This is so incredible. There is no way I’d have believed anyone who said the S&P 500 would endure a nearly 200-point trading range today. To put in perspective, this chart (where I used the new Windows 7 “snip” feature — why do they still not allow typing?) shows today’s massive drop as compared to each of all the days of the year. We erased months of gains in only about 30 minutes, before an astounding rebound without which would have made today one of the most memorable stock market crashes in history. As it was, that 30-minute period was perhaps the most dramatic in all of stock market history.

Click picture for larger version. Sorry for the crappy mouse-penmanship.