People are holding primarily because selling will only cut down their profit completely as well as the chance to earn profit afterwards when recovery take over the negative market situation. It is indeed hard to believe that bullrun is still possible to take place despite of the continuous downtrend in the market, but it is the only hope for investors and we should respect that. There is no assurance indeed and that is the reason why people choose to wait in order to witness if such thing would happen that will give them ghe benefit of the doubt.