If not depending on central bank policies, what should the market behaviour depend on?

Some investors complain about that the market react too much to the central bank policies, especially the decision on quantitative easing. Individual stock depends on information relative to a specific firm. The such market behavior is just like we are in a crisis. Once the central bank wants to cut off its expansionary policy, the market reacts poorly. I always think that we are not really out of the last crisis. And this phenomenon may prove my point. The market behavior shows the market is not confident without the financial support from the bank and leaves no breathing space to the central banks. Once the economy enters into another crisis, the central bank cannot provide efficient solutions. Some governments start to cut their spending, this can create some space when they face unexpected crisis. However, those who continue their expansionary government spendings are in a weaker position when facing crises.