Neither a bull or bear market, a deer market is characterized by low activity, with timid investors waiting for a sign of which way the market is going to end up moving.

鹿市，當然不是牛市，也不是熊市。鹿市的特點是股票買賣活動平緩，謹慎的投資者都在對股市未來的趨勢靜候觀望。

The term is used to illustrate when investors who are unable or unwilling to move due to uncertainty - like deer who freeze when "caught in the headlights" of a vehicle.

這個表達就是描述那些因為股市不確定性而沒有能力或者不愿意采取行動的股市投資者的狀態，他們就像是突然被車燈打到身上而被嚇得不能動彈的鹿。