Prescient, Mr Macdonald

According to MarketBeat Blog - WSJ.com, traders remain mystified by the nearly instantaneous 200-point drop that happened today at 3 pm. But there's no doubt about the negative market sentiment:

About 1.5 billion shares have traded on the Big Board so far today [at 3:19 pm], with declining volume accounting for about 1.46 billion of that, for more than a 50-to-one ratio in favor of declining volume, for the widest spread since Oct. 27, 1997, when it hit a mammoth 167 to 1.

It sure didn't take long to validate Jim's blog observation from last night.