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The Arms Index, a volume-weighted breadth measure, suggests that despite the stock market's broad and sharp declines on Thursday, the selling appears calm, cool and collected. The Arms Index tends to rise above 1.000 when the broad market declines, as the ratio of volume in declining stocks over advancing stocks tends to rise relative to the ratio of the number of declining stock to advancing stocks, as sellers become more aggressive than buyers. But on Thursday, the NYSE Arms was at just 1.096 and the Nasdaq Arms was at 1.027, although the Dow Jones Industrial Average tumbled 350 points, or 1.4%, and the Nasdaq Composite shed 1.7%. Many view Arms readings above 2.000 as implying panic. Currently, declining stocks outnumbered advancers by a 3.8-to-1 margin on the NYSE and by a 3.1-to-1 margin on the Nasdaq, while declining volume outpaced advancing volume 4.2 to 1 on the Big Board and 3.2 to 1 on the Nasdaq. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.