纽交所CEO：须慎对3月份股市上涨

The March stock market rally that fuelled hopes of a broader economic recovery was deceptive because “real money” investors remained on the sidelines, according to the chief executive of NYSE Euronext, the world's largest stock exchange.
全球最大股票交易所纽约证交所(NYSE)首席执行官邓肯·尼德洛尔(Duncan Niederauer)表示，3月份的股市上涨，推升了人们对于经济大面积复苏的希望，但这种上涨有其假象，因为“真正持有大量现金的”投资者仍在场外观望。
In rare comments about market movements, Duncan Niederauer said in an interview with the Financial Times that the rally was driven by short-term traders trying to take advantage of high volatility and not by large institutional or other long-term investors.
在接受英国《金融时报》采访时，尼德洛尔罕见地对市场走势进行了评论。他表示，此番上涨由试图通过市场较高的波动性获利的短线交易者推动，并非由大型机构或其它长线投资者推动。
Mr Niederauer suggested the high trading volumes and gains in leading indices did not necessarily reflect any real conviction that the worst of the economic crisis was over.
尼德洛尔认为，尽管成交量和主要股指的涨幅较大，但未必表明市场真的确信经济危机最糟糕的时期已经过去。
He said the volumes had been concentrated in a handful of stocks reflecting what he termed a “traders' market”.
他表示，成交量集中于少数股票，反映了他称之为“交易者市场”的特征 。
He said: “The real money investors are still waiting. I think they're waiting, they're watching. They want to make sure that what we saw in March is real. And I think once they are convinced you will know it. The market will have a totally different tone to it.”
他表示：“真正持有大量现金的投资者仍然在等待。我认为，他们在等待，在观察。他们想证实我们在3月份看到的情况是真实的。我认为，一旦他们确信这一点，你就会知道。届时市场基调将全然不同。”
Mr Niederauer said he sensed that volumes, while relatively healthy, were below the levels which would indicate that investors had regained confidence in the fundamentals of the market.
尼德洛尔表示，他觉得尽管成交量相对较大，但仍低于表明投资者已恢复对市场基本面信心的水平。
“I think we're waiting for another rally, in my opinion, in around June and July,” he said.
“我认为我们在等待另一次上涨，我认为，大概在6、7月间，”他说。
He said a summer rally would be a leading indicator of economic recovery and that by April 2010 the global economy would look much healthier.
他表示，一波夏季上涨行情将是经济复苏的一个先行指标，意味着到2010年4月，全球经济看起来将健康得多。
The benchmark S&P 500 index rose by 8.5 per cent in March, its best month since October 2002, leading some bulls to predict that the recovery had arrived.
基准的标普500指数3月份上涨了8.5%，是2002年10月以来表现最好的一个月，这使得一些多头人士预言，经济复苏已经开始。
译者/力文