One investor's struggle to characterize the US stock market's recent twists and turns led to new market terminology¹: wolf market.

一位投资人用了一个新鲜词汇“狼市”来形容美国股市近期曲折迂回的走势。

The wolf market is characterized by a tight trading range, increased volatility², high stock correlations³ 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 navigating⁴ its bounces.

狼市的特点是窄幅震荡、波动增加、股票相关性高、反转快。锯齿状的指数震荡提高了投资者依据基本面选股的难度，使短期期权和技术分析成为把握反弹机会的更好工具。

Its coiner, Michael Purves, chief global strategist and head of derivatives⁵ 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.

这个词的创造者，美国BGC Financial投资公司首席全球策略师、金融衍生工具研究主管迈克尔•普尔夫斯解释说，跟牛和熊相比而言，狼的体型更小，但动作迅速，决断果敢。

The wolf market may be here to stay, at least until the economic recovery accelerates or another catalyst⁶ prompts the market to find footing. Mr. Purves believes the wolf market will last into 2011.

至少在经济复苏步伐加快或股市在另一种催化剂的推动下重新找到立足点之前，狼市状态可能还会持续下去。普尔夫斯认为，狼市将会延续到2011年。