And that's the problem today. The people you are watching are the crème de la crème of Humungous Bank & Broker. And they don't have a clue.

The chief foreign exchange specialist of Barclay's Bank had an answer: "The market was caught off guard (by the Fed)." At that point, I was actually hoping CNBC would switch back to Joe Kernan.

Then the next brainiac said: "The market will drop another 200 points and then recover." I guess he's one of them who was calling for Dow 12,000 at the start of the month.

The problem is simple; these people can't trade. They might be good at sales, or office politics. They probably have a silver spoon background including an Ivy League education. And so forth; but they can't trade. They don't understand the market, and as soon as the market takes a turn that isn't part of groupthink and groupspeak, they get lost.

You see, most of these people got there by specializing in something I call smarmy "market patter". They know the words, they look good, and as part of the crowd they stand out. So, people follow them.

What happened today was just more of the same, as I have been explaining. It's all about interest rates and the effect that rising interest rates (rising faster than economic growth) are having on securities prices across the board, but especially in the Financial sector (GICS 40).

The charts of the four major financial stocks in the Dow 30 Industrials index explain why the Dow has been falling in recent weeks and again today.

There really is nothing more to say, as I have said all I can say about the obvious.

BCara@BillCara.com