Market Psychology

I've been taking a beating in quite a few of my stock positions during this prolonged market draw-down. In the past few days I found myself considering selling a position not because I thought it was a bad investment, but because I thought it might just keep on going down for no good reason. In the past I've found these type of thoughts on my part tend to mark the gut check moments that indicate bottoms might be near.

I've been distracted from the market for quite a while with my work, so perhaps I haven't been paying as much attention to happenings as I should, but I'm beginning to wonder if the people getting out now are thinking like me and might be selling just because "it's going down." It's dangerous to try to out-think the market, but I do think psychology matters quite a bit, and I'm wondering if there may be quite a few others who are starting to throw their hands up wondering why the selling persists in some companies that seem to be good values to me.