No, it's not. The Mt. Gox price is disconnected entirely from other exchanges due to the inability to withdrawal either Bitcoin or dollars, and the uncertainty over MtGox's solvency.
People on MtGox are effectively trading GoxDollars for GoxCoins. Someone setup https://www.bitcoinbuilder.com/ to trade GoxCoins for Bitcoins.
A classic trick -- expand the range of the graph to make the situation look more dire than it is. The news isn't great, but the way it's presented creates a false impression.