BULLS AND BEARS
4. Investors who are always figuring upon an advance in prices are termed bulls, and those who are confident of lower prices are termed bears. If a seller sells for future delivery what he does not own, he is termed short and becomes temporarily a buyer, in order that he may have a sufficient amount to fill his orders. If a buyer holds stock or grain for a rise, or contracts for future delivery, he is termed long and becomes temporarily a seller, seeking to bring his holdings down to the normal demand.