It can mean that of course, but: a bullish investor who can make a case for a positive future catalyst could also take the contrarian angle and recognize that there is lots of room for upside since the stock is presently so out of favor.

FORBES: Connect

However, in the absence of such a catalyst to reverse the current decline, the risk to the bullish case is the growing climate of fear feeding upon itself, and thereby creating a further deterioration in the technical backdrop.

FORBES: The Only Thing Stocks Have To Fear Is Fear Itself