Dow Rocked as Exchanges Overloaded, Backed Up

My colleague Steven Sears offers the following reports from the front, based on conversations with various shops:

Talk is that exchange databases are backed up. everyone is having data overload.

One source at a big investment bank says, “Most people are afraid to take on a position because they don’t know their existing position. Some people don’t kow if they’re long or short.”

Exchanges locked up technologically.

Customers are coming in with coming in with market orders and paying through the nose,�or people are price frustrated because those making markets can’t tell where markets.

And as Steven notes, S&P 500 futures�moved “18 handles” over-night, between midnight and 3 am. “That never happens,” Steven points out.

The Dow seems to be trying to stabilize at around 10,361, down almost 160 points.