Bears Versus Bulls|当『熊』遇上『牛』

Bears Versus Bulls

by William Ryan

The way of the stock market

  The two most basic stock market terms are bull market and bear market, which are both used to describe stock market trends. _(1)_ Both refer to the general volume of traded shares. A trend, by definition, is a general tendency that is true over long periods. Therefore, bull and bear markets are not used to describe short-term fluctuations in the market. _(2)_


  A bull market occurs when the economy is strong, unemployment is low, and consumers are spending money. _(3)_ Because investors hold onto their shares of profitable businesses, fewer shares are available for new buyers, so the price per share increases. Therefore, in a bull market, a positive attitude about the future usually prevails.


  A bear market means the market is in decline. _(4)_ The first sign of a bear market is usually a sharp drop in stock prices. Bears appeared during the Vietnam War and also during the oil crisis and Middle Eastern conflicts in the 1970s. The Great Depression, ushered in by the stock market crash of 1929, marked the longest and worst bear market in history.


  The exact origin of the two terms is unknown. A commonly accepted explanation derives from the manner in which these animals attack their prey. _(5)_


(A) A weak economy, high unemployment, low consumer spending, and lower-than-normal business activity are trends in a bear market.

(B) Bulls attack by bucking their horns up toward the sky and bears attack by swiping their claws in a downward motion, signifying the directional trend of the market.

(C) Simply stated, a bull market is a positive or rising trend while a bear market describes an unfavorable or falling trend.

(D) During the Vietnam War, many soldiers used bulls as their vehicles.

(E) Healthy consumer spending means that businesses make more profit.

(F) Rather, these terms describe trends which are observed and measured in years.

 

当『熊』遇上『牛』

股市运作的方式

  『牛市』与『熊市』这两个最基本的股市术语都是用来形容其走势。简单地说,牛市是正向或是升高的走势,而熊市则是形容不乐观、下跌的趋势。两者指的都是整体股票的成交量。走势,顾名思义就是在一段长时间内一种可信的总体趋势。因此,牛市与熊市并不是用来形容市场的短期波动。相反地,这两个术语是用来形容多年来所观察及测量到的走势。


  牛市发生于经济处于强势、失业率低且消费者愿意消费之时。可观的消费者消费意味着企业可赚得较多的利润。由于投资者握有获利企业的股份,新买家可购买的股份少得可怜,所以股价会上扬(编按:换言之,因为投资者觉得这些企业的股票获利平稳,每年可赚进不错的股息与股利,所以这些股票不易流回股市,新的买家就没有太多机会可以购买到这些股票)。因此在牛市中,盛行着对未来抱持积极正向的态度。


  熊市则表示市场呈现衰退的趋势。经济疲软、失业率高、低消费以及比平常更不活络的商业行为,这些都是熊市的发展趋势。熊市最初的征兆通常是股价暴跌。熊市曾于越战时期出现,还有发生在 1970 年代的石油危机及中东冲突期间。而 1929 年的股市大崩盘也造成了经济大萧条,这是历史上最长也最糟的熊市。


  这两个术语的确切起源并不清楚。普遍最为人接受的解释源自于这些动物攻击猎物的方式。牛用牠们的角向上顶作攻击,而熊则用牠们的爪子向下作攻击动作,这两种攻击方式各自象征着市场的走向。


答案: 1. C 2. F 3. E 4. A 5. B




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Bears Versus Bulls|当『熊』遇上『牛』

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