the psychology and participants are mostly wallstreet related. Wallstreet bankers are at the forefront of this psychological wrestling match with the bull.
a very powerful gang, can move currencies and most markets when they are backed by a governmental agenda to hit the markets for a fed easing cycle start of next year.
edit: take a look at the beneficial aspects of it:
1) Dollar Strength
2) Bond Strength/Treasurys
3) Lets the FED control mass psychology in elections
4) With dollar strength/commodities should correct (less inflation), gives the FED more room to move.