The markets are plunging, and computers are to blame for much of Thursday's selling, says Peter Costa, president of Empire Executions.
"A lot of the selling that we're seeing is program related," Costa said in an interview with CNBC. "There might be some institutional impetus behind it, but alot of it is an electronic selloff. There's nobody at the other end of that, as far as I'm concerned."
Although the Dow Jones Industrial Average ended the day down more than 419 points after shedding almost 530 points during its session low, Costa said he sees today's market as a simple selloff rather than capitulation .