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ChloeJ
ChloeJ
·
2021-03-15
[得意] [得意]
Communication Challenges for the Fed Ahead of its March Meeting<blockquote>美联储三月会议前面临的沟通挑战</blockquote>
The Federal Reserve of the United States (Fed) is holding its FOMC meeting and press conference two
Communication Challenges for the Fed Ahead of its March Meeting<blockquote>美联储三月会议前面临的沟通挑战</blockquote>
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ChloeJ
ChloeJ
·
2021-03-10
[微笑]
EV Stocks are blazing hot, once again<blockquote>电动汽车股再次火爆</blockquote>
Nio up 6.87%,Xpeng Motors up 5.61%, Li Auto up 4.25% and Tesla up 4.41%.
EV Stocks are blazing hot, once again<blockquote>电动汽车股再次火爆</blockquote>
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ChloeJ
ChloeJ
·
2021-03-10
Tell me your opinion about this news...
非常抱歉，此主贴已删除
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ChloeJ
ChloeJ
·
2021-03-10
yes
Technically Speaking: The Bull Market Is On Shaky Ground<blockquote>从技术上讲：牛市的基础不稳定</blockquote>
Last week’s sell-off left the “bull market” on shaky ground. The big question for investors at the m
Technically Speaking: The Bull Market Is On Shaky Ground<blockquote>从技术上讲：牛市的基础不稳定</blockquote>
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ChloeJ
ChloeJ
·
2021-03-10
[财迷]
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ChloeJ
ChloeJ
·
2021-03-10
$IZEA Inc(IZEA)$
😃
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ChloeJ
ChloeJ
·
2021-03-09
Good
Nasdaq jumps at open as tech stocks gain ground<blockquote>科技股上涨，纳斯达克开盘上涨</blockquote>
U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten
Nasdaq jumps at open as tech stocks gain ground<blockquote>科技股上涨，纳斯达克开盘上涨</blockquote>
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ChloeJ
ChloeJ
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2021-03-09
$IZEA Inc(IZEA)$
🥲
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ChloeJ
ChloeJ
·
2021-03-09
😀
T-Mobile to Step Up Ad Targeting of Cellphone Customers<blockquote>T-Mobile将加强手机客户的广告定位</blockquote>
Wireless carrier tells subscribers it could share their browsing, app data and other online activity
T-Mobile to Step Up Ad Targeting of Cellphone Customers<blockquote>T-Mobile将加强手机客户的广告定位</blockquote>
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[得意] ","listText":"[得意] [得意] ","text":"[得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/322256662","repostId":"1198729256","repostType":4,"repost":{"id":"1198729256","kind":"news","pubTimestamp":1615812717,"share":"https://www.laohunote.com/m/news/1198729256?lang=zh_CN&edition=full","pubTime":"2021-03-15 20:51","market":"us","language":"en","title":"Communication Challenges for the Fed Ahead of its March Meeting<blockquote>美联储三月会议前面临的沟通挑战</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1198729256","media":"VantagePoint","summary":"The Federal Reserve of the United States (Fed) is holding its FOMC meeting and press conference two ","content":"<p><b>The Federal Reserve of the United States (Fed) is holding its FOMC meeting and press conference two days from now. While no change is expected at this meeting, the focus shifts to the way the Fed communicates its intentions and to future economic projections.</b></p><p><blockquote><b>美国联邦储备委员会（美联储）将于两天后举行联邦公开市场委员会会议和新闻发布会。虽然预计这次会议不会有任何变化，但焦点转移到美联储传达其意图的方式和未来的经济预测上。</b></blockquote></p><p> Two things influenced financial markets recently. First, the rise in the long-term interest rates. Long-term bond yields tend to rise when the economic recovery picks up, but the move higher triggers unwanted tightening of financial conditions. Second, the new round of fiscal stimulus approved in the United States led to global GDP growth projections to rise by 1% or so.</p><p><blockquote>最近有两件事影响了金融市场。首先，长期利率上升。当经济复苏加快时，长期债券收益率往往会上升，但走高会引发不必要的金融状况收紧。其次，美国批准的新一轮财政刺激计划导致全球GDP增长预测上升1%左右。</blockquote></p><p> At Wednesday’s meeting, the Fed must find a way to communicate markets that, while remaining accommodative, it still accounts for stronger economic growth. How to do that without being hawkish? The answer lies in the Fed’s “dots”.</p><p><blockquote>在周三的会议上，美联储必须找到一种方法向市场传达，在保持宽松态度的同时，美联储仍是经济增长强劲的原因。如何做到这一点而不鹰派？答案就在美联储的 “点 ”中。</blockquote></p><p> <b>The Focus on the Fed’s Dots</b></p><p><blockquote><b>聚焦美联储的点</b></blockquote></p><p> This week’s Fed decision is followed by the regular press conference. However, Wednesday’s event is a special one because the Fed will present its economic projections.</p><p><blockquote>美联储本周的决定之后是例行新闻发布会。不过，周三的会议很特别，因为美联储将公布其经济预测。</blockquote></p><p> For financial markets, a certain part is extremely important – the one that shows the FOMC members’ future rate projections. More precisely, each member projects the federal funds rate for the next three years. The projections are then averaged and a dot is plotted on a chart showing the potential increase or decrease of future rates. At this meeting, the Fed’s challenge is to show its willingness to keep an accommodative monetary policy and, at the same time, to account for future growth. The dots may help to send the right signal.</p><p><blockquote>对于金融市场来说，有一个部分极其重要--显示联邦公开市场委员会成员未来利率预测的部分。更准确地说，每个成员预测未来三年的联邦基金利率。然后对预测进行平均，并在图表上绘制一个点，显示未来利率的潜在增加或减少。在这次会议上，美联储面临的挑战是表明其愿意维持宽松的货币政策，同时考虑到未来的增长。这些点可能有助于发送正确的信号。</blockquote></p><p> In other words, the “dot plot” is unlikely to signal a rate hike before 2024. However, the decision to signal or not a liftoff in 2023, for instance, is not an easy one. Some voices argue that if the Fed decides to signal a liftoff in 2023, such a decision would be counterproductive. Why would the Fed do so?</p><p><blockquote>换句话说，“点阵图 ”不太可能预示着 2024 年之前会加息。然而，例如，决定是否在 2023 年发出升空信号并不容易。一些声音认为，如果美联储决定在 2023 年发出解禁信号，这样的决定将适得其反。美联储为什么要这么做？</blockquote></p><p> The main argument comes from inflationary pressures. The months ahead will likely put the Fed under pressure as inflation is projected to overshoot the 2% target. By signaling a rate increase in 2023, two years from now, the Fed may choose to strike first, preemptively, to taper higher inflation expectations. The risk, however, is that such a move will weaken its forward guidance.</p><p><blockquote>主要论点来自通胀压力。未来几个月可能会给美联储带来压力，因为通胀预计将超过 2% 的目标。通过在两年后的 2023 年发出加息信号，美联储可能会选择先发制人地降低较高的通胀预期。然而，风险在于这样的举措将削弱其前瞻性指引。</blockquote></p><p> One thing is for sure – whatever the Fed decides on Wednesday, the USD’s volatility will be higher than average.</p><p><blockquote>有一点是肯定的--无论美联储周三做出什么决定，美元的波动性都将高于平均水平。</blockquote></p><p></p>","source":"lsy1615437168461","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>Communication Challenges for the Fed Ahead of its March Meeting<blockquote>美联储三月会议前面临的沟通挑战</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\">\nCommunication Challenges for the Fed Ahead of its March Meeting<blockquote>美联储三月会议前面临的沟通挑战</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">VantagePoint</strong><span class=\"h-time small\">2021-03-15 20:51</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>The Federal Reserve of the United States (Fed) is holding its FOMC meeting and press conference two days from now. While no change is expected at this meeting, the focus shifts to the way the Fed communicates its intentions and to future economic projections.</b></p><p><blockquote><b>美国联邦储备委员会（美联储）将于两天后举行联邦公开市场委员会会议和新闻发布会。虽然预计这次会议不会有任何变化，但焦点转移到美联储传达其意图的方式和未来的经济预测上。</b></blockquote></p><p> Two things influenced financial markets recently. First, the rise in the long-term interest rates. Long-term bond yields tend to rise when the economic recovery picks up, but the move higher triggers unwanted tightening of financial conditions. Second, the new round of fiscal stimulus approved in the United States led to global GDP growth projections to rise by 1% or so.</p><p><blockquote>最近有两件事影响了金融市场。首先，长期利率上升。当经济复苏加快时，长期债券收益率往往会上升，但走高会引发不必要的金融状况收紧。其次，美国批准的新一轮财政刺激计划导致全球GDP增长预测上升1%左右。</blockquote></p><p> At Wednesday’s meeting, the Fed must find a way to communicate markets that, while remaining accommodative, it still accounts for stronger economic growth. How to do that without being hawkish? The answer lies in the Fed’s “dots”.</p><p><blockquote>在周三的会议上，美联储必须找到一种方法向市场传达，在保持宽松态度的同时，美联储仍是经济增长强劲的原因。如何做到这一点而不鹰派？答案就在美联储的 “点 ”中。</blockquote></p><p> <b>The Focus on the Fed’s Dots</b></p><p><blockquote><b>聚焦美联储的点</b></blockquote></p><p> This week’s Fed decision is followed by the regular press conference. However, Wednesday’s event is a special one because the Fed will present its economic projections.</p><p><blockquote>美联储本周的决定之后是例行新闻发布会。不过，周三的会议很特别，因为美联储将公布其经济预测。</blockquote></p><p> For financial markets, a certain part is extremely important – the one that shows the FOMC members’ future rate projections. More precisely, each member projects the federal funds rate for the next three years. The projections are then averaged and a dot is plotted on a chart showing the potential increase or decrease of future rates. At this meeting, the Fed’s challenge is to show its willingness to keep an accommodative monetary policy and, at the same time, to account for future growth. The dots may help to send the right signal.</p><p><blockquote>对于金融市场来说，有一个部分极其重要--显示联邦公开市场委员会成员未来利率预测的部分。更准确地说，每个成员预测未来三年的联邦基金利率。然后对预测进行平均，并在图表上绘制一个点，显示未来利率的潜在增加或减少。在这次会议上，美联储面临的挑战是表明其愿意维持宽松的货币政策，同时考虑到未来的增长。这些点可能有助于发送正确的信号。</blockquote></p><p> In other words, the “dot plot” is unlikely to signal a rate hike before 2024. However, the decision to signal or not a liftoff in 2023, for instance, is not an easy one. Some voices argue that if the Fed decides to signal a liftoff in 2023, such a decision would be counterproductive. Why would the Fed do so?</p><p><blockquote>换句话说，“点阵图 ”不太可能预示着 2024 年之前会加息。然而，例如，决定是否在 2023 年发出升空信号并不容易。一些声音认为，如果美联储决定在 2023 年发出解禁信号，这样的决定将适得其反。美联储为什么要这么做？</blockquote></p><p> The main argument comes from inflationary pressures. The months ahead will likely put the Fed under pressure as inflation is projected to overshoot the 2% target. By signaling a rate increase in 2023, two years from now, the Fed may choose to strike first, preemptively, to taper higher inflation expectations. The risk, however, is that such a move will weaken its forward guidance.</p><p><blockquote>主要论点来自通胀压力。未来几个月可能会给美联储带来压力，因为通胀预计将超过 2% 的目标。通过在两年后的 2023 年发出加息信号，美联储可能会选择先发制人地降低较高的通胀预期。然而，风险在于这样的举措将削弱其前瞻性指引。</blockquote></p><p> One thing is for sure – whatever the Fed decides on Wednesday, the USD’s volatility will be higher than average.</p><p><blockquote>有一点是肯定的--无论美联储周三做出什么决定，美元的波动性都将高于平均水平。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://vantagepointtrading.com/news/communication-challenges-for-the-fed-ahead-of-its-march-meeting/\">VantagePoint</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":{},"source_url":"https://vantagepointtrading.com/news/communication-challenges-for-the-fed-ahead-of-its-march-meeting/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1198729256","content_text":"The Federal Reserve of the United States (Fed) is holding its FOMC meeting and press conference two days from now. While no change is expected at this meeting, the focus shifts to the way the Fed communicates its intentions and to future economic projections.\nTwo things influenced financial markets recently. First, the rise in the long-term interest rates. Long-term bond yields tend to rise when the economic recovery picks up, but the move higher triggers unwanted tightening of financial conditions. Second, the new round of fiscal stimulus approved in the United States led to global GDP growth projections to rise by 1% or so.\nAt Wednesday’s meeting, the Fed must find a way to communicate markets that, while remaining accommodative, it still accounts for stronger economic growth. How to do that without being hawkish? The answer lies in the Fed’s “dots”.\nThe Focus on the Fed’s Dots\nThis week’s Fed decision is followed by the regular press conference. However, Wednesday’s event is a special one because the Fed will present its economic projections.\nFor financial markets, a certain part is extremely important – the one that shows the FOMC members’ future rate projections. More precisely, each member projects the federal funds rate for the next three years. The projections are then averaged and a dot is plotted on a chart showing the potential increase or decrease of future rates. At this meeting, the Fed’s challenge is to show its willingness to keep an accommodative monetary policy and, at the same time, to account for future growth. The dots may help to send the right signal.\nIn other words, the “dot plot” is unlikely to signal a rate hike before 2024. However, the decision to signal or not a liftoff in 2023, for instance, is not an easy one. Some voices argue that if the Fed decides to signal a liftoff in 2023, such a decision would be counterproductive. Why would the Fed do so?\nThe main argument comes from inflationary pressures. The months ahead will likely put the Fed under pressure as inflation is projected to overshoot the 2% target. By signaling a rate increase in 2023, two years from now, the Fed may choose to strike first, preemptively, to taper higher inflation expectations. The risk, however, is that such a move will weaken its forward guidance.\nOne thing is for sure – whatever the Fed decides on Wednesday, the USD’s volatility will be higher than average.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":321904886,"gmtCreate":1615387815745,"gmtModify":1703488325500,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321904886","repostId":"1117878459","repostType":4,"repost":{"id":"1117878459","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615387693,"share":"https://www.laohunote.com/m/news/1117878459?lang=zh_CN&edition=full","pubTime":"2021-03-10 22:48","market":"us","language":"en","title":"EV Stocks are blazing hot, once again<blockquote>电动汽车股再次火爆</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1117878459","media":"老虎资讯综合","summary":"Nio up 6.87%,Xpeng Motors up 5.61%, Li Auto up 4.25% and Tesla up 4.41%.","content":"<p>Nio up 6.87%,Xpeng Motors up 5.61%, Li Auto up 4.25% and Tesla up 4.41%.</p><p><blockquote>蔚来上涨6.87%，小鹏汽车上涨5.61%，理想汽车上涨4.25%，特斯拉上涨4.41%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70b93be4ff8f47a04153fd85595ce8af\" tg-width=\"370\" tg-height=\"234\"></p><p><blockquote></blockquote></p><p></p>","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>EV Stocks are blazing hot, once again<blockquote>电动汽车股再次火爆</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\">\nEV Stocks are blazing hot, once again<blockquote>电动汽车股再次火爆</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-10 22:48</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Nio up 6.87%,Xpeng Motors up 5.61%, Li Auto up 4.25% and Tesla up 4.41%.</p><p><blockquote>蔚来上涨6.87%，小鹏汽车上涨5.61%，理想汽车上涨4.25%，特斯拉上涨4.41%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/70b93be4ff8f47a04153fd85595ce8af\" tg-width=\"370\" tg-height=\"234\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LI":"理想汽车","XPEV":"小鹏集团","TSLA":"特斯拉","NIO":"蔚来"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117878459","content_text":"Nio up 6.87%,Xpeng Motors up 5.61%, Li Auto up 4.25% and Tesla up 4.41%.","news_type":1,"symbols_score_info":{"LI":0.9,"XPEV":0.9,"NIO":0.9,"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2295,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":321062477,"gmtCreate":1615386014999,"gmtModify":1703488253215,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"Tell me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/321062477","repostId":"2118671646","repostType":4,"isVote":1,"tweetType":1,"viewCount":1643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323785418,"gmtCreate":1615376563034,"gmtModify":1703488095946,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"yes","listText":"yes","text":"yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323785418","repostId":"1178216373","repostType":4,"repost":{"id":"1178216373","kind":"news","pubTimestamp":1615376006,"share":"https://www.laohunote.com/m/news/1178216373?lang=zh_CN&edition=full","pubTime":"2021-03-10 19:33","market":"us","language":"en","title":"Technically Speaking: The Bull Market Is On Shaky Ground<blockquote>从技术上讲：牛市的基础不稳定</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1178216373","media":"Real Investment Advice","summary":"Last week’s sell-off left the “bull market” on shaky ground.\nThe big question for investors at the m","content":"<p>Last week’s sell-off left the “bull market” on shaky ground.</p><p><blockquote>上周的抛售让 “牛市 ”摇摇欲坠。</blockquote></p><p> The big question for investors at the moment is whether the <i><b>11-year old bull market</b></i> is ending or is this just a<i>“pause that refreshes?”</i></p><p><blockquote>目前投资者面临的最大问题是<i><b>11年牛市</b></i>是结束还是这只是一个<i>“令人耳目一新的停顿？”</i></blockquote></p><p> While the optimistic<i>“hope”</i>is that this is just a pause within a continuing<i>“bull market”</i>advance, from a money management standpoint getting the answer<i>“right”</i>is vastly more important to long-term investing outcomes.</p><p><blockquote>而乐观的<i>“希望”</i>这只是一个持续的停顿<i>“牛市”</i>提前，从资金管理的角度得到答案<i>“对”</i>对长期投资结果更重要。</blockquote></p><p> The easiest way to approach this analysis is to start with the following basic premise:</p><p><blockquote>进行此分析的最简单方法是从以下基本前提开始：</blockquote></p><p> <i><b>“Bull markets are born on pessimism, grow on skepticism, and die on euphoria.”</b></i> <i>-Sir John Templeton</i> <b>Euphoria Has Been Evident</b></p><p><blockquote><i><b>“牛市诞生于悲观，成长于怀疑，消亡于兴奋。”</b></i><i>-约翰·邓普顿爵士</i><b>欣快是显而易见的</b></blockquote></p><p> There is little argument that<i>“euphoria”</i>has not been evident in the market recently. From excessive levels of call-option buying by small traders to chasing the most shorted stocks in the market. As I noted just recently in<b><i>“No One Is Bearish:”</i></b></p><p><blockquote>几乎没有争论<i>“欣快感”</i>近期市场上并不明显。从小交易者过度购买看涨期权期权到追逐市场上做空最多的股票。正如我最近在<b><i>“没有人看跌：”</i></b></blockquote></p><p> <ul> <li><i><b>Fund managers’ allocation to cash is down to 3.8%, the lowest since March 2013.</b></i><i>Such was just before the “taper tantrum” era under former Federal Reserve Chairman Ben Bernanke.</i></li> </ul> <img src=\"https://static.tigerbbs.com/0d1c7e74281f4546a4a5a28a35a9bfe9\" tg-width=\"1580\" tg-height=\"986\"></p><p><blockquote><ul><li><i><b>基金经理的现金配置比例降至 3.8%，为 2013 年 3 月以来的最低水平。</b></i><i>这还是在前美联储主席本-伯南克（Ben Bernanke）领导下的 “缩减规模 ”时代之前。</i></li></ul></blockquote></p><p> <ul> <li><i><b>Allocations to stocks and commodities are the highest since February 2011.</b></i></li> </ul> <img src=\"https://static.tigerbbs.com/73520f72bf0f824be59d828e1d91a970\" tg-width=\"1568\" tg-height=\"952\"><img src=\"https://static.tigerbbs.com/0824f55194b685250180b436732c5fca\" tg-width=\"1578\" tg-height=\"894\"></p><p><blockquote><ul><li><i><b>股票和大宗商品的配置是2011年2月以来的最高水平。</b></i></li></ul></blockquote></p><p> The point here, of course, is that when everyone is<i>“in the pool,”</i>it doesn’t take much to create a reversion.</p><p><blockquote>当然，这里的重点是当每个人都<i>“在泳池里，”</i>创建一个回归并不需要太多时间。</blockquote></p><p> <b>The Value Trade Is No Longer A Value</b></p><p><blockquote><b>价值交易不再是价值</b></blockquote></p><p> Such is what we begin to see last week, as the previous favorite<i>“momentum”</i>trades were swapped in a massive rotation to<i>“value.”</i>Given the massively overbought extremes in the<i>“value”</i>plays, that rotation is likely going to be akin to<i>“jumping from the frying pan into the fire.”</i></p><p><blockquote>这就是我们上周开始看到的，作为之前的最爱<i>“势头”</i>交易大量轮换到<i>“价值。”</i>鉴于大规模超买的极端情况<i>“价值”</i>比赛，轮换可能类似于<i>“从煎锅跳进火里。”</i></blockquote></p><p> Small-cap value is more extended currently than at any point over the last 20-years using weekly data. With the index well into 3-standard deviation territory, extremely deviated from long-term means, and grossly overvalued, the eventual reversion will be brutal.</p><p><blockquote>使用每周数据，小盘股价值目前比过去 20 年来的任何时候都要扩大。随着该指数进入3个标准差区域，与长期均值极度偏离，并且被严重高估，最终的回归将是残酷的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f709556dbcea03c76994a7ca372d3332\" tg-width=\"976\" tg-height=\"1007\"></p><p><blockquote></blockquote></p><p> The same is seen in the weekly chart of the Russell 2000 index which picks up the Mid-cap exposure as well. With valuations in these stocks well ahead of even the most optimistic economic outlook, the risk of disappointment is high.</p><p><blockquote>罗素 2000 指数的周线图也显示了同样的情况，该指数也增加了中型股的风险敞口。由于这些股票的估值甚至远远领先于最乐观的经济前景，失望的风险很高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f430da155d24c0362cd169ee99e5dfb\" tg-width=\"986\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> The poster child for the economic reopening and value rotation trade has been energy. Like small-cap value and the Russell 2000, energy is also exceedingly extended, overbought, and deviated from long-term means. At every similar point in history, the reversion was brutal.</p><p><blockquote>经济重新开放和价值轮换贸易的典型代表是能源。与小盘股价值和罗素 2000 指数一样，能源指数也过度扩张、超买并偏离长期均值。在历史上每一个类似的时刻，这种回归都是残酷的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab83024ef39099cb1d9852cccb58201\" tg-width=\"988\" tg-height=\"1009\"></p><p><blockquote></blockquote></p><p> This time is unlikely to be different.</p><p><blockquote>这一次不太可能有什么不同。</blockquote></p><p> <b>Intermediate Indicators Worrisome</b></p><p><blockquote><b>中间指标令人担忧</b></blockquote></p><p> Our intermediate-term indicators, <i>(which utilizes weekly data)</i>, continue to paint a more concerning picture. Turn your focus to the middle panel of<i>“money flows.”</i> Despite the<i> “seeming”</i> exuberance of the market over the last few months, money flows have continued to weaken.</p><p><blockquote>我们的中期指标，<i>（使用每周数据）</i>，继续描绘一幅更令人担忧的画面。将焦点转到中面板<i>“资金流动。”</i>尽管<i>“看起来”</i>在过去几个月的市场繁荣中，资金流动持续减弱。</blockquote></p><p> In early November, we recommended increasing equity exposure to portfolios as the <i>“buy signal”</i>was triggered. However, beginning in February, that signal reversed leading to continued downward price pressures.</p><p><blockquote>11月初，我们建议增加投资组合的股票敞口，因为<i>买入信号</i>被触发了。然而，从2月份开始，这一信号逆转，导致价格持续下行压力。</blockquote></p><p> While the market could indeed bounce in the short-term, the decline in<i> “money flows,”</i> and the convergence of <i>“sell signals,”</i> does increase our concern of a bigger decline over the next month or so.</p><p><blockquote>虽然市场在短期内确实会反弹，但<i>“资金流动”</i>和收敛<i>“卖出信号”</i>确实增加了我们对未来一个月左右跌幅更大的担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84fe9f1e9350c3c7a0883b8fd519d2fc\" tg-width=\"1085\" tg-height=\"823\"></p><p><blockquote></blockquote></p><p> The problem with the indicator is that it does not distinguish between declines. The<i>“sell signal”</i>in September and October of 2020 coincided with two 10% declines. The signal in March was a 35% crash over a 3-week period.</p><p><blockquote>该指标的问题在于它无法区分下降。这个<i>卖出信号</i>2020年9月和10月恰逢两次10%的下降。3 月份的信号是 3 周内暴跌 35%。</blockquote></p><p> There is certainly a risk of a larger decline given the confirming MACD sell signal in the lower panel. I suspect in the near-term declines will still be met with buyers as the<i>“momentum”</i>chase remains.<b>However, the risk of a deeper correction is certainly possible if something</b><b><i> “spooks”</i></b><b>the market, so risk management remains key.</b></p><p><blockquote>鉴于下方面板中的确认 MACD 卖出信号，肯定存在更大下跌的风险。我怀疑近期下跌仍将受到买家的欢迎<i>“势头”</i>蔡斯还在。<b>然而，如果出现以下情况，则存在更深层次调整的风险</b><b><i>《幽灵》</i></b><b>市场，因此风险管理仍然是关键。</b></blockquote></p><p> <b>Longer-Term Concerns</b></p><p><blockquote><b>长期关注</b></blockquote></p><p></p><p> One of the more concerning charts we have been monitoring for some time is the monthly expanding price pattern. Once again, the market has struggled with the top of the expanding pattern as relative strength continues to deteriorate. With the markets extremely extended on a monthly basis, as denoted by the red arrows, such periods have had less positive outcomes for investors.</p><p><blockquote>一段时间以来，我们一直在监测的一个更令人担忧的图表是每月扩大的价格模式。随着相对实力持续恶化，市场再次在扩张模式的顶部挣扎。如红色箭头所示，由于市场每月极度延长，这些时期对投资者来说没有那么积极的结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8310d022a3d86ce471faf40b4562a753\" tg-width=\"1240\" tg-height=\"928\"></p><p><blockquote></blockquote></p><p> <i>Monthly price charts are </i> <i><b>NOT TO BE USED</b></i> <i> for trading portfolios.</i> <i><b> Indications are only valid at the end of the month, and they are slow to turn.</b></i> Due to the lag, most short-term focused investors make assumptions the indications are<i> “wrong”</i> this time. However, history tends to prove that extreme market extensions rarely resolve themselves to the upside.</p><p><blockquote><i>每月价格图表是</i><i><b>不得使用</b></i><i>用于交易投资组合。</i><i><b>适应症只有在月底才有效，而且转得很慢。</b></i>由于滞后，大多数关注短期的投资者都会假设这些迹象是<i>“错误”</i>这次。然而，历史往往证明，极端的市场扩张很少会导致上行。</blockquote></p><p> Of course, what causes the eventual <i>“reversion”</i> is always an unexpected, exogenous event when sends investors scrambling for exits where there are few buyers.</p><p><blockquote>当然，是什么导致了最终的<i>“回归”</i>当投资者在买家很少的地方争先恐后地退出时，总是一个意想不到的外部事件。</blockquote></p><p> <b>Managing Past The Noise</b></p><p><blockquote><b>管理过去的噪音</b></blockquote></p><p> There are many arguments for both bulls and bears. On the bullish side, the passage of another stimulus bill will provide a short-term<b><i>“sugar rush” in the markets and economy.</i></b></p><p><blockquote>多头和空头都有很多争论。从乐观的角度来看，另一项刺激法案的通过将提供短期<b><i>市场和经济中的 “糖热”。</i></b></blockquote></p><p> On the bearish side, everything from extreme exuberance to over valuation poses a longer-term threat. As noted by SentimenTrader over the weekend:</p><p><blockquote>从看跌的角度来看，从极度繁荣到估值过高，一切都构成了长期威胁。正如 SentimentTrader 周末指出的那样：</blockquote></p><p> <i>“Yesterday was the biggest split in almost 40 years. There were so many stocks hitting 52-week highs AND 52-week lows on both the NYSE andNasdaqthat it registered the 2nd most extreme reading since 1984.</i> <i><b>Split markets have a strong tendency to be ‘not bullish.'”</b></i> <img src=\"https://static.tigerbbs.com/d471873a9bdc6304f914500d00fed2ee\" tg-width=\"790\" tg-height=\"438\"></p><p><blockquote><i>“昨天是近 40 年来最大的一次分割。纽约证券交易所和纳斯达克都有如此多的股票创下了 52 周高点和 52 周低点，创下了自 1984 年以来第二极端的读数。</i><i><b>分拆市场有强烈的‘不看涨’倾向。”</b></i></blockquote></p><p> Whether you are bullish or bearish there is an argument to fit your agenda.</p><p><blockquote>无论你是看涨还是看跌，都有一个符合你议程的论点。</blockquote></p><p> <b>Therein Lies The Rub</b></p><p><blockquote><b>问题就在这里</b></blockquote></p><p> <b>YOUR personal bias</b> may be leading you astray as<i> </i><i><b>“cognitive biases”</b></i> impair investor returns over time.</p><p><blockquote><b>你的个人偏见</b>可能会把你引入歧途<i> </i><i><b>“认知偏差”</b></i>随着时间的推移损害投资者回报。</blockquote></p><p> <i>“Confirmation bias, also called </i> <i><b>my side</b></i> <i> </i> <i><b>bias</b></i> <i>, is the tendency to search for, interpret, and remember information in a way that confirms one’s preconceptions or working hypotheses. It is a systematic error of inductive reasoning.”</i> Therefore, it is important to consider <b>both sides</b> of the current debate in order to make logical, rather than emotional, decisions about current portfolio allocations and risk management.</p><p><blockquote><i>“确认偏差，也称为</i><i><b>我这边</b></i><i> </i><i><b>偏见</b></i><i>是以证实自己先入为主的观念或工作假设的方式搜索、解释和记忆信息的倾向。这是归纳推理的系统性错误。”</i>因此，考虑<b>两边</b>当前的辩论，以便对当前的投资组合分配和风险管理做出合乎逻辑的而不是情绪化的决定。</blockquote></p><p> <b>Currently, the</b><b><i> “bulls”</i></b><b> are still in control of the market. The long-term running bull trend remains intact…for now.</b>The chart below is a MONTHLY chart of the S&P 500. Importantly, the bullish trend that began in 2009 remains intact. A correction back to that trendline would encompass a nearly 30% decline from last week’s close.</p><p><blockquote><b>目前，</b><b><i>“公牛”</i></b><b>仍然控制着市场。长期的牛市趋势仍然完好无损……就目前而言。</b>下图是标普500的月图。重要的是，始于2009年的看涨趋势仍然完好无损。如果回到该趋势线，则将比上周收盘价下跌近 30%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d224c846fa83d3e58890ac5eedf2155e\" tg-width=\"900\" tg-height=\"673\"></p><p><blockquote></blockquote></p><p> <b>However, the real question is the sustainability of the market at current levels given the rather extreme deviation from long-term means.</b></p><p><blockquote><b>然而，真正的问题是，鉴于与长期均值的极端偏差，市场在当前水平上的可持续性。</b></blockquote></p><p> For those of you who like analogs, the most comparable period historically is the 1998-1999 market<i>“melt-up.”</i>During that period, the market bounced off support and then began a 60%<i>“melt-up”</i>to the final peak in 2000. Currently, from the March lows, the S&P has risen by nearly 60%. In both cases, the negative divergence in relative strength combined with grossly extended markets did not work out well.</p><p><blockquote>对于那些喜欢类似物的人来说，历史上最具可比性的时期是1998-1999年的市场<i>“融化。”</i>在此期间，市场从支撑位反弹，然后开始上涨 60%<i>“融化”</i>2000年达到最后的顶峰。目前，自3月份低点以来，标准普尔指数已上涨近60%。在这两种情况下，相对实力的负背离加上严重扩张的市场并没有很好地发挥作用。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0817ed8ab27aa3d7f3b036fc5dc09b14\" tg-width=\"900\" tg-height=\"673\"></p><p><blockquote></blockquote></p><p> <b>Continue To Focus On Risk Controls</b></p><p><blockquote><b>持续关注风险控制</b></blockquote></p><p> The big question right now is whether the correction that began a couple of weeks ago is over?</p><p><blockquote>现在最大的问题是几周前开始的调整是否已经结束？</blockquote></p><p> I would not be surprised to see a reasonable bounce in the market given the passage of the stimulus, and short-term oversold conditions. Such certainly continues to support the<i>“economic recovery”</i>story. Unfortunately, once the stimulus runs through the system, the markets will again face economic realities.</p><p><blockquote>鉴于刺激措施的通过和短期超卖情况，如果看到市场出现合理的反弹，我不会感到惊讶。这肯定会继续支持<i>“经济复苏”</i>故事。不幸的是，一旦刺激措施贯穿整个体系，市场将再次面临经济现实。</blockquote></p><p> For all of these reasons, we continue to hold slightly higher levels of cash and continue to focus on basic risk management controls. As such, over the next couple of weeks we will likely:</p><p><blockquote>基于所有这些原因，我们继续持有略高的现金水平，并继续专注于基本的风险管理控制。因此，在接下来的几周内，我们可能会：</blockquote></p><p></p><p> <ol> <li><b>Sell positions that simply are not working.</b>If they were not working in the strongly rising market and failed to hold support during the decline, acknowledge your thesis is wrong.<b><i>Investment Rule: Cut losers short.</i></b></li> <li><b>Trim winning positions back to original portfolio weightings.</b> This allows you to harvest profits but remain invested in positions that are working. <b><i>Investment Rule: Let winners run.</i></b></li> <li><b>Retain cash raised from sales</b> <b>for opportunities</b> to purchase investments later at a better price. <b><i>Investment Rule: Sell High, Buy Low</i></b></li> </ol> <b>While </b><b><i>“bearish”</i></b><b> concerns are often dismissed when markets are rising, it does not mean they aren’t valid.</b>Unfortunately, by the time the <i>“herd”</i>is alerted to a shift in overall sentiment, the stampede for the exits will already be well underway.</p><p><blockquote><ol><li><b>出售根本不起作用的头寸。</b>如果他们在强劲上涨的市场中没有发挥作用，并且在下跌期间未能保持支撑，那么承认你的论点是错误的。<b><i>投资规则：做空输家。</i></b></li><li><b>将获胜头寸调整回原始投资组合权重。</b>这可以让你获得利润，但仍然投资于有效的头寸。<b><i>投资法则：让赢家跑。</i></b></li><li><b>保留销售所得现金</b> <b>寻找机会</b>以后以更好的价格购买投资。<b><i>投资法则：高抛低吸</i></b></li></ol><b>而</b><b><i>“看跌”</i></b><b>当市场上涨时，担忧往往会被打消，但这并不意味着这些担忧是不成立的。</b>不幸的是，当<i>“羊群”</i>意识到整体情绪的转变，退出潮已经开始。</blockquote></p><p> <b>Is the current bull market dead?</b> I don’t know, and trying to predict the market is quite pointless. The risk for investors is the <i>“willful blindness of change”</i>until it is far too late to matter. <b>Just remember, no one thought the</b><b><i>“bull market was dead”</i></b><b>in 1999 and 2007 either.</b></p><p><blockquote><b>当前的牛市死了吗？</b>我不知道，试图预测市场毫无意义。投资者面临的风险是<i>“故意对变革视而不见”</i>直到为时已晚。<b>记住，没人认为</b><b><i>“牛市已死”</i></b><b>1999年和2007年。</b></blockquote></p><p></p>","source":"lsy1603271479234","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>Technically Speaking: The Bull Market Is On Shaky Ground<blockquote>从技术上讲：牛市的基础不稳定</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\">\nTechnically Speaking: The Bull Market Is On Shaky Ground<blockquote>从技术上讲：牛市的基础不稳定</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Real Investment Advice</strong><span class=\"h-time small\">2021-03-10 19:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week’s sell-off left the “bull market” on shaky ground.</p><p><blockquote>上周的抛售让 “牛市 ”摇摇欲坠。</blockquote></p><p> The big question for investors at the moment is whether the <i><b>11-year old bull market</b></i> is ending or is this just a<i>“pause that refreshes?”</i></p><p><blockquote>目前投资者面临的最大问题是<i><b>11年牛市</b></i>是结束还是这只是一个<i>“令人耳目一新的停顿？”</i></blockquote></p><p> While the optimistic<i>“hope”</i>is that this is just a pause within a continuing<i>“bull market”</i>advance, from a money management standpoint getting the answer<i>“right”</i>is vastly more important to long-term investing outcomes.</p><p><blockquote>而乐观的<i>“希望”</i>这只是一个持续的停顿<i>“牛市”</i>提前，从资金管理的角度得到答案<i>“对”</i>对长期投资结果更重要。</blockquote></p><p> The easiest way to approach this analysis is to start with the following basic premise:</p><p><blockquote>进行此分析的最简单方法是从以下基本前提开始：</blockquote></p><p> <i><b>“Bull markets are born on pessimism, grow on skepticism, and die on euphoria.”</b></i> <i>-Sir John Templeton</i> <b>Euphoria Has Been Evident</b></p><p><blockquote><i><b>“牛市诞生于悲观，成长于怀疑，消亡于兴奋。”</b></i><i>-约翰·邓普顿爵士</i><b>欣快是显而易见的</b></blockquote></p><p> There is little argument that<i>“euphoria”</i>has not been evident in the market recently. From excessive levels of call-option buying by small traders to chasing the most shorted stocks in the market. As I noted just recently in<b><i>“No One Is Bearish:”</i></b></p><p><blockquote>几乎没有争论<i>“欣快感”</i>近期市场上并不明显。从小交易者过度购买看涨期权期权到追逐市场上做空最多的股票。正如我最近在<b><i>“没有人看跌：”</i></b></blockquote></p><p> <ul> <li><i><b>Fund managers’ allocation to cash is down to 3.8%, the lowest since March 2013.</b></i><i>Such was just before the “taper tantrum” era under former Federal Reserve Chairman Ben Bernanke.</i></li> </ul> <img src=\"https://static.tigerbbs.com/0d1c7e74281f4546a4a5a28a35a9bfe9\" tg-width=\"1580\" tg-height=\"986\"></p><p><blockquote><ul><li><i><b>基金经理的现金配置比例降至 3.8%，为 2013 年 3 月以来的最低水平。</b></i><i>这还是在前美联储主席本-伯南克（Ben Bernanke）领导下的 “缩减规模 ”时代之前。</i></li></ul></blockquote></p><p> <ul> <li><i><b>Allocations to stocks and commodities are the highest since February 2011.</b></i></li> </ul> <img src=\"https://static.tigerbbs.com/73520f72bf0f824be59d828e1d91a970\" tg-width=\"1568\" tg-height=\"952\"><img src=\"https://static.tigerbbs.com/0824f55194b685250180b436732c5fca\" tg-width=\"1578\" tg-height=\"894\"></p><p><blockquote><ul><li><i><b>股票和大宗商品的配置是2011年2月以来的最高水平。</b></i></li></ul></blockquote></p><p> The point here, of course, is that when everyone is<i>“in the pool,”</i>it doesn’t take much to create a reversion.</p><p><blockquote>当然，这里的重点是当每个人都<i>“在泳池里，”</i>创建一个回归并不需要太多时间。</blockquote></p><p> <b>The Value Trade Is No Longer A Value</b></p><p><blockquote><b>价值交易不再是价值</b></blockquote></p><p> Such is what we begin to see last week, as the previous favorite<i>“momentum”</i>trades were swapped in a massive rotation to<i>“value.”</i>Given the massively overbought extremes in the<i>“value”</i>plays, that rotation is likely going to be akin to<i>“jumping from the frying pan into the fire.”</i></p><p><blockquote>这就是我们上周开始看到的，作为之前的最爱<i>“势头”</i>交易大量轮换到<i>“价值。”</i>鉴于大规模超买的极端情况<i>“价值”</i>比赛，轮换可能类似于<i>“从煎锅跳进火里。”</i></blockquote></p><p> Small-cap value is more extended currently than at any point over the last 20-years using weekly data. With the index well into 3-standard deviation territory, extremely deviated from long-term means, and grossly overvalued, the eventual reversion will be brutal.</p><p><blockquote>使用每周数据，小盘股价值目前比过去 20 年来的任何时候都要扩大。随着该指数进入3个标准差区域，与长期均值极度偏离，并且被严重高估，最终的回归将是残酷的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/f709556dbcea03c76994a7ca372d3332\" tg-width=\"976\" tg-height=\"1007\"></p><p><blockquote></blockquote></p><p> The same is seen in the weekly chart of the Russell 2000 index which picks up the Mid-cap exposure as well. With valuations in these stocks well ahead of even the most optimistic economic outlook, the risk of disappointment is high.</p><p><blockquote>罗素 2000 指数的周线图也显示了同样的情况，该指数也增加了中型股的风险敞口。由于这些股票的估值甚至远远领先于最乐观的经济前景，失望的风险很高。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0f430da155d24c0362cd169ee99e5dfb\" tg-width=\"986\" tg-height=\"1010\"></p><p><blockquote></blockquote></p><p> The poster child for the economic reopening and value rotation trade has been energy. Like small-cap value and the Russell 2000, energy is also exceedingly extended, overbought, and deviated from long-term means. At every similar point in history, the reversion was brutal.</p><p><blockquote>经济重新开放和价值轮换贸易的典型代表是能源。与小盘股价值和罗素 2000 指数一样，能源指数也过度扩张、超买并偏离长期均值。在历史上每一个类似的时刻，这种回归都是残酷的。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab83024ef39099cb1d9852cccb58201\" tg-width=\"988\" tg-height=\"1009\"></p><p><blockquote></blockquote></p><p> This time is unlikely to be different.</p><p><blockquote>这一次不太可能有什么不同。</blockquote></p><p> <b>Intermediate Indicators Worrisome</b></p><p><blockquote><b>中间指标令人担忧</b></blockquote></p><p> Our intermediate-term indicators, <i>(which utilizes weekly data)</i>, continue to paint a more concerning picture. Turn your focus to the middle panel of<i>“money flows.”</i> Despite the<i> “seeming”</i> exuberance of the market over the last few months, money flows have continued to weaken.</p><p><blockquote>我们的中期指标，<i>（使用每周数据）</i>，继续描绘一幅更令人担忧的画面。将焦点转到中面板<i>“资金流动。”</i>尽管<i>“看起来”</i>在过去几个月的市场繁荣中，资金流动持续减弱。</blockquote></p><p> In early November, we recommended increasing equity exposure to portfolios as the <i>“buy signal”</i>was triggered. However, beginning in February, that signal reversed leading to continued downward price pressures.</p><p><blockquote>11月初，我们建议增加投资组合的股票敞口，因为<i>买入信号</i>被触发了。然而，从2月份开始，这一信号逆转，导致价格持续下行压力。</blockquote></p><p> While the market could indeed bounce in the short-term, the decline in<i> “money flows,”</i> and the convergence of <i>“sell signals,”</i> does increase our concern of a bigger decline over the next month or so.</p><p><blockquote>虽然市场在短期内确实会反弹，但<i>“资金流动”</i>和收敛<i>“卖出信号”</i>确实增加了我们对未来一个月左右跌幅更大的担忧。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/84fe9f1e9350c3c7a0883b8fd519d2fc\" tg-width=\"1085\" tg-height=\"823\"></p><p><blockquote></blockquote></p><p> The problem with the indicator is that it does not distinguish between declines. The<i>“sell signal”</i>in September and October of 2020 coincided with two 10% declines. The signal in March was a 35% crash over a 3-week period.</p><p><blockquote>该指标的问题在于它无法区分下降。这个<i>卖出信号</i>2020年9月和10月恰逢两次10%的下降。3 月份的信号是 3 周内暴跌 35%。</blockquote></p><p> There is certainly a risk of a larger decline given the confirming MACD sell signal in the lower panel. I suspect in the near-term declines will still be met with buyers as the<i>“momentum”</i>chase remains.<b>However, the risk of a deeper correction is certainly possible if something</b><b><i> “spooks”</i></b><b>the market, so risk management remains key.</b></p><p><blockquote>鉴于下方面板中的确认 MACD 卖出信号，肯定存在更大下跌的风险。我怀疑近期下跌仍将受到买家的欢迎<i>“势头”</i>蔡斯还在。<b>然而，如果出现以下情况，则存在更深层次调整的风险</b><b><i>《幽灵》</i></b><b>市场，因此风险管理仍然是关键。</b></blockquote></p><p> <b>Longer-Term Concerns</b></p><p><blockquote><b>长期关注</b></blockquote></p><p></p><p> One of the more concerning charts we have been monitoring for some time is the monthly expanding price pattern. Once again, the market has struggled with the top of the expanding pattern as relative strength continues to deteriorate. With the markets extremely extended on a monthly basis, as denoted by the red arrows, such periods have had less positive outcomes for investors.</p><p><blockquote>一段时间以来，我们一直在监测的一个更令人担忧的图表是每月扩大的价格模式。随着相对实力持续恶化，市场再次在扩张模式的顶部挣扎。如红色箭头所示，由于市场每月极度延长，这些时期对投资者来说没有那么积极的结果。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/8310d022a3d86ce471faf40b4562a753\" tg-width=\"1240\" tg-height=\"928\"></p><p><blockquote></blockquote></p><p> <i>Monthly price charts are </i> <i><b>NOT TO BE USED</b></i> <i> for trading portfolios.</i> <i><b> Indications are only valid at the end of the month, and they are slow to turn.</b></i> Due to the lag, most short-term focused investors make assumptions the indications are<i> “wrong”</i> this time. However, history tends to prove that extreme market extensions rarely resolve themselves to the upside.</p><p><blockquote><i>每月价格图表是</i><i><b>不得使用</b></i><i>用于交易投资组合。</i><i><b>适应症只有在月底才有效，而且转得很慢。</b></i>由于滞后，大多数关注短期的投资者都会假设这些迹象是<i>“错误”</i>这次。然而，历史往往证明，极端的市场扩张很少会导致上行。</blockquote></p><p> Of course, what causes the eventual <i>“reversion”</i> is always an unexpected, exogenous event when sends investors scrambling for exits where there are few buyers.</p><p><blockquote>当然，是什么导致了最终的<i>“回归”</i>当投资者在买家很少的地方争先恐后地退出时，总是一个意想不到的外部事件。</blockquote></p><p> <b>Managing Past The Noise</b></p><p><blockquote><b>管理过去的噪音</b></blockquote></p><p> There are many arguments for both bulls and bears. On the bullish side, the passage of another stimulus bill will provide a short-term<b><i>“sugar rush” in the markets and economy.</i></b></p><p><blockquote>多头和空头都有很多争论。从乐观的角度来看，另一项刺激法案的通过将提供短期<b><i>市场和经济中的 “糖热”。</i></b></blockquote></p><p> On the bearish side, everything from extreme exuberance to over valuation poses a longer-term threat. As noted by SentimenTrader over the weekend:</p><p><blockquote>从看跌的角度来看，从极度繁荣到估值过高，一切都构成了长期威胁。正如 SentimentTrader 周末指出的那样：</blockquote></p><p> <i>“Yesterday was the biggest split in almost 40 years. There were so many stocks hitting 52-week highs AND 52-week lows on both the NYSE andNasdaqthat it registered the 2nd most extreme reading since 1984.</i> <i><b>Split markets have a strong tendency to be ‘not bullish.'”</b></i> <img src=\"https://static.tigerbbs.com/d471873a9bdc6304f914500d00fed2ee\" tg-width=\"790\" tg-height=\"438\"></p><p><blockquote><i>“昨天是近 40 年来最大的一次分割。纽约证券交易所和纳斯达克都有如此多的股票创下了 52 周高点和 52 周低点，创下了自 1984 年以来第二极端的读数。</i><i><b>分拆市场有强烈的‘不看涨’倾向。”</b></i></blockquote></p><p> Whether you are bullish or bearish there is an argument to fit your agenda.</p><p><blockquote>无论你是看涨还是看跌，都有一个符合你议程的论点。</blockquote></p><p> <b>Therein Lies The Rub</b></p><p><blockquote><b>问题就在这里</b></blockquote></p><p> <b>YOUR personal bias</b> may be leading you astray as<i> </i><i><b>“cognitive biases”</b></i> impair investor returns over time.</p><p><blockquote><b>你的个人偏见</b>可能会把你引入歧途<i> </i><i><b>“认知偏差”</b></i>随着时间的推移损害投资者回报。</blockquote></p><p> <i>“Confirmation bias, also called </i> <i><b>my side</b></i> <i> </i> <i><b>bias</b></i> <i>, is the tendency to search for, interpret, and remember information in a way that confirms one’s preconceptions or working hypotheses. It is a systematic error of inductive reasoning.”</i> Therefore, it is important to consider <b>both sides</b> of the current debate in order to make logical, rather than emotional, decisions about current portfolio allocations and risk management.</p><p><blockquote><i>“确认偏差，也称为</i><i><b>我这边</b></i><i> </i><i><b>偏见</b></i><i>是以证实自己先入为主的观念或工作假设的方式搜索、解释和记忆信息的倾向。这是归纳推理的系统性错误。”</i>因此，考虑<b>两边</b>当前的辩论，以便对当前的投资组合分配和风险管理做出合乎逻辑的而不是情绪化的决定。</blockquote></p><p> <b>Currently, the</b><b><i> “bulls”</i></b><b> are still in control of the market. The long-term running bull trend remains intact…for now.</b>The chart below is a MONTHLY chart of the S&P 500. Importantly, the bullish trend that began in 2009 remains intact. A correction back to that trendline would encompass a nearly 30% decline from last week’s close.</p><p><blockquote><b>目前，</b><b><i>“公牛”</i></b><b>仍然控制着市场。长期的牛市趋势仍然完好无损……就目前而言。</b>下图是标普500的月图。重要的是，始于2009年的看涨趋势仍然完好无损。如果回到该趋势线，则将比上周收盘价下跌近 30%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/d224c846fa83d3e58890ac5eedf2155e\" tg-width=\"900\" tg-height=\"673\"></p><p><blockquote></blockquote></p><p> <b>However, the real question is the sustainability of the market at current levels given the rather extreme deviation from long-term means.</b></p><p><blockquote><b>然而，真正的问题是，鉴于与长期均值的极端偏差，市场在当前水平上的可持续性。</b></blockquote></p><p> For those of you who like analogs, the most comparable period historically is the 1998-1999 market<i>“melt-up.”</i>During that period, the market bounced off support and then began a 60%<i>“melt-up”</i>to the final peak in 2000. Currently, from the March lows, the S&P has risen by nearly 60%. In both cases, the negative divergence in relative strength combined with grossly extended markets did not work out well.</p><p><blockquote>对于那些喜欢类似物的人来说，历史上最具可比性的时期是1998-1999年的市场<i>“融化。”</i>在此期间，市场从支撑位反弹，然后开始上涨 60%<i>“融化”</i>2000年达到最后的顶峰。目前，自3月份低点以来，标准普尔指数已上涨近60%。在这两种情况下，相对实力的负背离加上严重扩张的市场并没有很好地发挥作用。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/0817ed8ab27aa3d7f3b036fc5dc09b14\" tg-width=\"900\" tg-height=\"673\"></p><p><blockquote></blockquote></p><p> <b>Continue To Focus On Risk Controls</b></p><p><blockquote><b>持续关注风险控制</b></blockquote></p><p> The big question right now is whether the correction that began a couple of weeks ago is over?</p><p><blockquote>现在最大的问题是几周前开始的调整是否已经结束？</blockquote></p><p> I would not be surprised to see a reasonable bounce in the market given the passage of the stimulus, and short-term oversold conditions. Such certainly continues to support the<i>“economic recovery”</i>story. Unfortunately, once the stimulus runs through the system, the markets will again face economic realities.</p><p><blockquote>鉴于刺激措施的通过和短期超卖情况，如果看到市场出现合理的反弹，我不会感到惊讶。这肯定会继续支持<i>“经济复苏”</i>故事。不幸的是，一旦刺激措施贯穿整个体系，市场将再次面临经济现实。</blockquote></p><p> For all of these reasons, we continue to hold slightly higher levels of cash and continue to focus on basic risk management controls. As such, over the next couple of weeks we will likely:</p><p><blockquote>基于所有这些原因，我们继续持有略高的现金水平，并继续专注于基本的风险管理控制。因此，在接下来的几周内，我们可能会：</blockquote></p><p></p><p> <ol> <li><b>Sell positions that simply are not working.</b>If they were not working in the strongly rising market and failed to hold support during the decline, acknowledge your thesis is wrong.<b><i>Investment Rule: Cut losers short.</i></b></li> <li><b>Trim winning positions back to original portfolio weightings.</b> This allows you to harvest profits but remain invested in positions that are working. <b><i>Investment Rule: Let winners run.</i></b></li> <li><b>Retain cash raised from sales</b> <b>for opportunities</b> to purchase investments later at a better price. <b><i>Investment Rule: Sell High, Buy Low</i></b></li> </ol> <b>While </b><b><i>“bearish”</i></b><b> concerns are often dismissed when markets are rising, it does not mean they aren’t valid.</b>Unfortunately, by the time the <i>“herd”</i>is alerted to a shift in overall sentiment, the stampede for the exits will already be well underway.</p><p><blockquote><ol><li><b>出售根本不起作用的头寸。</b>如果他们在强劲上涨的市场中没有发挥作用，并且在下跌期间未能保持支撑，那么承认你的论点是错误的。<b><i>投资规则：做空输家。</i></b></li><li><b>将获胜头寸调整回原始投资组合权重。</b>这可以让你获得利润，但仍然投资于有效的头寸。<b><i>投资法则：让赢家跑。</i></b></li><li><b>保留销售所得现金</b> <b>寻找机会</b>以后以更好的价格购买投资。<b><i>投资法则：高抛低吸</i></b></li></ol><b>而</b><b><i>“看跌”</i></b><b>当市场上涨时，担忧往往会被打消，但这并不意味着这些担忧是不成立的。</b>不幸的是，当<i>“羊群”</i>意识到整体情绪的转变，退出潮已经开始。</blockquote></p><p> <b>Is the current bull market dead?</b> I don’t know, and trying to predict the market is quite pointless. The risk for investors is the <i>“willful blindness of change”</i>until it is far too late to matter. <b>Just remember, no one thought the</b><b><i>“bull market was dead”</i></b><b>in 1999 and 2007 either.</b></p><p><blockquote><b>当前的牛市死了吗？</b>我不知道，试图预测市场毫无意义。投资者面临的风险是<i>“故意对变革视而不见”</i>直到为时已晚。<b>记住，没人认为</b><b><i>“牛市已死”</i></b><b>1999年和2007年。</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://realinvestmentadvice.com/technically-speaking-the-bull-market-is-on-shaky-ground/\">Real Investment Advice</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://realinvestmentadvice.com/technically-speaking-the-bull-market-is-on-shaky-ground/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178216373","content_text":"Last week’s sell-off left the “bull market” on shaky ground.\nThe big question for investors at the moment is whether the 11-year old bull market is ending or is this just a“pause that refreshes?”\nWhile the optimistic“hope”is that this is just a pause within a continuing“bull market”advance, from a money management standpoint getting the answer“right”is vastly more important to long-term investing outcomes.\nThe easiest way to approach this analysis is to start with the following basic premise:\n\n“Bull markets are born on pessimism, grow on skepticism, and die on euphoria.”\n-Sir John Templeton\n\nEuphoria Has Been Evident\nThere is little argument that“euphoria”has not been evident in the market recently. From excessive levels of call-option buying by small traders to chasing the most shorted stocks in the market. As I noted just recently in“No One Is Bearish:”\n\nFund managers’ allocation to cash is down to 3.8%, the lowest since March 2013.Such was just before the “taper tantrum” era under former Federal Reserve Chairman Ben Bernanke.\n\n\n\nAllocations to stocks and commodities are the highest since February 2011.\n\n\nThe point here, of course, is that when everyone is“in the pool,”it doesn’t take much to create a reversion.\nThe Value Trade Is No Longer A Value\nSuch is what we begin to see last week, as the previous favorite“momentum”trades were swapped in a massive rotation to“value.”Given the massively overbought extremes in the“value”plays, that rotation is likely going to be akin to“jumping from the frying pan into the fire.”\nSmall-cap value is more extended currently than at any point over the last 20-years using weekly data. With the index well into 3-standard deviation territory, extremely deviated from long-term means, and grossly overvalued, the eventual reversion will be brutal.\n\nThe same is seen in the weekly chart of the Russell 2000 index which picks up the Mid-cap exposure as well. With valuations in these stocks well ahead of even the most optimistic economic outlook, the risk of disappointment is high.\n\nThe poster child for the economic reopening and value rotation trade has been energy. Like small-cap value and the Russell 2000, energy is also exceedingly extended, overbought, and deviated from long-term means. At every similar point in history, the reversion was brutal.\n\nThis time is unlikely to be different.\nIntermediate Indicators Worrisome\nOur intermediate-term indicators, (which utilizes weekly data), continue to paint a more concerning picture. Turn your focus to the middle panel of“money flows.” Despite the “seeming” exuberance of the market over the last few months, money flows have continued to weaken.\nIn early November, we recommended increasing equity exposure to portfolios as the “buy signal”was triggered. However, beginning in February, that signal reversed leading to continued downward price pressures.\nWhile the market could indeed bounce in the short-term, the decline in “money flows,” and the convergence of “sell signals,” does increase our concern of a bigger decline over the next month or so.\n\nThe problem with the indicator is that it does not distinguish between declines. The“sell signal”in September and October of 2020 coincided with two 10% declines. The signal in March was a 35% crash over a 3-week period.\nThere is certainly a risk of a larger decline given the confirming MACD sell signal in the lower panel. I suspect in the near-term declines will still be met with buyers as the“momentum”chase remains.However, the risk of a deeper correction is certainly possible if something “spooks”the market, so risk management remains key.\nLonger-Term Concerns\nOne of the more concerning charts we have been monitoring for some time is the monthly expanding price pattern. Once again, the market has struggled with the top of the expanding pattern as relative strength continues to deteriorate. With the markets extremely extended on a monthly basis, as denoted by the red arrows, such periods have had less positive outcomes for investors.\n\n\nMonthly price charts are \nNOT TO BE USED\n for trading portfolios.\n Indications are only valid at the end of the month, and they are slow to turn.\n\nDue to the lag, most short-term focused investors make assumptions the indications are “wrong” this time. However, history tends to prove that extreme market extensions rarely resolve themselves to the upside.\nOf course, what causes the eventual “reversion” is always an unexpected, exogenous event when sends investors scrambling for exits where there are few buyers.\nManaging Past The Noise\nThere are many arguments for both bulls and bears. On the bullish side, the passage of another stimulus bill will provide a short-term“sugar rush” in the markets and economy.\nOn the bearish side, everything from extreme exuberance to over valuation poses a longer-term threat. As noted by SentimenTrader over the weekend:\n\n“Yesterday was the biggest split in almost 40 years. There were so many stocks hitting 52-week highs AND 52-week lows on both the NYSE andNasdaqthat it registered the 2nd most extreme reading since 1984.\nSplit markets have a strong tendency to be ‘not bullish.'”\n\n\nWhether you are bullish or bearish there is an argument to fit your agenda.\nTherein Lies The Rub\nYOUR personal bias may be leading you astray as “cognitive biases” impair investor returns over time.\n\n“Confirmation bias, also called \nmy side\n \nbias\n, is the tendency to search for, interpret, and remember information in a way that confirms one’s preconceptions or working hypotheses. It is a systematic error of inductive reasoning.”\n\nTherefore, it is important to consider both sides of the current debate in order to make logical, rather than emotional, decisions about current portfolio allocations and risk management.\nCurrently, the “bulls” are still in control of the market. The long-term running bull trend remains intact…for now.The chart below is a MONTHLY chart of the S&P 500. Importantly, the bullish trend that began in 2009 remains intact. A correction back to that trendline would encompass a nearly 30% decline from last week’s close.\n\nHowever, the real question is the sustainability of the market at current levels given the rather extreme deviation from long-term means.\nFor those of you who like analogs, the most comparable period historically is the 1998-1999 market“melt-up.”During that period, the market bounced off support and then began a 60%“melt-up”to the final peak in 2000. Currently, from the March lows, the S&P has risen by nearly 60%. In both cases, the negative divergence in relative strength combined with grossly extended markets did not work out well.\n\nContinue To Focus On Risk Controls\nThe big question right now is whether the correction that began a couple of weeks ago is over?\nI would not be surprised to see a reasonable bounce in the market given the passage of the stimulus, and short-term oversold conditions. Such certainly continues to support the“economic recovery”story. Unfortunately, once the stimulus runs through the system, the markets will again face economic realities.\nFor all of these reasons, we continue to hold slightly higher levels of cash and continue to focus on basic risk management controls. As such, over the next couple of weeks we will likely:\n\nSell positions that simply are not working.If they were not working in the strongly rising market and failed to hold support during the decline, acknowledge your thesis is wrong.Investment Rule: Cut losers short.\nTrim winning positions back to original portfolio weightings. This allows you to harvest profits but remain invested in positions that are working. Investment Rule: Let winners run.\nRetain cash raised from sales for opportunities to purchase investments later at a better price. Investment Rule: Sell High, Buy Low\n\nWhile “bearish” concerns are often dismissed when markets are rising, it does not mean they aren’t valid.Unfortunately, by the time the “herd”is alerted to a shift in overall sentiment, the stampede for the exits will already be well underway.\nIs the current bull market dead? I don’t know, and trying to predict the market is quite pointless. The risk for investors is the “willful blindness of change”until it is far too late to matter. Just remember, no one thought the“bull market was dead”in 1999 and 2007 either.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":2434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323785194,"gmtCreate":1615376534918,"gmtModify":1703488095253,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"[财迷] ","listText":"[财迷] ","text":"[财迷]","images":[{"img":"https://static.tigerbbs.com/36afaf96607dd1931daa745166689523","width":"1125","height":"3707"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323785194","isVote":1,"tweetType":1,"viewCount":2266,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":323782848,"gmtCreate":1615376408884,"gmtModify":1703488094390,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/IZEA\">$IZEA Inc(IZEA)$</a>😃","listText":"<a href=\"https://laohu8.com/S/IZEA\">$IZEA Inc(IZEA)$</a>😃","text":"$IZEA Inc(IZEA)$😃","images":[{"img":"https://static.tigerbbs.com/fe54bd3a6abe3d0548e439de464740e1","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323782848","isVote":1,"tweetType":1,"viewCount":2447,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323924894,"gmtCreate":1615300553918,"gmtModify":1703486987886,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323924894","repostId":"1179750666","repostType":4,"repost":{"id":"1179750666","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1615300337,"share":"https://www.laohunote.com/m/news/1179750666?lang=zh_CN&edition=full","pubTime":"2021-03-09 22:32","market":"us","language":"en","title":"Nasdaq jumps at open as tech stocks gain ground<blockquote>科技股上涨，纳斯达克开盘上涨</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1179750666","media":"老虎资讯综合","summary":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten","content":"<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p><blockquote>债券收益率下降后，美国股市周二上涨，导致投资者逢低买入遭受重创的科技股。</blockquote></p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><blockquote>道琼斯工业平均指数上涨 152 点，涨幅 0.5%。标普500上涨1.2%。以科技股为主的纳斯达克综合指数上涨 2.5%。特斯拉股价上涨 6.8%，苹果、亚马逊、微软、Netflix 和Alphabet均上涨至少 2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p><blockquote>随着债券收益率企稳，科技股从大幅下跌中反弹。10年期国债收益率下跌逾6个基点，至1.52%。周一交易价格高达1.62%。</blockquote></p><p>\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p><blockquote>Miller Tabak 首席市场策略师马特·马利 (Matt Maley) 表示：“其中许多科技股在短期内已经超卖。因此，它们出现良好的反弹也就不足为奇了。”“问题将是这种反弹是强烈的……还是根本不会持续很长时间的‘死猫反弹’。”</blockquote></p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p><blockquote>周一，由于投资者对经济从疫情中复苏持乐观态度，道琼斯指数上涨了 300 多点。然而，科技股周一并未参与其中，纳斯达克综合指数下跌 2%，原因是利率快速上升导致投资者撤出昂贵的科技股。</blockquote></p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p><blockquote>该科技股收盘价较 2 月 12 日收盘高点低 10% 以上，陷入回调区域。高增长股票最近面临压力，因为利率上升使得它们未来的利润在今天变得不那么有价值，从而压缩了股票的高估值。</blockquote></p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p><blockquote>方舟投资管理公司 (Ark Investment Management) 的凯西·伍德 (Cathie Wood) 在 CNBC 周一的“收盘钟声”节目中表示：“目前市场正在扩大，我们认为从根本意义上讲，牛市正在加强，这将从长远来看对我们有利。”</blockquote></p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p><blockquote>专注于颠覆性科技股的伍德补充说，“我们在抛售中获得了绝佳的机会”，可以买入这些基金中纯粹的股票。伍德的旗舰基金方舟创新（ARKK）上涨了4%。</blockquote></p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p><blockquote>对冲基金经理大卫-泰珀（David Tepper）周一表示，最近的利率大幅上升很可能已经结束，现在很难看空股市。泰珀指出，像亚马逊这样的名字开始看起来很有吸引力。</blockquote></p><p>Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p><blockquote>上周末，参议院通过了1.9万亿美元的经济救助和刺激法案，其中将包括新一轮刺激支票。乔·拜登总统预计将于3月14日签署该法案成为法律。</blockquote></p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</p><p><blockquote>刺激消息促使投资者转向重新开放的股票和周期性股票，押注经济大幅反弹。银行、航空公司、邮轮公司和零售商周一领涨。</blockquote></p><p></p>","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>Nasdaq jumps at open as tech stocks gain ground<blockquote>科技股上涨，纳斯达克开盘上涨</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\">\nNasdaq jumps at open as tech stocks gain ground<blockquote>科技股上涨，纳斯达克开盘上涨</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-09 22:32</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.</p><p><blockquote>债券收益率下降后，美国股市周二上涨，导致投资者逢低买入遭受重创的科技股。</blockquote></p><p>The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.</p><p><blockquote>道琼斯工业平均指数上涨 152 点，涨幅 0.5%。标普500上涨1.2%。以科技股为主的纳斯达克综合指数上涨 2.5%。特斯拉股价上涨 6.8%，苹果、亚马逊、微软、Netflix 和Alphabet均上涨至少 2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/bd0341e7bb4c802052f3c5aeb75c7435\" tg-width=\"1080\" tg-height=\"456\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.</p><p><blockquote>随着债券收益率企稳，科技股从大幅下跌中反弹。10年期国债收益率下跌逾6个基点，至1.52%。周一交易价格高达1.62%。</blockquote></p><p>\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"</p><p><blockquote>Miller Tabak 首席市场策略师马特·马利 (Matt Maley) 表示：“其中许多科技股在短期内已经超卖。因此，它们出现良好的反弹也就不足为奇了。”“问题将是这种反弹是强烈的……还是根本不会持续很长时间的‘死猫反弹’。”</blockquote></p><p>On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.</p><p><blockquote>周一，由于投资者对经济从疫情中复苏持乐观态度，道琼斯指数上涨了 300 多点。然而，科技股周一并未参与其中，纳斯达克综合指数下跌 2%，原因是利率快速上升导致投资者撤出昂贵的科技股。</blockquote></p><p>The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.</p><p><blockquote>该科技股收盘价较 2 月 12 日收盘高点低 10% 以上，陷入回调区域。高增长股票最近面临压力，因为利率上升使得它们未来的利润在今天变得不那么有价值，从而压缩了股票的高估值。</blockquote></p><p>\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.</p><p><blockquote>方舟投资管理公司 (Ark Investment Management) 的凯西·伍德 (Cathie Wood) 在 CNBC 周一的“收盘钟声”节目中表示：“目前市场正在扩大，我们认为从根本意义上讲，牛市正在加强，这将从长远来看对我们有利。”</blockquote></p><p>“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.</p><p><blockquote>专注于颠覆性科技股的伍德补充说，“我们在抛售中获得了绝佳的机会”，可以买入这些基金中纯粹的股票。伍德的旗舰基金方舟创新（ARKK）上涨了4%。</blockquote></p><p>Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.</p><p><blockquote>对冲基金经理大卫-泰珀（David Tepper）周一表示，最近的利率大幅上升很可能已经结束，现在很难看空股市。泰珀指出，像亚马逊这样的名字开始看起来很有吸引力。</blockquote></p><p>Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.</p><p><blockquote>上周末，参议院通过了1.9万亿美元的经济救助和刺激法案，其中将包括新一轮刺激支票。乔·拜登总统预计将于3月14日签署该法案成为法律。</blockquote></p><p>The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.</p><p><blockquote>刺激消息促使投资者转向重新开放的股票和周期性股票，押注经济大幅反弹。银行、航空公司、邮轮公司和零售商周一领涨。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1179750666","content_text":"U.S. stocks jumped on Tuesday after bond yields declined, causing investors to buy the dip in beaten-up technology shares.The Dow Jones Industrial Average rose 152 points, or 0.5%. The S&P 500 gained 1.2%. The tech-heavy Nasdaq Composite climbed 2.5%. Tesla shares popped 6.8%, while Apple, Amazon, Microsoft, Netflix and Alphabet all gained at least 2%.Technology shares rebounded from sharp losses as bond yields stabilized. The 10-year Treasury yield fell more than 6 basis points to 1.52%. It traded as high as 1.62% on Monday.\"A lot of these tech stocks have become oversold on a short-term basis. Therefore, it's not a big surprise that they're seeing a nice bounce,\" said Matt Maley, chief market strategist at Miller Tabak. \"The question will be whether this bounce is a strong one...or a 'dead cat bounce' that doesn't last very long at all.\"On Monday, the Dow rallied more than 300 points on investor optimism about the economic comeback from the pandemic. Yet tech shares didn't participate on Monday, with the Nasdaq Composite shedding 2% as a rapid rise in rates caused investors to rotate out of pricey tech shares.The tech benchmark closed more than 10% below its Feb.12 closing high, falling into correction territory. High-growth names have been pressured lately as rising rates make their future profits less valuable today, compressing the stocks' lofty valuations.\"Right now the market is broadening out and we think in an underlying sense the bull market is strengthening and that will play to our benefit over the longer term,\" said Cathie Wood of Ark Investment Management on CNBC's \"Closing Bell\" on Monday.“We are getting great opportunities” in the sell-off to buy the pure play names in the funds,added Wood, who focuses on disruptive technology stocks. Wood’s flagship fund Ark Innovation (ARKK) gained 4%.Hedge fund manager David Tepper said on Monday the recent sharp rise in rates is likely over and it’s hard to be bearish on stocks right now. Tepper noted names like Amazon were starting to look attractive.Over the weekend, the Senate passed a $1.9 trillion economic relief and stimulus bill, which is set to include another round of stimulus checks. President Joe Biden is expected to sign the bill into law by March 14.The stimulus news prompted investors to rotate into reopening plays and cyclical stocks to bet on a sharp economic rebound. Banks, airlines, cruise lines and retailers led the gains on Monday.","news_type":1,"symbols_score_info":{".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":1860,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":323059286,"gmtCreate":1615291815245,"gmtModify":1703486851289,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/IZEA\">$IZEA Inc(IZEA)$</a>🥲","listText":"<a href=\"https://laohu8.com/S/IZEA\">$IZEA Inc(IZEA)$</a>🥲","text":"$IZEA Inc(IZEA)$🥲","images":[{"img":"https://static.tigerbbs.com/a67bf1af589b8597f2c6819c2bea0ff8","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323059286","isVote":1,"tweetType":1,"viewCount":1894,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":323059979,"gmtCreate":1615291743691,"gmtModify":1703486850249,"author":{"id":"3575454346524693","authorId":"3575454346524693","name":"ChloeJ","avatar":"https://static.tigerbbs.com/4a7b7b65dde77dad85d7c7050262ef89","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575454346524693","authorIdStr":"3575454346524693"},"themes":[],"title":"","htmlText":"😀","listText":"😀","text":"😀","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/323059979","repostId":"1109340709","repostType":4,"repost":{"id":"1109340709","kind":"news","pubTimestamp":1615290778,"share":"https://www.laohunote.com/m/news/1109340709?lang=zh_CN&edition=full","pubTime":"2021-03-09 19:52","market":"us","language":"en","title":"T-Mobile to Step Up Ad Targeting of Cellphone Customers<blockquote>T-Mobile将加强手机客户的广告定位</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1109340709","media":"The Wall Street Journal","summary":"Wireless carrier tells subscribers it could share their browsing, app data and other online activity","content":"<p>Wireless carrier tells subscribers it could share their browsing, app data and other online activity with advertisers unless they opt out</p><p><blockquote>无线运营商告诉用户，除非他们选择退出，否则它可以与广告商共享他们的浏览、应用程序数据和其他在线活动</blockquote></p><p> T-Mobile US Inc. will automatically enroll its phone subscribers in an advertising program informed by their online activity, testing businesses’ appetite for information that other companies have restricted.</p><p><blockquote>T-Mobile US Inc. 将根据手机用户的在线活动自动为其手机用户注册广告计划，以测试企业对其他公司限制的信息的兴趣。</blockquote></p><p> The No. 2 U.S. carrier by subscribers said in a recent privacy-policy update that unless they opt out it will share customers’ web and mobile-app data with advertisers starting April 26. For example, the program could help advertisers identify people who enjoy cooking or are sports enthusiasts, the company said.</p><p><blockquote>这家美国用户排名第二的运营商在最近的隐私政策更新中表示，除非用户选择退出，否则它将从 4 月 26 日开始与广告商共享用户的网络和移动应用数据。例如，该公司表示，该计划可以帮助广告商识别喜欢烹饪或体育爱好者的人。</blockquote></p><p> T-Mobile’s new policy will also cover Sprint customers acquired through the carriers’ 2020 merger. Sprint had previously shared similar data only from customers who opted into its third-party ad program.</p><p><blockquote>T-Mobile 的新政策还将涵盖通过运营商 2020 年合并获得的Sprint客户。Sprint此前仅共享选择其第三方广告计划的客户的类似数据。</blockquote></p><p> A T-Mobile spokeswoman said the changes give subscribers advertising that aligns with their interests. “We’ve heard many say they prefer more relevant ads so we’re defaulting to this setting,” she said. (See below how to change your account settings.)</p><p><blockquote>T-Mobile 发言人表示，这些变化为用户提供了符合他们兴趣的广告。“她说：”我们听到很多人说他们更喜欢更相关的广告，所以我们默认使用这种设置。（请参阅下面如何更改您的帐户设置。）</blockquote></p><p> T-Mobile ended 2020 with more than 60 million phone users under its main brand and more than 20 million customers on prepaid plans. The company said the changes wouldn’t apply to business accounts or children’s lines.</p><p><blockquote>截至 2020 年底，T-Mobile 的主要品牌手机用户超过 6000 万，预付费计划客户超过 2000 万。该公司表示，这些变化不适用于企业账户或儿童系列。</blockquote></p><p></p>","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>T-Mobile to Step Up Ad Targeting of Cellphone Customers<blockquote>T-Mobile将加强手机客户的广告定位</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\">\nT-Mobile to Step Up Ad Targeting of Cellphone Customers<blockquote>T-Mobile将加强手机客户的广告定位</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-03-09 19:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Wireless carrier tells subscribers it could share their browsing, app data and other online activity with advertisers unless they opt out</p><p><blockquote>无线运营商告诉用户，除非他们选择退出，否则它可以与广告商共享他们的浏览、应用程序数据和其他在线活动</blockquote></p><p> T-Mobile US Inc. will automatically enroll its phone subscribers in an advertising program informed by their online activity, testing businesses’ appetite for information that other companies have restricted.</p><p><blockquote>T-Mobile US Inc. 将根据手机用户的在线活动自动为其手机用户注册广告计划，以测试企业对其他公司限制的信息的兴趣。</blockquote></p><p> The No. 2 U.S. carrier by subscribers said in a recent privacy-policy update that unless they opt out it will share customers’ web and mobile-app data with advertisers starting April 26. For example, the program could help advertisers identify people who enjoy cooking or are sports enthusiasts, the company said.</p><p><blockquote>这家美国用户排名第二的运营商在最近的隐私政策更新中表示，除非用户选择退出，否则它将从 4 月 26 日开始与广告商共享用户的网络和移动应用数据。例如，该公司表示，该计划可以帮助广告商识别喜欢烹饪或体育爱好者的人。</blockquote></p><p> T-Mobile’s new policy will also cover Sprint customers acquired through the carriers’ 2020 merger. Sprint had previously shared similar data only from customers who opted into its third-party ad program.</p><p><blockquote>T-Mobile 的新政策还将涵盖通过运营商 2020 年合并获得的Sprint客户。Sprint此前仅共享选择其第三方广告计划的客户的类似数据。</blockquote></p><p> A T-Mobile spokeswoman said the changes give subscribers advertising that aligns with their interests. “We’ve heard many say they prefer more relevant ads so we’re defaulting to this setting,” she said. (See below how to change your account settings.)</p><p><blockquote>T-Mobile 发言人表示，这些变化为用户提供了符合他们兴趣的广告。“她说：”我们听到很多人说他们更喜欢更相关的广告，所以我们默认使用这种设置。（请参阅下面如何更改您的帐户设置。）</blockquote></p><p> T-Mobile ended 2020 with more than 60 million phone users under its main brand and more than 20 million customers on prepaid plans. The company said the changes wouldn’t apply to business accounts or children’s lines.</p><p><blockquote>截至 2020 年底，T-Mobile 的主要品牌手机用户超过 6000 万，预付费计划客户超过 2000 万。该公司表示，这些变化不适用于企业账户或儿童系列。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/t-mobile-to-step-up-ad-targeting-of-cellphone-customers-11615285803?mod=hp_lead_pos3\">The Wall Street Journal</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":{"T":"At&T"},"source_url":"https://www.wsj.com/articles/t-mobile-to-step-up-ad-targeting-of-cellphone-customers-11615285803?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109340709","content_text":"Wireless carrier tells subscribers it could share their browsing, app data and other online activity with advertisers unless they opt out\nT-Mobile US Inc. will automatically enroll its phone subscribers in an advertising program informed by their online activity, testing businesses’ appetite for information that other companies have restricted.\nThe No. 2 U.S. carrier by subscribers said in a recent privacy-policy update that unless they opt out it will share customers’ web and mobile-app data with advertisers starting April 26. For example, the program could help advertisers identify people who enjoy cooking or are sports enthusiasts, the company said.\nT-Mobile’s new policy will also cover Sprint customers acquired through the carriers’ 2020 merger. Sprint had previously shared similar data only from customers who opted into its third-party ad program.\nA T-Mobile spokeswoman said the changes give subscribers advertising that aligns with their interests. “We’ve heard many say they prefer more relevant ads so we’re defaulting to this setting,” she said. (See below how to change your account settings.)\nT-Mobile ended 2020 with more than 60 million phone users under its main brand and more than 20 million customers on prepaid plans. The company said the changes wouldn’t apply to business accounts or children’s lines.","news_type":1,"symbols_score_info":{"T":0.9}},"isVote":1,"tweetType":1,"viewCount":1870,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}