澳洲财经 发表于 2022-3-30 13:21:32

【ACY证券】股市狂热情绪死灰复燃,利率曲线倒挂敲响警钟

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">最近的金融市场无疑围绕着和平谈判做文章。即便西方国家正在面临经济衰退的威胁,欧美的股市却还在不断地上涨。市场情绪指数也在短短两周内从恐慌转向贪婪,</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">VIX</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">波动指数单边回落,市场看似一片大好。但也正是在这种单边的行情中,<b>投资者不能被情绪所左右,需要理解这份贪婪的背后是理性人入场还是情绪面推动。</b></span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei""><b></b></span></span></p>

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">ACY</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">证券认为<b>这波股市的反弹主要受到狂热情绪的影响</b>,原因有两方面。首先,最近大涨的股票多数都是之前由于加息预期而表现不佳的科技股。不仅如此,<b>去年年初的“散户逼空股”同样表现强势,</b></span><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">GME</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">和</span></b><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">AMC</span></b><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">在过去两周里股价翻了整整一倍。</span></b><span lang="ZH-CN" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">由此可见,市场中不理性的狂热情绪正在死灰复燃。此外,之前反复提及的</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">10</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">年与</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">2</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">年期美国国债利差就在昨日突破零线,收益率曲线呈现倒挂之势,释放经济衰退的警报。<b>在美国过去的八次经济衰退之前,曲线都曾出现过倒挂,这足以说明欧美股市近期的强势表现比较反常。</b>股市现在上涨得越快,后面可能崩溃得越凶。</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p><br><br>data/attachment/portal/202203/30/131645vjb6yyo504556ywo.jpg<br></p>

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="EN-AU" style="mso-no-proof:yes">



















</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" align="center" style="text-align:center;line-height:normal"><span style="font-size:16.5px;"><i><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">美国</span></i><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">10</span></i><i><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">年期抗通胀债券收益率</span></i><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></i></span></p>

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">目前股市的波动性巨大,短线情绪与长线价值相互对抗,短线方向并不容易判断。与之相反,黄金的价格却同时受到短线与长线的压力。俄乌间的谈判进展无疑令黄金空头看到了曙光,同时,市场中加息的预期也在不断提前,导致金价开始高位回落。从美国</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">10</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">年期抗通胀债券收益率来看,<b>为了控制助通胀,该收益率在央行紧缩阶段往往会快速回归至零线上方。</b>从图中所示,最近收益率无疑正处在大涨阶段,金价也将随之承受巨大压力。<b>综合来看,黄金存在短线和中长线看空的机会。</b></span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p><p><br><br>data/attachment/portal/202203/30/131942e9u88iw824u8u8io.jpg<br></p>

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="EN-AU" style="mso-no-proof:yes">

</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" align="center" style="text-align:center;line-height:normal"><span style="font-size:16.5px;"><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">XAUUSD</span></i><i><span lang="ZH-CN" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">一小时图</span></i><i><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></i></span></p>

<p class="MsoNormal" style="line-height:normal"><span style="font-size:16.5px;"><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">从黄金小时图来看,受到和平谈判影响,金价本周连续下滑。在触及</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">1890</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">前低点后大幅反弹,体现了技术面的支撑力量。不过从近期的波动情况来看,技术面的支撑与阻力效果不佳,金价随消息面大幅波动,因此<b>交易策略仍需要采用左侧逢高做空为主,可以配合技术指标的空头信号提高入场胜率。</b>现价上方的阻力主要集中在</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">1920</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei"">和</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">1950</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">附近,入场时机可以等待随机指标与</span><span lang="EN-AU" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">MACD</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">双死叉信号,以及半小时级别的头部反转结构。现价下方的短线支撑主要看</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">1890</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">的水平线位置,再下方支撑则要看</span><span lang="EN-AU" style="font-family:
"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei"">1840</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei"">左右。</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;
mso-bidi-font-family:"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="line-height:normal"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:"Microsoft YaHei""><span style="font-size:16.5px;">&nbsp;</span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">今日关注数据</span></b><b><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></b></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">17:00 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">欧元区</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">3</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月经济与工业景气指数</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">17:00 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">欧元区</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">3</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月消费者信心指数</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">20:15 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">美国</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">3</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">月</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">ADP</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">就业人数</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">20:30 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">美国第四季度实际</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">GDP</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">年化季率</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span style="font-size:16.5px;"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">22:30 </span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">美国当周</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">EIA</span><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei";color:black;mso-color-alt:windowtext">原油库存</span><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""></span></span></p>

<p class="MsoNormal" style="margin-bottom:0in;line-height:normal;background:white"><span lang="EN-AU" style="font-family:"Microsoft YaHei",sans-serif;mso-bidi-font-family:
"Microsoft YaHei""><span style="font-size:16.5px;">&nbsp;</span></span></p>

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baseline"><span style="font-size:16.5px;"><b><span lang="ZH-CN" style="font-family:"Microsoft YaHei",sans-serif;
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