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Rising dollar threatens stocks' gains
NEW YORK | Sat May 21, 2011 7:10am EDT



NEW YORK (Reuters) - Signs of a Wall Street sell-off are all over the place, but U.S. stocks might well survive another week relatively unscathed if investors keep betting on sectors less vulnerable to an economic downturn.


Pressure for a correction in the stock market has been building up in the past few weeks as the euro and oil prices fell in tandem, knocking down shares of energy companies and dollar-sensitive multinationals.


Still, investors have averted a broad sell-off by diving into shares of companies that are less vulnerable to the economic cycle, including well-known defensive sectors such as utilities and household products, but also large-cap companies with steady earnings performance.

That strategy may hold the market afloat for a little longer. But with the end of the Federal Reserve's easy money policies just around the corner, investors are becoming more sensitive to risk in general.


"There is good reason for a pause, there is good reason to be conservative in here, and there is good reason to raise some cash ahead of a summer correction and a better buying opportunity," said Richard Ross, global technical strategist with Auerbach Grayson in New York.


The sharp sell-off in commodities markets earlier this month was seen by many as the first warning sign of a coming market correction.

The U.S. dollar has been strengthening since then, in another sign that appetite for risk is dwindling.


Next month's end of the Fed's massive bond-buying program, also known as quantitative easing, is expected to knock down the value of stocks, commodities and the euro, a recent Reuters poll of 64 analysts and fund managers found.


CONSUMER STAPLES BACK IN STYLE

Ross, who believes that a correction could come at any moment, warned that Wall Street remains close to multi-year highs as investors head into a traditional period of weak seasonality that stretches from May to November.


The Standard & Poor's 500 index .SPX has kept its year-to-date gain of 6 percent for the past two weeks, as defensive sectors such as utilities advanced while more volatile technology shares posted losses.


Despite the rotation between sectors, the S&P 500 has been trading in a narrow range between 1,330 and 1,340, indicating Wall Street's lack of direction. Most technical analysts agree that the market is poised to break out of that range soon -- either with a sell-off or a rally.


Robert Sluymer, an analyst with RBC Capital Markets, said there is no technical evidence that the current market cycle has peaked. He recommended investors keep building exposure to defensive themes, while getting out of cyclical stocks.


Among the defensive sectors favored in the current environment, Standard & Poor's Equity Strategy recommended the stocks in the S&P 500 Consumer Staples Index .GSPS. For the week, this index was up 0.6 percent.


With the earnings season coming to a close, Wall Street will have just a sprinkling of marquee names set to release quarterly results in the coming week. On tap are earnings from Campbell Soup (CPB.N), Costco Wholesale Corp (COST.O) and HJ Heinz Co (HNZ.N), whose stocks are in the S&P 500 Consumer Staples Index. Preppies, take note: Polo Ralph Lauren Corp (RL.N) and Tiffany & Co (TIF.N) are also set to release their results. These companies' outlooks could shed light on the consumer's mindset and headwinds facing the retail sector.


As far as economic indicators are concerned, there's no data with overwhelming star power. The calendar includes new home sales for April, a second look at first-quarter gross domestic product, personal income and consumption for April and the final reading for May on consumer sentiment from the Thomson Reuters/University of Michigan Surveys of Consumers.


So investors could very well be at the mercy of the headlines from Europe, where fears about a possible debt restructuring by Greece are on the rise.


With the euro, commodities and stocks trading with extraordinary correlation, investors should look at the euro-dollar trade for direction, said Ross of Auerbach Grayson.

"If you continue to see the dollar strengthening," he said, "it should provide a headwind for commodities and for the S&P."

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关键词：follow LOW Ralph Lauren Quantitative Conservative 英语角 followme 真经版

10,10
I will do some translation.
Still, investors have averted a broad sell-off by diving into shares of companies that are less vulnerable to the economic cycle, including well-known defensive sectors such as utilities and household products, but also large-cap companies with steady earnings performance.
通过将资金投入不易受经济周期影响的公司股票当中，投资者们避免了一场普遍下跌。这些企业包括广为人知的抗跌性部门如公共事业、家庭用品，还有一些有稳定财报的大盘股企业。
That strategy may hold the market afloat for a little longer. But with the end of the Federal Reserve's easy money policies just around the corner, investors are becoming more sensitive to risk in general.
这种策略可能使市场维持一段时间。但是随着美联储的货币量化宽松政策即将结束，投资者普遍对风险更为敏感。
"There is good reason for a pause, there is good reason to be conservative in here, and there is good reason to raise some cash ahead of a summer correction and a better buying opportunity," said Richard Ross, global technical strategist with Auerbach Grayson in New York.
“现在有很好的理由暂停一下，现在有很好的理由持保守态度，现在有很好的理由在夏季调整和好的买入机会到来之前多回笼一些现金。”纽约Auerbach Grayson的全球技术策略分析师Richard Ross这样说。

11.11
With the euro, commodities and stocks trading with extraordinary correlation, investors should look at the euro-dollar trade for direction, said Ross of Auerbach Grayson.

这篇对我难度比较大啊，半天才看出个大概。把我的生僻单词总结一下，比较多，汗颜呵：
sell-off ['sɛl,ɔf]
(股票等的)跌价
all over the place
到处,各处,满地
unscathed [ʌn'skeðd]
未受伤的;未受损失的
downturn ['dauntɝn]
1.(经济)衰退 2.低迷时期 3.市况逆转；市况回落
tandem ['tændəm]
一前一后地
avert [ə'vɝt]
1.移转,避开,防止,避免 2.转移 3.避免，规避
dive into  
头朝下跳入水中
large-cap
高市值股票
appetite for
对……的欲望
dwindle ['dwɪnd!]
1.逐渐变小（或减少） 2.逐渐缩小；衰落
staple ['step!]
1.空气钉 2.主食 3.钉书针 4.短纤纱 5.短纤丝 6.订书钉 7.主要的 8.订书针；主要产品 9.棉毛纤维 Staple 1.订书钉
poise [pɔɪz]
平衡,镇静,泰然自若,宁静
rally ['rælɪ]
止跌回升；反弹
sprinkle ['sprɪŋk!]
1.喷水 洒水 2.撒 3.细雨
marquee [mɑr'ki]
1.字幕 2.雨罩 3.大帐篷
headwind ['hɛd,wɪnd]
顶头风,逆风

11,11
Well, most investors are risk avert. In an attempt to keep their invest steady and rise, they are always intend to invest those companies with good earning performance as described in the article. With the end of FED's money and fiscal policies are near end, and this expectation is high. Investors are more risk sensitive. Strenghtening dollar is like to hit the export commodities market and in turn may disturb the stock market.

努力研读中，请大家多多提些读文章的方法建议吧

Due to the sign of selling-off in the US stock market, it implies that the investors should make the decision to abandon the rule of "high risk, high profit" temporarily.  Besides, the weaker of  dollar is the trend. It is time for investors to calm down and have the adjustment.

由于本人水平有限，默默地跟着follow me 好几期了，一直没有回帖。今天看到yushengfan 和cglee回帖里的内容，我必须要表示一下我的感谢。谢谢版主eros-zz和坚持无私奉献的回帖者们，你们辛勤的劳动，带领着大家共同进步。再次感谢！！

13，13发现金融方面知识还是欠缺～
The pressure for correction has been building up , and there has been warning signs of a coming market correction .
At this time , investors have got good reason to be conservative .
Investors have averted a broad sell off by diving into shares of companies that are less vulnerable such as utilities and household products and companies with steady earnings .

There is also data indicating Wall Street's lack of direction .
With extraordinary correction , investors should look at the euro-dollar trade for direction .

13，13

The new round of  Federal Reseeve's easy money policies has a series of affects on the stocks market in America.  And the policies also influnce the recovery of global economy seriously.