Hmm…”China Shares Tumble as Panic Spreads”

From Reuters:

“I knew the market would go down, but I did not expect it would be this fast. After a small plunge, it should go up, but it is not going up,” said Madame Wang, a pensioner in her 50s, who put some of her savings into stocks during the bull run. “Next time I will remember — once the market falls, I will sell all my stocks.” Another disillusioned investor at an Everbright Securities branch in Shanghai’s financial district, a woman in her 30s surnamed Xu, said: “I used to have confidence in the stock market. But how can I have confidence now that it has fallen so much. I have no more confidence. Even if the government wants to regulate the stock market, it should not be done like this.”

Why did she have confidence when it was going straight up, but not now?