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The term bull originally referred to speculative purchases rather than general optimism about prices and trend lines. When the term first came into use, it referred to when someone grabbed a stock, hoping it would increase in value. Later on, the term evolved to refer to the individual making that investment. It then eventually transferred to the general belief that prices will rise. Etymologists disagree on the exact origin of this term. However, it most likely has its origins as a foil to the term bear. While other theories circulate, this is the most generally accepted source of the phrase bull market. Perhaps the most widely reported alternative source for the term comes from how the bull as an animal attacks, by sweeping its horns upward in the same direction that optimist investors expect the market to go. By contrast, under this theory, a bear market refers to how a bear will swipe downward with its paw. However, while literature contains numerous positive references to bulls throughout Western canon, etymologists have found little sound evidence for this specific theory in any historical record.

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