One investor's struggle to characterize the US stock market's recent twists and turns led to new market terminology: wolf market.
一位投资人用了一个新鲜词汇“狼市”来形容美国股市近期曲折迂回的走势。
The wolf market is characterized by a tight trading range, increased volatility, high stock correlations and quick reversals. Choppy trading makes it hard to pick stocks based on fundamental qualities, leaving shorter-term options and technical analysis better tools for navigating its bounces.
Its coiner, Michael Purves, chief global strategist and head of derivatives research at BGC Financial said a wolf is clearly a smaller animal than a bull or a bear, but it's very quick and decisive.
The wolf market may be here to stay, at least until the economic recovery accelerates or another catalyst prompts the market to find footing. Mr. Purves believes the wolf market will last into 2011.