While these shares were manipulated over the short term, the long-term trends prevailed after about a month. Hamilton also pointed out that even if individual shares were being manipulated, it would be virtually impossible to manipulate the market as a whole. The market was simply too big for this to occur. The market reflects all available information. Everything there is to know is already reflected in the markets through the price.
Prices represent the sum total of all the hopes, fears and expectations of all participants.
Interest rate movements, earnings expectations, revenue projections, presidential elections, product initiatives and all else are already priced into the market. The unexpected will occur, but usually this will affect the short-term trend. The primary trend will remain unaffected. The chart below of Coca-Cola is a recent example of the primary trend remaining intact. The downtrend for Coca-Cola began with the sharp fall from above 90.