Like Helfrich, Coscetta, a licensed stockbroker, says he expected the market to drop on Friday as it had the day before, but he had no idea that it would drop as much as it did.

Coscetta has a theory behind the market's drop.

"At the beginning of the correction, it started out as bargain hunting because the NASDAQ stocks were extremely expensive as compared to the Dow stocks and the Dow-related stocks. All the tech stocks were very expensive," he says.

During the past year, many technology stocks have boomed even though their companies have yet to see a profit.

Investors lost confidence in the technology sector, Coscetta says, when Goldman Sachs, an investment bank with very large holdings, announced two weeks ago that it was removing a portion of its institutional investments from NASDAQ stocks and moving them back to Dow stocks. Goldman Sachs has one of the biggest proportions of institutional investments in the market, Coscetta says.

He says when the company indicated it did not have confidence in the market, other investors started to follow in removing their investments from the NASDAQ.

Coscetta adds that he thinks the media is partially to blame.

"The media has blown out of proportion every single jump, dive, boost, explosion in the stock market," he says. "It's the number one story, not Elian, not the Philippines, not Clinton. A small drop becomes next day's tank because of the media."