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Even so, many stockholders seem to be reacting with coolheadedness, choosing to hang on to their stocks in the hope of long-term gains, the old-fashioned way of investing. Says Roderic Pettigrew, an Atlanta physician: "I'm not panic-stricken. I didn't plan to use the money to buy my Christmas gifts. To me it doesn't make sense to pull out. If you do, you have no chance to recover." Concurs Andy Karos, a furrier in Glenview, Ill.: "I don't intend to get out a loser, so I'm leaving my money in the market." But that strategy stems more from bewilderment than confidence. Says Alan Shaw, Smith Barney's chief market analyst: "Investors from all walks of life are sitting back, shell-shocked, trying to figure out what it all means." Until they do, not many individuals are likely to put fresh money into the manic market.