There was a stampede out of stocks. Unless there were a large number of reverse IPO’s, the total number of stock certificates held did not change much.
Led by Gold. This one is subtly misleading. The traders of gold stocks may have infected their acquaintances with their hopes or fears. The stocks themselves, however, sat inertly in security depositories and did not lead anything anywhere.
Buyers stayed away. You see this one in a big sell-off. Everything sold was bought by somebody.
Bears and Bulls. This is too traditional to comment on safely. Still it has the feel of Greek mythology, Minotaurs deciding the future of the world, while the great Bear gives poleward direction.