the largest speculators are the market. Its a positive feedback mechanism. A big speculator phones in a order, as soon as the order hits the pit, other traders spot the signs from the floor broker, the next speculator tries to frontrun the large order, and a herd mentality starts. Especially when emotions are involved.
Unless the large speculators waste financial resources trying to take opposing trades, the people that lose are the ones outside the loop, so, labeling the price action as 'them' or 'they' refers to the herd mentality of the large speculators. The behavior patterns are almost identical.
The same behavior patterns got them to the point of throwing around 10,000 lot blocks. Its a combination of Behavioral Finance/Game Theory.