Disliked... But i think Psychology is everything in this market since it is the reason price moves...Ignored
Having said that, I think the complexity of underlying reaction is to complex to trade or even pinpoint for that matter.
In the end we have to be able to trade and profit from our convictions or they relly don't have much meaning.
Maybe instead of debating if the markets are driven by psychological factors, we should be talking to the people who trade psychological (belief based) models... And listen to how they determine the broad based belief of the market at any given time...
Trade Small. Be Patient. Learn to Survive.