The Dow Miracle Plunge..

Never has been in the history of the Dow,an intraday plunge of 1,000 points.The world is really guessing and wondering why U.S. stocks plunged 9 percent in the last two hours of trading on Thursday before clawing back some of the losses.
Could it be the Greece crisis fear that is going to spread to other European countries and therafter spillover onto the US? Or maybe there is a genius who managed to hack the trading system with the help of hedge funds short sellers taking advantage of the slackening rules.Another financial conspiracy.What has happened to the circuit-breaker?
Some stocks dropped to nearly zero before rebounding. The following is a list of some of the biggest drops, as well as some large cap companies that had significant drops.
(COMPANY) (PREVIOUS PRICE) (LOW PRICE) (PCT CHANGE )
EEXCELON (EXC.N) ($34.68) ($0.41) (-99 )
BOSTON BEER (SAM.N) ($47.98) ($0) (-100)
CENTERPOINT (CNP.N) ($13.13) ($0.01) (-99.9)
BROWN & BROWN (BRO.N) ($15.93) ($8.04) (-49.5)
IOWA TELECOM SERVICES (IWA.N) ($15.67) ($2.66) (-83)
CASEY'S GENERAL (CASY.O) ($35.00) ($30.24) (-13.6)
EBIX INC (EBIX.O) ($14.26) ($1.01) (-92.9)
PROCTER & GAMBLE (PNG.N) ($59.41) ($39.37) (-33.7 )
APPLE (AAPL.O) ($240.63) ($199.25) (-14.43)
M (MMM.N) ($81.86) ($67.98) (-17 )

Regarding the Greece bailout package of USD145 billion loan,Germany will be contributing $29.6 billion(28%),France 16.8 billion euros(20.7%),Finland 1.6 billion euros while the balance will be managed by the International Monetary Fund.
In another scenerio, Goldman Sachs has agreed to pay $450,000 to settle regulators' allegations that it violated a rule related to short-selling of stocks in 2008-2009, it was announced Tuesday(4/5/10).
The banking company did not admit or deny wrongdoing in paying the civil penalties in agreements with the Securities and Exchange Commission and the New York Stock Exchange's regulatory arm.
While Goldman neither admitted nor denied the allegations, it did agree to refrain from future violations of the short-selling rule.

The SEC put in the short-selling rule as a temporary emergency measure at the height of market turmoil in October 2008 as the financial crisis struck with full force. The rule expired in July 2009 but the agency made it permanent that month.
Some financial industry officials have maintained that the SEC's rule brought unintended negative consequences, such as wilder price swings and turbulence in the market.
Former Goldman Sachs Programmer stole company's Proprietory Code.

Thursday,06/05/10,Dow Crashes on 11th day before index/options expiry.

Window dressing before the end of 1st Half Year Financial closing.
The huge intraday plunge on this Black Thursday 06/05/10 has totally wipe off the whole of this year's early quarter gains.

From the technical chart it can be inferred that this has been a set up by certain quarters.

The year started off with a bearish January month having covered last December's half candlestick body.

In February it should have covered it fully but never being fulfilled which means that there is still room for a pullback.

As March is the end of first quarter where most companies will be having tax filing and also financial year reporting month,a bullish unshaven bottom candlestick was formed.

April saw a doji star spinning top,blowing at the small upper shadow.Lights off.

When MayDay comes,some machos took advantage of current prevailing negative news and using the old myth of :"Sell in May and Go Away" settings to trigger this plunge.

Normally a plunge like this only happens in derivative trading where all stop loss orders are being hit and followed by a hefty intra minute rebound.

This is a very well executed agenda with the candlestick having a very long lower shadow which is intended to be used in further short-selling up till the level set.Never take this as a surprise,it's real which I 've encounterd in index futures trading.

Naked short selling allows market manipulators to drive down shares artificially.US hedge funds are on hand to launch a bear raid like today since the financial overhaul proposal by the Obama's Administration have not covered the regulatory on such instituitions.