Tuesday was an eventful day in the bond market, the fifth anniversary of the Flash Crash, and a day for earnings reports in two stocks that have generated heated controversy.

In the first clip, Rick Santelli explained why he thinks that bond market trading might indicate that a bottom is in place for interest rates.

This writer would add that this represents another data point of evidence as to whether interest rates might be rising ahead of any decision by the Federal Reserve to raise the Federal Funds Rate.

The Fed is notoriously reluctant to risk acting too soon, so it tends to wait too long, and James Bullard, President of the St. Louis Fed, recently said he thinks that Fed should have raised rates last fall.

Dennis Gartman, Editor of The Gartman Letter and a contributor to CNBC, is one of the most informative and entertaining commentators on that network.

On Tuesday he explained to Steve Grasso why he thinks David Einhorn was “terribly wrong” in using futures data to support his case.

Gartman stressed that, “The term structure in futures doesn’t predict where prices are going to go; never has, never shall.”

However, he went on to say, “I think (Einhorn) is probably quite right in his thesis on the frackers, that they’re not as profitable as they should be, that they do have problems with their balance sheet, that they do have problems with earnings.”

Marking the fifth anniversary of the Flash Crash, former SEC Chairman Harvey Pitt told CNBC’s Mandy Drury that it could happen again and that there needs to be an audit trail for every transaction and collection of trading data in real time.

This writer is concerned that the current proposal for a Consolidated Audit Trail (CAT), which has been languishing in various forms since 1980, is inadequate and that the culture of the financial regulators is ill-suited to policing financial markets.

Finally, the stock of Herbalife (HLF) popped on the announcement of its earnings and guidance, but Herb Greenberg, of Pacific Square Research, called himself a “skeptic.”

He advised viewers that ultimately the key issue will be what action the Federal Trade Commission (FTC) might take.

Greenberg emphasized that such action could affect the entire industry of multi-level marketing (MLM).