Neither a bull or bear market, a deer market is characterized by low activity, with timid investors waiting for a sign of which way the market is going to end up moving.

鹿市，當(dāng)然不是牛市，也不是熊市。鹿市的特點(diǎn)是股票買賣活動(dòng)平緩，謹(jǐn)慎的投資者都在對(duì)股市未來(lái)的趨勢(shì)靜候觀望。

The term is used to illustrate when investors who are unable or unwilling to move due to uncertainty - like deer who freeze when "caught in the headlights" of a vehicle.

這個(gè)表達(dá)就是描述那些因?yàn)楣墒胁淮_定性而沒(méi)有能力或者不愿意采取行動(dòng)的股市投資者的狀態(tài)，他們就像是突然被車燈打到身上而被嚇得不能動(dòng)彈的鹿。