"People always say it's the retail investor who panics," says Walter Gerasimowicz, CEO of Meditron Asset Managment. "Perhaps. But as I look at what's going on in the marketplace today, shame on the institutions. They are the ones that are allowing programmed trading to dominate the market. They are the ones who are triggering these sell-offs every time a government spokesperson or some tidbit of economic information comes across that is actually buried in the noise levels statistically, yet they react to the markets like a herd of lemmings. It's the institutions more than the individual retail investor and as I said, shame on them.
"Today the institutions are not investing, they are chasing momentum."