Suppose you tell me you believe in flying saucers. Let us further suppose that that behavior--the telling--is an indirect effect of your once having been shown a highly detailed and realistic photograph of what purported to be a flying saucer.
The behavior of telling is itself an indirect effect of your belief that there are flying saucers--you are telling me what you actually believe. And that belief in turn is an effect of yet another prior belief: your belief that you were shown the photograph.
And this belief that you were shown the photograph was originally supported by yet prior beliefs of yours about all the details in the photograph you were shown.
Those beliefs about the particular details of the photograph and the immediate perceptual environment of your looking at it were themselves short-lived effects--effects of having seen the photograph. They may all have faded away into oblivion, but these beliefs had their onset in your memory at the very moment--or very shortly thereafter--that you had the conscious visual perception of the photograph.
Same shit happens in the markets.
Stay tuned...