Want a definition of speculation or panic? Go to wikipedia, or just look out your window at the For Sale signs

First, here's the definition of Speculation for your review:

Speculation, in the narrow sense of financial speculation, involves the buying, holding, selling, and short-selling of stocks, bonds, commodities, currencies, collectibles, real estate, derivatives or any valuable financial instrument to profit from fluctuations in its price as opposed to buying it for use or for income via methods such as dividends or interest.

Speculation or agiotage represents one of three market roles in western financial markets, distinct from hedging, long term investing and arbitrage.

Speculators in an asset have no intention to have long term exposure to the asset.

And, to square the circle, here's the definition of Panic. Oh, how nicely they play together...

Panic is the primal urge to run and hide in the face of imminent disaster. It is a sudden fear which dominates or replaces thinking and often affects groups of people or animals.

Panics typically occur in disaster situations, or violent situations (such as robbery, home invasion, a shooting rampage, etc.) which may endanger the overall health of the affected group. The word panic derives from the name of the Greek god Pan, who is said to have the ability to cause fear of lonely or open places.