ELI5: Who buys in a "seller's market" and who sells in a "buyer's market"

I thought I'd post this query in here. I have no real knowledge of stock markets so please bear (or bull) with me.

I've heard in the news phrases like, "It's a buyer's market", "it's time to sell" etc. If the advice is to buy now, who do you buy from? And if you need to dump bad stock, who would buy it?

Submitted May 27, 2014 at 09:46AM by atm1988 http://ift.tt/1oFmW3p