A friend of mine, at dinner last night, asked the question: 'Why is it so hard to sell in a declining market?'
I don't have the answer. My friend phoned a number of people in early September when the Dow Jones Industrials were at 11500 and asked whether they thought she should sell. The answer was don't sell this may be the bottom. She sold anyway because she needed the cash. (The market closed at 7500 today.)
She has been glad she sold every day since then. But her question is powerful.