Stocks are about expectations, not about how people feel. Big money generally doesn't invest in securities that they simply want to go up. They invest in securi

Stocks are about expectations, not about how people feel. Big money generally doesn't invest in securities that they simply want to go up. They invest in securities which they expect to go up, or bet against securities they expect to go down. They specifically do not rely on how they feel—they rely on analysis. Furthermore, a good fund will make money whether the market is going up or down, often aiming for stable returns over consistently positive alphas. There are definitely some fractal feedback loops regarding expectations, sentiment and price changes, but generally speaking you're looking at projections of future value when supply or demand changes. If a rational investor thinks their portfolio is going to tank because of some event, they're going to sell off some or all of the affected securities, regardless of their desire for the security to continue rising in price.