I would disagree. A drop of 26 points in 25 minutes in s&p futures seems pretty "panicky" to me or at least very well orchestrated.
Then i guess any heavy selling is panic by that definition. I guess those that sold at the 2000 top panicked.
Knife catchers are not panicking, they are buying not selling. They may be stupid for trying to catch a falling knife, but they are not adding to the selling.