Termed a graveyard market because investors who are in the market cannot get out and those who are out have no desire to get in the market. This can happen in a bear market when investors who wish to sell will be faced with large losses and when potential investors prefer to stay liquid until the market improves. See: Bear Market; Liquidity
The period near the end of a prolonged bear market wherein long-time investors have taken large losses and new investors are unwilling to buy in.
A graveyard market is a bear market in which investors who are in the market cannot get out without substantial losses and liquid potential investors have no desire to enter the market. Like a graveyard, those who are in can't get out and those who are outside have no desire to get in.