The "market" is a reflection of the collective psychology of everyone involved. It's true feelings are a greater reflection of those who participate with the most amount of money. That leaves the majority of participants confused as to why they can't understand the market. They don't understand because they look at the market as a reflection of their own feelings, or try to look at it as a reflection of the "majority". The markets true reflection is of a tiny minority. The minority tend to keep their feelings quietly tucked away.