经典重译之股票大作手回忆录(299)
原文(329):
My long expected warning came to me when I noticed that，one after another，those stocks which had been the leaders of the market reacted several points from the top and—for the first time in many months—did not come back．Their race evidently was run，and that clearly necessitated a change in my trading tactics．
It was simple enough．In a bull market the trend of prices，of course，is decidedly and definitely upward．Therefore whenever a stock goes against the general trend you are justified in assuming that there is something wrong with that particular stock．
It is enough for the experienced trader to perceive that something is wrong．He must not expect the tape to become a lecturer．His job is to listen for it to say“Get out！”and not wait for it to submit a legal brief for approval．
As I said before，I noticed that stocks which had been the leaders of the wonderful advance had ceased to advance．They dropped six or seven points and stayed there．At the same time the rest of the market kept on advancing under new standard bearers．
Since nothing wrong had developed with the companies themselves，the reason had to be sought elsewhere．Those stocks had gone with the current for months．
When they ceased to do so，though the bull tide was still running strong，it meant that for those particular stocks the bull market was over．For the rest of the list the tendency was still decidedly upward．
There was no need to be perplexed into inactivity，for there were really no cross currents．I did not turn bearish on the market then，because the tape didn't tell me to do so．The end of the bull market had not come，though it was within hailing distance．
其他版本译文(329):
我明白了这点时，等了好久的警示迹象一个个出现了，在股市中一直跑在前面的股票，从高处跌落了几个点，属于好几个月以来的首次下跌，而且没有再涨回去。显然，我需要赶紧调整战术了。
要转变也很简单。在多头市场，股价大势一定是向上走的，所以要是有一只股票与之走向不符，你就可以假设它肯定是哪里有问题了。这足够让老到的投机者们深感不对劲。他根本不需要看行情记录，只用等着行情记录说：“撤！”而不是等待行情记录发出合法的批准文件。
就像刚刚说的，我看到那些冲在前面的股票没有了上涨的势头，已经下跌了六七个点，然后停住不动了。同时，其他股票还在一直上涨。这些上市公司内部都没问题，所以原因出在别处。那些股票上涨了几个月后突然停下来，虽然多头还是很猛烈，可却昭示着那些特定股票上涨的终结。股市上的另一些股票还在稳步上涨。
根本没必要慌乱，进而原地踟蹰。我在此时并没卖空，我看行情记录还不到那一步。多头市场结束的日子还没有来到，但是已经近在咫尺。
我的译文(329):
我注意到，那些曾经引领市场的龙头股，一个接一个的从高点回落了数个点，并且再也没能涨回去，这是多个月度以来的头一遭。我明白这就是我预期已久的警示信号，显然，它们的上涨行情走到尽头了，而我的交易策略也必须得做出调整了。
道理再简单不过，在牛市中，价格趋势当然是向上的，这不仅仅是大家认为它该上涨，而是客观上它确实在上涨，因此，每当某只股票逆大势而行时，你就有理由认为，这只个股一定出问题了。
有经验的交易者凭感觉就完全可以意识到事有反常，他不会指望行情纸带像老师一样说的那么透彻，他的工作是倾听行情纸带的话外音，离场信号就是这样听出来的，行情纸带不是法律文件，不可能白纸黑字地给你写出“离场”俩字。
如我此前所言，我注意到，那些牛市中曾经领涨的龙头股不再涨了，它们回落了六或七个点，然后停在了那里，而与此同时，市场上其他个股在新龙头的带动下，继续走高。
既然从这些公司自身看不出什么问题，那么就得从其他地方找原因。数个月来，那些股票一直在跟随大势上涨。
牛市的大潮依然汹涌，但当那些特定的股票不再跟随大势时，那就意味着，对他们而言，牛市已然终结。而市场上其他的个股，大家依然坚定的认为它们的趋势是向上的。
没有必要因搞不清状况便束手束脚，无所作为，因为大势并未被打破。(译者注:我理解这里是指大盘并未跌穿上升趋势线)那时我并未看空市场，因为行情纸带并未给出这样的信号，牛市还未到达终点线，虽然我已经看到它在向我隔空致意了。
引用依据：
1. Edwin Lefèvre: Reminiscences of a Stock Operator
2. 《股票大作手回忆录》（[美] 埃德温·勒菲弗 著，汤前燕 译）
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