Elongated
2021-03-11
Buy $TIGR
Here’s what the 2016 value rally says about how far the current advance can go<blockquote>以下是2016年价值反弹对当前上涨能走多远的说明</blockquote>
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It is no longer as expensive, and the composition has changed due to the rotation. It no longer represents an extreme tech vs financials exposure. Momentum is now long cyclicals, with a much more balanced sector exposure,” she says.</p><p><blockquote>以莎拉·麦卡锡(Sarah McCarthy)为首的伯恩斯坦研究公司(Bernstein Research)的投资组合策略师表示，这两者可能不会持续太久。“动量抛售已基本结束。它不再那么昂贵，而且由于轮换，成分也发生了变化。它不再代表科技股与金融股的极端敞口。动量现在是长周期的，行业敞口更加平衡，”她说。</blockquote></p><p> The value rally, however, can continue, being driven by continuously increasing yields and inflation expectations. Value does best in the recovery part of the cycle, and struggles in the expansion part.</p><p><blockquote>然而，在收益率和通胀预期持续上升的推动下，价值反弹可能会持续下去。价值在周期的复苏部分表现最好，而在扩张部分则表现不佳。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5cc621467919bb2a3ad6d2f61b186719\" tg-width=\"1260\" tg-height=\"681\"></p><p><blockquote></blockquote></p><p> McCarthy says the 2016 rally in value gives clues as to how long the current rally can last. In 2016, it ended as soon as the Federal Reserve hiked interest rates.</p><p><blockquote>麦卡锡表示，2016年的价值反弹为当前的反弹能持续多久提供了线索。2016年，美联储一加息就结束了。</blockquote></p><p> “Nominal yields, the yield curve and real yields steepened in the second half of 2016 in anticipation of the Fed raising rates — similar to what we are seeing now. If this is the case, then there could be a lot further to go (at the last Fed meeting, most members did not project rates increasing until beyond 2023),” she says.</p><p><blockquote>“由于预期美联储加息，名义收益率、收益率曲线和实际收益率在2016年下半年变得陡峭——与我们现在看到的情况类似。如果是这样的话，那么可能还有很长的路要走（在上次美联储会议上，大多数成员预计要到2023年之后才会加息），”她表示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b32e0a1a4314a02024103b162ffb4e89\" tg-width=\"1260\" tg-height=\"913\"></p><p><blockquote></blockquote></p><p> Banks stocks are at the heart of the value trade, and there is further outperformance to go if they are to make up for the loss over the past 12 months, McCarthy says.</p><p><blockquote>麦卡锡表示，银行股是价值交易的核心，如果它们要弥补过去12个月的损失，还需要进一步表现出色。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Here’s what the 2016 value rally says about how far the current advance can go<blockquote>以下是2016年价值反弹对当前上涨能走多远的说明</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHere’s what the 2016 value rally says about how far the current advance can go<blockquote>以下是2016年价值反弹对当前上涨能走多远的说明</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-03-10 20:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Call it revenge of the bonds — or the tech bros.</p><p><blockquote>看涨期权it对债券的复仇——或科技兄弟。</blockquote></p><p> A nearly 5 basis point decline in the yield of the 10-year Treasury sparked huge gains for the recently out-of-favor technology sector, with the Nasdaq Composite registering its largest one-day advance since the U.S. election, and the ARK Innovation ETF surging over 10%.</p><p><blockquote>10年期国债收益率下跌近5个基点，引发近期失宠的科技板块大幅上涨，纳斯达克综合指数创下美国大选以来最大单日涨幅，ARK Innovation ETF飙升逾10%。</blockquote></p><p> What was notable was that financials struggled — the SPDR S&P Bank ETF ended 1.5% lower — but not to the same degree that techs thrived.</p><p><blockquote>值得注意的是，金融股陷入困境——SPDR S&P Bank ETF收盘下跌1.5%——但与科技股的繁荣程度不同。</blockquote></p><p> Portfolio strategists at Bernstein Research, led by Sarah McCarthy, say the two might not be yin and yang for much longer. “The momentum selloff is largely done. It is no longer as expensive, and the composition has changed due to the rotation. It no longer represents an extreme tech vs financials exposure. Momentum is now long cyclicals, with a much more balanced sector exposure,” she says.</p><p><blockquote>以莎拉·麦卡锡(Sarah McCarthy)为首的伯恩斯坦研究公司(Bernstein Research)的投资组合策略师表示，这两者可能不会持续太久。“动量抛售已基本结束。它不再那么昂贵，而且由于轮换，成分也发生了变化。它不再代表科技股与金融股的极端敞口。动量现在是长周期的，行业敞口更加平衡，”她说。</blockquote></p><p> The value rally, however, can continue, being driven by continuously increasing yields and inflation expectations. Value does best in the recovery part of the cycle, and struggles in the expansion part.</p><p><blockquote>然而，在收益率和通胀预期持续上升的推动下，价值反弹可能会持续下去。价值在周期的复苏部分表现最好，而在扩张部分则表现不佳。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/5cc621467919bb2a3ad6d2f61b186719\" tg-width=\"1260\" tg-height=\"681\"></p><p><blockquote></blockquote></p><p> McCarthy says the 2016 rally in value gives clues as to how long the current rally can last. In 2016, it ended as soon as the Federal Reserve hiked interest rates.</p><p><blockquote>麦卡锡表示，2016年的价值反弹为当前的反弹能持续多久提供了线索。2016年，美联储一加息就结束了。</blockquote></p><p> “Nominal yields, the yield curve and real yields steepened in the second half of 2016 in anticipation of the Fed raising rates — similar to what we are seeing now. If this is the case, then there could be a lot further to go (at the last Fed meeting, most members did not project rates increasing until beyond 2023),” she says.</p><p><blockquote>“由于预期美联储加息，名义收益率、收益率曲线和实际收益率在2016年下半年变得陡峭——与我们现在看到的情况类似。如果是这样的话，那么可能还有很长的路要走（在上次美联储会议上，大多数成员预计要到2023年之后才会加息），”她表示。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b32e0a1a4314a02024103b162ffb4e89\" tg-width=\"1260\" tg-height=\"913\"></p><p><blockquote></blockquote></p><p> Banks stocks are at the heart of the value trade, and there is further outperformance to go if they are to make up for the loss over the past 12 months, McCarthy says.</p><p><blockquote>麦卡锡表示，银行股是价值交易的核心，如果它们要弥补过去12个月的损失，还需要进一步表现出色。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/heres-what-the-2016-value-rally-says-about-how-far-the-current-advance-can-go-11615372066?mod=home-page\">MarketWatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index",".DJI":"道琼斯","ARKK":"ARK Innovation ETF"},"source_url":"https://www.marketwatch.com/story/heres-what-the-2016-value-rally-says-about-how-far-the-current-advance-can-go-11615372066?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1119259036","content_text":"Call it revenge of the bonds — or the tech bros.\nA nearly 5 basis point decline in the yield of the 10-year Treasury sparked huge gains for the recently out-of-favor technology sector, with the Nasdaq Composite registering its largest one-day advance since the U.S. election, and the ARK Innovation ETF surging over 10%.\nWhat was notable was that financials struggled — the SPDR S&P Bank ETF ended 1.5% lower — but not to the same degree that techs thrived.\nPortfolio strategists at Bernstein Research, led by Sarah McCarthy, say the two might not be yin and yang for much longer. “The momentum selloff is largely done. It is no longer as expensive, and the composition has changed due to the rotation. It no longer represents an extreme tech vs financials exposure. Momentum is now long cyclicals, with a much more balanced sector exposure,” she says.\nThe value rally, however, can continue, being driven by continuously increasing yields and inflation expectations. Value does best in the recovery part of the cycle, and struggles in the expansion part.\n\nMcCarthy says the 2016 rally in value gives clues as to how long the current rally can last. In 2016, it ended as soon as the Federal Reserve hiked interest rates.\n“Nominal yields, the yield curve and real yields steepened in the second half of 2016 in anticipation of the Fed raising rates — similar to what we are seeing now. If this is the case, then there could be a lot further to go (at the last Fed meeting, most members did not project rates increasing until beyond 2023),” she says.\n\nBanks stocks are at the heart of the value trade, and there is further outperformance to go if they are to make up for the loss over the past 12 months, McCarthy says.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,"ARKK":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":264,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/321501667"}
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