There seems to be a lot of momentum which is independent of the deepest fundamentals in these swings of mood. The negative psychology shows now in the exceptional level of risk aversion. BIS central bankers’ speeches  3  Policy is not innocent of this.
The various policy measures which have been taken in order to contain the crisis, have often been pushing financial problems to the future without solving them permanently, so that now there is a backlog of cumulated problems which understandably keeps investors worried as long as the markets are dependent on public support.