Traders Are Losing Hope in Stock Market After Year of Rolling Losses, Fakeouts
(Bloomberg) — For all the ink spilled over its horrors, the 2022 stock market will go into the books as an undistinguished one in the history of bad years. For traders who lived through it, though, certain things have made it feel worse than top-line alone numbers justify, a potential impediment to a quick recovery. （彭博社）——尽管 2022 年的股市在其恐怖事件中泼洒了所有墨水，但它仍将作为糟糕年份历史上的一个平凡市场载入史册。然而，对于经历过它的交易员来说，某些事情让它感觉比仅靠顶线数字证明的更糟糕，这是快速复苏的潜在障碍。 While the 25% peak-to-trough drop in the S&P 500 ranks in the lower range of bear-market wipeouts, it took a particularly jagged route to get there. At 2.3 days, the average duration of declines is the worst since 1977. Throw in three separate bounces of 10% or more and it was a market where hopefulness was squeezed as in few years before it. 虽然标准普尔 500 指数从峰谷到谷底的 25% 跌幅属于熊市消退的较低区间，但它的跌幅尤其曲折。平均下跌持续时间为 2.3 天，是 1977 年以来最差的。再加上 3 次 10% 或更多的独立反弹，这个市场的希望与几年前一样被挤压。 This may explain why despite a smaller drawdown, pessimism by some measures rivals that seen in the financial crisis and the dot-com crash. Safety crumbled in government bonds, which failed to provide a buffer for beat-up equities. Buying put options as a way to hedge losses didnt work either, adding to trader angst. 这或许可以解释为什么尽管缩编较小，但在金融危机和互联网泡沫破灭时，一些衡量指标的悲观情绪却与竞争对手相提并论。政府债券的安全性崩溃，未能为遭受重创的股票提供缓冲。购买看跌期权作为对冲损失的一种方式也不起作用，增加了交易者的焦虑。 “There‘s less and less people willing to go out there and stick their necks out to try and