The stock market is something akin to a pyramid scheme. You better believe that when the next crash comes, which is likely to be large and soon, the big players will get out with few losses. I often hear the same people who say "there's no free lunch" also make statements indicating that, in fact, they believe the stock market is a free lunch. Dnem is right -- markets are mostly based on 'sentiment', i.e., emotion. Once the panic hits, look out!