One investor’s struggle to characterize the US stock market’s recent twists and turns led to new market terminology: wolf market.

一位投資人用了一個新鮮詞匯“狼市”來形容美國股市近期曲折迂回的走勢。

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.

狼市的特點是窄幅震蕩、波動增加、股票相關性高、反轉快。鋸齒狀的指數震蕩提高了投資者依據基本面選股的難度，使短期期權和技術分析成為把握反彈機會的更好工具。

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.

這個詞的創造者，美國BGC Financial投資公司首席全球策略師、金融衍生工具研究主管邁克爾?普爾夫斯解釋說，跟牛和熊相比而言，狼的體型更小，但動作迅速，決斷果敢。

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.

至少在經濟復蘇步伐加快或股市在另一種催化劑的推動下重新找到立足點之前，狼市狀態可能還會持續下去。普爾夫斯認為，狼市將會延續到2011年。