With crude oil continuing to surge and the U.S. dollar lower heading lower along with stocks, today a legend in the business sent King World News a powerful flash crash that rocked global markets and what's really happening with Greece.

From Art Cashin's notes: Recollections On The Flash Crash – As you've probably heard a million times already, today is the Anniversary of the Flash Crash in 2010.  The approach of the anniversary and some recent doings in London have prompted some very animated chatter and lots of recollections of the events of that day.

As to the London doings, trading desk chatter seems to focus on two points.  First, what about rumors that the trader in question may have shut down his system two minutes before the flash crash began?  Secondarily, traders wonder why, if he was making the kind of money the media claims that he couldn't make bail.

On the crash itself, traders agree that the new range collars can be helpful but that little has been done on order routing incentives.

Many traders think that a key component of the Flash Crash was rebate policy.  That induced some firms to have their computers route orders to the venue with the most lucrative (for the sender) rebate rather than the venue with the best market.

When things started to destabilize, market-makers in many markets pulled virtually all their bids, leaving only a "placeholder" bid of a penny, assuming, no one would hit such a low bid.  Instead, the computers kept routing to the presumed rebate venues and hitting those placeholder bids.

Luckily, nothing traded for a penny on the floor of the NYSE.  Maybe that's because humans are still involved.

Consensus – Greece managed to cobble together the payment that was due to the IMF today.  That has brought virtual dancing in the streets across the pond.  European stocks have all rebounded from Tuesday's selloff.

Nonetheless, there is still angst about the recent backup in bond yields around the globe.  If they move a bit higher, it could signal an upside breakout in yields with possible negatives to housing, the small caps, corporate buybacks and the sputtering economy.

Today Yellen and several other Fed types will be participating in various panels but none is expected to be a major market mover.  ADP payroll projections may be the morning's key event. 

Stick with the drill – stay wary, alert and very, very nimble.  Watch yields carefully. ***ALSO JUST RELEASED: Richard Russell – I Haven't Seen Anything Like This In 65 Years Of Dealing With Markets CLICK HERE.

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Eric King