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If trouble hits, they will not be around for the panic selling.
One clue they point to is the lack of panic selling in the market.
"If they start panic selling, property values will go down," he said.
Earlier in the day, the Mexican market saw some panic selling, sliding almost 6 percent at one point.
But there was none of the panic selling apparent on Thursday.
After panic selling Monday, officials had said the exchange might be closed for the entire week.
The panic selling took place in the gold market and caused the price plunge.
There was, in fact, a whiff of panic selling yesterday.
There was no sign, however, of the panic selling evident in other financial centers.
He did not, however, expect to see panic selling when the markets reopen.
Panic selling of dollars often sets off a strong rally in gold prices.
"Because access to information was a lot faster, there wasn't the panic selling we saw last year," he said.
"Too swift a move will set off panic selling."
Simply buying stocks without regard of a possible bear market can result in panic selling later.
And that panic selling is what helped push the yen up 5.2 percent in one day against the dollar.
But after the report was released, "the dollar dropped off very quickly on panic selling," he added.
Volume was only moderately heavy yesterday, with no signs of panic selling.
In this view, the villain was the panicked selling, which reached proportions that no one could stop.
Obviously, these stocks showed their high volatility in the October panic selling.
But panic selling and blind devotion can be hazardous to net worth.
Many here believe that if the market falls through the 20,000 barrier, it will begin to damage the Japanese economy and perhaps cause panic selling.
There might be some panic selling among the lower-end stores."
The wave of panic selling also affected the futures and options markets.
Perhaps most worrisome about the plan, portfolio managers said, is that the limits might increase panic selling.
But judging from statistics on margin loans, public investors were not sent into panic selling.
Recent history, however, has demonstrated that tight inventories do not guarantee against panic sales.
Despite all that, currency traders have begun talking about "panic sales" of euros in recent days.
Fear of further infection persuaded peasants to slaughter another one-third in panic sales.
Second, regulating this activity could cause panic sales as traders rush to beat a feared intervention.
The Fed jumped in, providing enough credit to calm markets and spare brokers panic sales of stocks.
"Nobody's interested in panic sales," he said.
But following a brief period of panic sales in the immediate aftermath of the turmoil of 1905, noble land sales slowed down markedly.
"Take a longer-term point of view," Mr. Brouwer said, "and keep your emotions intact" to avoid panic sales or impulse buying.
Homeowners, said Bob Becker, the president and chief executive of NRT, the nation's largest residential real estate brokerage, "are not being talked into panic sales."
After the experience of the 1929 crash, stock markets around the world instituted measures to temporarily suspend trading in the event of rapid declines, claiming that they would prevent such panic sales.
Cotton futures dipped on less than an inch of overnight rain in the Texas panhandle, the world's chief growing region, and they continued dropping on panicked sales from commodity fund and commercial buyers, said Michael Stevens of Swiss Financial Services in Mandeville, La.