       To understand the equity market, one needs to understand its makeup,and what drives it. The "market" is the sum total of all participants inthe "universe" that you define. The "universe" can be defined as the DowIndustrial Average, the S&P 500 index, the Russell 2000 index, the Biotechsector, the Banking sector, or even a particular stock. If the universe isthe Dow Industrial Average, then the market is every trader, investor,specialist, fund manager, index fund, or hedge fund that is participating(or consciously choosing to not participate) in each and every stock in theDow. If the universe is a particular stock, then the market consists ofthose who are participating (or choosing to not participate) in thatparticular issue.