Thoughts On May 6th Market Crash

In light of the still unexplained 1,000 point swoon in the Dow intra-day today, a number of notable figures have weighed in with their thoughts on the unprecedented action. Below is a summary:

• NYSE Euronext (NYSE: NYX) CEO Duncan Niederauer said on CNBC that he thinks tomorrow's opening is going to be "ugly."
  
• Former NYSE Chairman Dick Grasso told FOX Business Network that panicking is the absolute worst thing investors can do. "You had several large errors occur in the systems. Since the market is so interconnected from an analytical point of view it triggers all the bells and whistles," Grasso stated. "Individual investors need to take a deep breath."
  
• StreetInsider.com President Lon Juricic said, "This market action is simply unacceptable. Any major market that can plunge 10% in a matter of minutes on no news creates major trust issues with participants. I think the exchanges need to look at adding new trading curbs that can give the market pause and traders time to evaluate... This should never happen again."
  
• GAMCO CEO Mario Gabelli told FOX Business Network that "The markets were coming in because of a litany of worries...today as the same thing [as 1987]."
  
• Joe Saluzzi of Themis Trading said the market failed. "The market melted down as bids faded when they saw aggressive selling. Once that happened, and as there are few requirements to make a two sided market today, bids were cancelled. Market participants were tripping over themselves to exit a market that was in freefall. Leading the tripping was your friendly, liquidity-providing HFT (High-Frequency Trading)"
  
• WL Ross & Co Chairman and CEO Wilbur Ross tells FOX Business Network that today's moves were just a blip on the radar screen and that it "shows how nervous people are in general"
  
• Ken Langone told FOX Business Network today's market mayhem is not "a one day issue" and that the problem is "going to get worse" until we live within our means.

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