The move back toward February's valuations came as investor psychology changed sharply over the two months.

The current crisis has brought on a widespread shift in investor psychology.

"Over all, investor psychology has, I'm sure, been damaged" by the bear market, he said.

Many now believe that investor psychology is the major factor.

"Once investor psychology starts turning, you can find something wrong with every stock."

The events also reflect the influence that investor psychology has on the markets.

Russia's direct importance to the world economy may turn out to be far smaller than its impact on investor psychology.

Q.: What has the experience of late October done to investor psychology?

But recent studies of market data and investor psychology have shown that they were right.

But some feel that investor psychology is involved as well.