Yes, it is. If one believes that the market is efficient all the time, then perhaps it's not a change in sentiment/perception that is in play here. I clearly don't believe in the Efficient Market Theory and this is what I have been writing about here.
Behavioral finance has helped me identify the flaws in such an assumption. I believe that price movements are due to human psychological tendencies that distort rational behavior and especially in extreme times like these, tendencies can be exacerbated either by rapidly falling prices or even rumors that might have seemed absurd in more normal times. Left unchecked, this instability could develop and feed on itself; perception becomes fundamentals which further reinforces perception.
That, incidentally, has been my belief since 2003, when I first started posting on this board.
If the above intrigues and interests you, you should read Tom's Market Weekly Commentary at OPCO's website, where I find it. I am sure you will thoroughly enjoy today's comments, as I did. I can feel myself nodding in agreement with many of his views; they are after all what I have come to accept over years of analyzing the stock market.