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，当然不是牛市，也不是熊市。鹿市的特点是股票买卖活动平缓，谨慎的投资者都在对股市未来的趋势静候观望。

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.

这个表达就是描述那些因为股市不确定性而没有能力或者不愿意采取行动的股市投资者的状态，他们就像是突然被车灯打到身上而被吓得不能动弹的鹿。