有關熊市與牛市之資料，說明如下：

一、牛市與熊市(bull and bear markets)

人們預料股票市場行情可能出現的兩種不同的發展趨勢。牛市是預料股市行情看漲﹐前景樂觀的專門術語﹐熊市是預料股市行情看跌﹐前景悲觀的專門術語。

標誌 出現牛市的標誌主要有﹕ 價格上升股票的種數多於價格下降股票的種數﹔ 價格上升時股票總交易量高﹐或價格下降時股票總交易量低﹔ 企業大量買回自己的股票﹐致使市場上的股票總量減少﹔ 大企業股票加入貶值者行列﹐預示著股票市場價格逼近谷底﹔ 近期大量的賣空標誌著遠期的牛市﹔ 證券公司降低對借債投資者自有資金比例的要求﹐使他們能夠有較多的資金投入市場﹔ 政府降低銀行法定準備率﹔ 內線人物(企業的管理人員﹑董事和大股東)競相購買股票。

出現熊市的標誌主要有﹕ 股票價格上升幅度趨緩﹔ 債券價格猛降﹐吸引許多股票投資者﹔ 由於受前段股票上升的吸引﹐大量證券交易生手湧入市場進行股票交易﹐預示著熊市到來已為期不遠﹔ 投資者由風險較大的股票轉向較安全的債券﹐意味著對股票市場悲觀情緒的上升﹔ 企業因急需短期資金而大量借債﹐導致短期利率等於甚至高於長期利率﹐造成企業利潤減少﹐使股票價格下降﹔ 公用事業公司的資金需求量很大﹐這些公司的股票價格變動常領先於其他股票﹐因而其股票價格的跌落可視為整個股市行情看跌的前兆， ...

資料來源：中國大百科全書

二、What Is the Stock Market? Basics for bulls and bears

by Holly Hartman

http://www.infoplease.com/spot/stockmarket.html

Of Bears and Bulls

Bears are cautious animals who don't like to move too fast. Bulls are bold animals who might charge right ahead. An investor is said to be "bearish" if he or she believes the stock market will go down. A "bearish" investor will buy stock cautiously. A "bullish" investor believes the market will go up. He or she will charge ahead and put more money into the market. An investor can be bearish or bullish about a particular kind of stock.

Likewise, the term "bear market" describes a time when stock prices have been falling on the whole. A "bull market" is a period when stock prices are generally rising.