According to Wikipedia:
A
dead cat bounce is a term used by traders in the finance industry to describe a pattern wherein a moderate rise in the price of a stock follows a spectacular fall, with the connotation that the rise does not indicate improving circumstances. It is derived from the notion that "even a dead cat will bounce if it falls from a great height".
The phrase has been used on the trading floors for many years. However the earliest recorded use of the phrase dates from 1985 when the
Singaporean and
Malaysian stock markets bounced back after a hard fall during the recession of that year. The Financial Times reported a stock broker as saying the market rise was a "dead cat bounce".
The reasons for such a bounce can be technical - investors may have standing orders to buy shorted stocks if they fall below a certain level, to cover certain option positions, or for speculation. Since bounces often occur, investors buy into what they hope is the bottom of the market, expecting a bounce and thus make a quick profit. The very act of anticipating a bounce can create and magnify it.
A market rise after a sharp fall can only really be seen to be a "dead cat bounce" with the benefit of hindsight. If the stocks starts to fall again in the following days and weeks, then it is a true dead cat bounce. If the market picks up starts to climb again, it was not a bounce but a bottom.
摘自中国日报网站 (
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可怕的“死猫反弹”
[ 2006-08-24 14:33 ]
有句俗语“A cat has nine lives”（猫有九命），意思是说猫的生命力很强，比如，猫从高楼上掉下来大抵是摔不死的。不管“猫有九命”的说法能否被大众接受，但很多股民却知道，“死猫反弹”挺可怕。
“Dead cat bounce”是股市行话，可以译为“死猫反弹”，或者更形象一点——“死猫诈尸”，指的是“股价在长期下跌后，短时间内迅速反弹，然后继续下跌的情况”。看过一篇报道，报道中把“dead cat bounce”说成是“a bear in bull's clothing”（披着牛市外衣的熊市），感觉这个比喻恰切地道出了“死猫反弹”的深意。
看到这儿，您也该明白了：股市在连续暴跌后，如若反弹过猛就如回光返照。投资者这时得小心了，千万别头脑一热开户下海，否则，一旦被套牢，“dead cat bounce”（死猫反弹）会让您哭都来不及。
