答案和详解如下： 6.All of the following are bullish signals to a contrarian EXCEPT when the: A) Investment Advisor's Ratio is at 75%. B) OTC to NYSE Volume Ratio is at 75%. C) Mutual Fund Ratio is at 3%. D) Chicago Board Options Exchange (CBOE) Put/Call Ratio is at 0.90. The correct answer was C) Ratio | If the indicator is: | Investors are: | Contrarians are: | MFR | < 5% | bullish | bearish | OTC/NYSE Volume* | < 87% | bearish | bullish | CBOE Put/Call | = or> 0.50 | bearish | bullish | Investment Advisor | => 60% | bearish | bullish |
* OTC issues are considered more speculative. 7.To determine whether smart investors are bullish, smart money technicians look for all of the following EXCEPT: A) the specialist short-sale ratio to fall below 30%. B) increases of debit balances in brokerage accounts. C) the rate of inflation to drop below 3%. D) the yield spreads between high and low quality bonds to narrow. The correct answer was C) Inflation is not an indicator of money flows. Increases in debit balances are a bullish sign. Short sales ratio falling below 30% indicates specialists are buying. Narrowing of the yield curves is considered a sign of confidence in the market. 8.If only 16% of stocks are selling above their 200-day moving average, technical analysts would most likely: A) Buy stocks. B) Sell stocks. C) Buy T-bills. D) Sell foreign stocks. The correct answer was A) With 16% of stocks selling above their 200-day moving average, the market is oversold. This is a bullish indicator for technical analysts who would buy out of favor stocks. 9.An investor who views the Treasury-Eurodollar (TED) spread and the (Barron’s) confidence index as smart-money indicators would consider increases in these measures to be:
| TED Spread | Confidence Index |
A) Bullish Bullish B) Bearish Bullish C) Bullish Bearish D) Bearish Bearish The correct answer was B) If the Treasury-to-eurodollar spread widens, money is rushing into T-bills, indicating unease about future economic prospects. An increase in the confidence index (high grade bond yield/average bond yield) toward one indicates that bond investors are bullish about future economic prospects. 10.If the CBOE put/call ratio stands at 0.2, then the market: A) is bearish, and contrarians are bullish. B) and contrarians are bearish. C) and contrarians are bullish. D) is bullish, and contrarians are bearish. The correct answer was D) A put/call ratio of 0.2 indicates that there are more calls in the market than puts. Thus, the market would be bullish and contrarians would be bearish. | 
发表于 2008-4-16 17:32
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