证券和组合课后习题：tb16

CHAPTER16

TECHNICALANALYSIS

TRUE/FALSEQUESTIONS

(f)1Fundamentalistscontendthatpastpricemovementswillindicatefutureprice

movements.

(t)2Technicalanalystsbelievethatsecuritypricesdonotadjustrapidly.

(f)3Oneofthepotentialdisadvantagesoftechnicalanalysisisthatitcanleadto

investingtooearly,evenbeforefundamentalanalystsdo.

(t)4Theuseoftradingrulesrequiresagreatdealofsubjectivejudgment.

(f)5Mosttechniciansfeelthatsincepricepatternsrepeatthemselves,asingletrading

ruleissufficient.

(f)6Iftechnicaltradingruleissuccessful,moretradersuseit,causingtheruleto

becomeevenmoresuccessful.

(t)7Fortechnicaltradingrulestoconsistentlygeneratesuperiorreturns,themarket

wouldhavetobeinefficient.

(t)8Themajorityoftechniciansfollowmanytradingrulesandattempttoarriveata

consensusamongtheirrules.

(t)9Twomajorclassesoftechniciansincludethecontrariansandthosewho"follow

thesmartmoney".

(f)10Contrarytradingrulesassertthatinvestorstendtobewrongexceptatmarket

peaksandtroughs.

(t)11Theconfidenceindexincreasesastheyieldonlowergradebondsdecreases,

everythingelsebeingconstant.

(t)12TheT-Bill-Eurodollaryieldspreadwidensduringperiodsofinternationalcrisis.

(t)13Anincreaseindebitbalancesinbrokerageaccountsisviewedbytechniciansasa

bullishsign.

(f)14Techniciansconsiderahighshortinterestratiotobebearish.

(t)15TheDowtheorycontendsthatstockpricemovementsaresimilartothe

movementoftides,waves,andripples.

MULTIPLECHOICEQUESTIONS

(b)1Technicalanalysisdiffersfromfundamentalanalysisinthat

a)Technicalanalystscontendthatin-depthassessmentsofbasicaggregate

market,industry,andcompanyperformanceisnecessary;pastprice

movementsindicatefuturepricemovements.

b)Technicalanalystsbelievethemarketvalueofcommonstocksis

determinedbytheinteractionofsupplyanddemand.

c)Technicalanalystsarguethatthemarketconstantlyweighsrationaland

irrationalfactorsandthatbothoftheseaffectprice.

d)Technicalanalystsdependfarmoreheavilyonobjective,data-based

approachesthanthefundamentalistsdo.

e)Technicalanalystsholdthatthepriceofasecurityisdeterminedbyan

expectedreturnrisk.

(d)2Whichofthefollowingisnotconsideredanassumptionoftechnicalanalysis?

a)Marketvalueisdeterminedsolelybysupplyanddemand.

b)Supplyanddemandaregovernedbybothrationalandirrationalfactors.

c)Securitypricestendtomoveintrendsthatpersistforanappreciable

lengthoftime.

d)Stockpricesfollowarandomwalk.

e)Changesintrendarecausedbytheshiftsinsupplyanddemand

relationships.

(c)3Fortechnicaltradingrulestogeneratereturnsthataresuperiortoabuy-and-hold

strategy,netoftransactioncosts,themarketwouldhavetobe

a)Rising.

b)Falling.

c)Inefficient.

d)Overvalued.

e)Undervalued.

(b)4Technicalanalystsfeelthatfinancialaccountingstatementslackinformation,or

reportitinawaythatmakescomparisonsdifficult.Whichofthefollowingdoes

notconstituteaproblem?

a)Detailedinformationconcerningsalesandexpensesbyproductline.

b)Statementsofchangeinfinancialposition.

c)Alternativewaysofreportingexpenses.

d)Alternativewaysofreportingassetsandliabilities.

e)Theavailabilityofpsychologicalandnonquantitativevariables.

(e)5Thefollowingareclassifiedascontrarytradingrules,exceptthe

a)Oddlotshortsales.

b)Investmentadvisoryopinions.

c)RelativeOTCvolume.

d)CBOEput/callratio.

e)Confidenceindex.

(d)6Accordingtocontraryopiniontechnicians,theratioofmutualfundscashtototal

assetsneartroughsinthemarketcycleandnearpeaks.

a)Levelout,spikes

b)Remainslow,remainshigh

c)Ispublishednear,isnotpublished

d)Increases,decreases

e)Decreases,increases

(b)7Analystsfollowingwhatthesmart,sophisticatedinvestorisdoingwouldexamine

a)Mutualfundcashpositions.

b)Debitbalancesinbrokeragehouses.

c)Investmentadvisoryopinions.

d)Breadthofmarket.

e)Stocksabovetheir200daymovingaverage.

(d)8Indicatorsthattellwhatsmartinvestorsaredoinginclude

a)Theput/callratio.

b)Mutualfundcashposition.

c)TheDowtheory.

d)Shortsalesbyspecialists.

e)Headandtailindicator.

(d)9TheconfidenceindexpublishedbyBarron'sistheratiooftheaverageyieldon10

topgradecorporatebondstothe

a)Averageyieldon30bluechipcorporatestocks.

b)Averageyieldon40convertiblecorporatebonds.

c)YieldonU.S.Treasurybills.

d)YieldontheDowJonesaverageof40bonds.

e)YieldontheShearsonLehmanHuttonCorporateBondIndex

(b)10Thecumulativenumberofsharesthathavebeensoldshortbyinvestorsandnot

coverediscalled

a)Margininterest,

b)Shortinterest,

c)Shortratio,

d)Short/longratio,

e)Nakedshortratio.

(c)11Theshortinterestratioistheratiobetweenthenumberofsharessoldshortand

notcovered,andthe

a)Averagenumberofstocksreachingnewhighs.

b)Averagedailynumberofstocksthatincreasedinvalue.

c)Averagedailyvolumeoftradingontheexchange.

d)Averagemonthlyvolumeoftradingontheexchange.

e)Averagenumberofsharesoutstandinginthosestocks.

(a)12Techniciansbelievethatanindustryorstockthatisoutperformingthemarketwill

teto

a)Continuetooutperformthemarket.

b)Returntonormal.

c)

⑴Reversetrend.

Meetaresistancelevel.

e)

Formheadandshoulderpatterns.

(e)13Theratioofthepriceofastockoranindustrygrouptothevalueofthemarket

indexiscalledthe

a)Companytomarketratio.

b)Compositestockratio.

c)Relationalproportionratio.

d)Stocktomarketratio.

e)Relativestrengthratio.

(d)14____________chartsshowtimeseriesofpricewhile__________________charts

onlyreflectchangeregardlessoftime.

a)Relativestrength,bar

b)Relativestrength,advance/decline

c)Pointandbar,figure

d)Bar,pointandfigure

e)Bar,multipleindicator

(b)15Atypeofchartingwhichnormallydisregardsbothtimeandvolumeisthe

a)Barchart.

b)Pointandfigurechart.

c)Piechart.

d)Histogram.

e)Alinearregressiongraph.

(c)16Apricerangeatwhichtechnicianswouldexpectasubstantialincreaseinthe

demandforastockiscalled

a)Demandthreshold.

b)Resistancelevel.

c)Supportlevel.

d)Resistancelimit.

e)Technicalrestraint.

(e)17Apricerangeatwhichtechniciansfeelthatasignificantincreaseinthepriceof

thestockwillberesistedisreferredtoas

a)Supplythreshold.

b)Supportlevel.

c)Shortinterestlevel.

d)Advancementlevel.

e)Resistancelevel.

(e)18Advancesanddeclinesareassociatedwithmarket

a)Efficiency.

b)Position.

c)Diffusion.

d)D叩th.

e)Breadth.

(a)19Inexaminingthepropertiesofworldmarketcurrenciesorthespreadsbetween

currencies,ananalystismostlikelytousetimeseriespropertiestodetermineall

thefollowing,except

a)Volatility.

b)Overboughtcondition.

c)Resistance-supportlevels.

d)Trend.

e)Anoversoldcondition.

(b)20Techniciansbelieve,whentherelativestrengthindexisstableor,duringa

market,thestockshoulddowellduringamarket.

a)Decreases,bull,bear.

b)Increases,bear,bull.

c)Decreases,bear,bull.

d)Increases,bull,bear.

e)Noneoftheabove.

(e)21Whenthe5()daymovingaveragecrossesthe200daymovingaveragefrom

on_volume,thiswouldbea_____signal.

a)Above,low,bullish.

b)below,high,bearish.

c)below,low,bullish.

d)above,high,bullish.

e)below,high,bullish.

(b)22Whenofstocksaretradingabovethe200-daymovingaverage,themarketis

considered,andsubjecttoa

a)20%,oversold,negativecorrection

b)80%,overbought,negativecorrection

c)80%,oversold,positivecorrection

d)20%,overbought,positivecorrection

e)Noneoftheabove

(C)23Adivergencebetweenanincreaseinastockmarketseriesandtherestofthe

stockmarketcanbedetectedusing

a)Debitbalancesinbrokerageaccounts

b)Shortinterest

c)Theadvance-declineline

d)Confidenceindex

e)Noneoftheabove

(b)24AnarrowingoftheT-bill-Eurodollarand____signal,because

a)Bearish,itsignalsfallinginvestorconfidence

b)Bullish,itsignalrisinginvestorconfidence

c)Bearish,itsignalsaflighttoquality

d)Bullish,itsignalsaflighttoquality

e)b)andd)

(e)25Atechnicalanalystmightconsiderthefollowingasabearishsignal

a)Investmentadvisoryopinionisbearish

b)Investmentadvisoryopinionisbullish

c)CBOEput-callratioabove0.60

d)CBOEput-callratiobelow0.40

e)b)andd)

(d)26Atechnicalanalystmightusecreditbalancesinbrokerageaccountsasfollows

a)Sellstockwhencreditbalancesrise

b)Buystockwhencreditbalancesrise

c)Sellstockwhencreditbalancesdecline

d)b)andc)

e)Noneoftheabove

(a)27Atechnicalanalystmightusemutualfundcashpositionsasfollows

a)Sellstockwhencashlevelsarelow

b)Buystockwhencashlevelsarelow

c)Sellstockwhencashlevelsarehigh

d)b)andc)

e)a)andb)

(c)28TheratioofOTCvolumeversusNYSEvolumeameasureof.Thisratio

typicallyatamarket.

a)Speculativeactivity,bottoms,peak.

b)Hedgingactivity,Bottoms,peak.

c)Speculativeactivity,peaks,peak

d)Speculativeactivity,bottoms,bottoms.

e)Noneoftheabove.

(a)29Atechnicalanalystmightconsiderthefollowingabearishsignal.

a)Thepercentageofspeculatorsinstockindexfuturesexceeds70%.

b)Thepercentageofspeculatorsinstockindexfuturesexceeds30%.

c)Thepercentageofspeculatorsinstockindexfuturesfallsto30%.

d)Thepercentageofspeculatorsinstockindexfuturesremainsflat.

e)Noneoftheabove.

(c)30Totechnicianthatbelievedintheimportanceofvolume,abullishsignalwould

occurwhen

a)Pricesincreaseonlightvolume,

b)Pricesdecreaseonlightvolume.