Bears
These stockmarket animals are pessimists, they reckon shareprices or any other type of investment is going to fall. So a City dealerwho holds shares in XYZ plc will want to dispose of his holding, before theprice falls. In a 'bear market' the general sentiment is that prices aregoing to fall and the majority of dealers will be selling as quickly aspossible for fear of holding shares that will diminish in value.
Bears, like 'bulls' drive the market. Because of the herd instinct and afear of being left out, the stockmarket so often over-reacts, rising furtherthan justified.