So there was some rational gravitation toward the high-technology stocks that dominate Nasdaq because they were delivering the best earnings. I think this year began and once again, Nasdaq is performing reasonably well, notwithstanding the correction. It's here to stay. I don't think the vast majority of individual investors are suddenly trading more, but there is a small group doing a great deal of trading. That does move prices rather quickly.
Institutions can trade for almost nothing.
I think these day traders are gamblers, but they tend to be momentum players. So they just sit at the computer all day, chasing the momentum and hoping. They'll trade if they can book a sixteenth of a point, much less an eighth of a point. You refer to lemmings, and I think that's an excellent analogy. They're chasing the stock going up, and the second it starts going down, they're chasing it on the downside.