Stock market reacts more to the psychology of investors, than to fundamentals. In a bull market, if existing stock holders don't sell, and some doctor in TN wi

Stock market reacts more to the psychology of investors, than to fundamentals. In a bull market, if existing stock holders don't sell, and some doctor in TN will offer 10 cents more for a stock, then the valuation goes up by .10 times multiplied by all existing shares. In such a market, marginal buyers can pump the market, as long as the existing holders don't sell--this is psychology.