The Crash That Wasn't

Jim Cramer and Bubble Vision are trying to convince everyone that today's mini-crash didn't happen -- move along, move along, nothing to see here. When the crisis hit, Jim Cramer said on air that the new prices simply weren't real.

Afterwards the network claimed that the whole thing was set off by a silly error made by a trader, who reportedly typed a "b" (as in billion) instead of a "m" (as in million) in a Proctor and Gamble sell order. 

The only problem with this story is that the massive P&G sale took place well after the capitulation was under way, demonstrated by this comparison of the P&G chart to those of the Dow and S&P. Perhaps a trader did make a typo, but he did this in a panic after the market had turned belly up. 

The whole "recovery" and "bull market" of the past year has been little more than a zero interest-rate game of musical chairs. For a few moments today, the music stopped.