拉高出貨

通常被稱為欺騙性的炒高價格，是狡猾的市場老手侵蝕新手的慣用伎倆。

配料

• 一只低價股：既可以是大跌之後不被投資者看好的股票，也可以是新發行的不受關註的股票。重要的是，這只股票要在過去的6~12個月中一直維持在幾美分的低價位。
• 沒有投資機構的參與。這是主要的配料——太多的廚師會毀壞一鍋湯。我們的廚師不想受到來自外界的幹預。
• 低流動性。通常，小公司的大部分股票都與控股權、管理權以及家族利益聯系在一起，很少參與市場流通。
• 一個有足夠能力引起關註的行業——比如採金業是最受歡迎和信任的。以及一些新興行業：互聯網、電信、生物技術等等。基本上，只要是可以編造出好的故事情節的行業都可以。
• 大量的MP（mug punter）：被邀請至宴席而沒有意識到自己才是主要的一道菜。
• 完全缺乏上當意識。

準備

首先，我們的廚師會仔細的查看所有的低價股票，直到他發現一個可以編造合適故事情節的潛在目標。通過對持股者的簡單研究，廚師就會發現可以買入的公衆持股量。為了不引起市場的發覺，他悄悄的將這些股票買入。當我們的廚師捏造出足夠的故事情節之後，就開始加入主要配料。

在獲得了大部分的公衆持股之後，我們的廚師選擇與MP成為朋友，並與他們分享自己的發現。他在所有的主流投資論壇上發佈關於近期的一些股價迅速升高的消息，標題類似於“接下來。。。”。同時，他也會散發一些“内幕消息”，諸如中國簽訂新的合同或者印度尼西亞金礦工人罷工等。同一話題，他一天會接連發佈幾次。你將會看到許多細節性的信息——節約了你的時間——了解到發行股票公司的内部信息——暗示内部消息。在消息基於很少的技術支持、一些關於雙重底的推測，一個大範圍或突破等情況下，我們廚師把價格目標過分的誇大。如果目前的股價為8美分，那麼我們將會看到類似於“價格會達到$1.50”等言論。

配方

每當MP買進股票，價格便會上升——因為我們的廚師已經買入了大部分的公衆持股，造成了股票短缺現象。價格越高，MP越興奮。我們的英雄（廚師）被稱作股票大師，投資者急切的向他尋求關於其他股票的投資建議。

不斷升高的價格吸引了越來越多的MP，他們瘋狂的想買入股票。到了這個階段，我們的廚師已經獲得了幾倍利潤，並開始在不被市場發覺的情況下逐漸的賣出股票。價格不再像之前一樣上升動力強勁，但依然增長。一些成交量和資金流向指標開始向下顯示，而此時我們的已經賣出了手中剩下的少量股票並開始尋找下一目標。面對市場，廚師會選擇保持沉默，或者向市場惡意的宣稱自己已經獲利回吐。

買方力量消散，市場著急抛售。股價表現糟糕——回落到之前的價格區間，MP空抱怨自己的壞運氣。

例：

盡管這個小軟件公司的交易量巨大，但是21日TMF指標(Twiggs Money Flow)並沒有達到正值，表明有些交易者在反彈的過程中在大筆賣出股票。

等量成交圖給出了全部細節。寬柱體（表示成交量），高陰影表示上升趨勢中收盤價的走弱。

採金業長期收到投資者歡迎。下面的礦勘探公司黃金和鎳的股價走勢類似。

這個故事的寓意

遠離這類小把戲，除非你能識破它。獨立的進行研究並對所有人的言論持懷疑態度：那些好的難以置信的言論通常是假的。

Pump and Dump
(Tricks of the Trade)

Also referred to as ramping, this is an old trick often perpetrated by sly old hands who prey on newcomers.
The Ingredients
• One penny stock. Either a former high flier that has fallen from grace or a newer issue that failed to attract investor interest. It is important that the stock has been flat-lining at a few cents for the past 6 to 12 months.
• No institutional following. This is a key ingredient -- too many cooks may spoil the broth. Our chef does not want outside interference.
• Low liquidity. Often large tranches of stock in small companies are tied up in the hands of controlling interests, management, family interests or other connections who are not ready sellers.
• An industry that has the capacity to generate excitement - gold mining is the tried and trusted favorite but there are a number of new variations: dotcom, telecom, biotech, the list is endless. Basically anything that will make a good storyline.
• A large supply of mug punters, invited to the feast without realizing that they are the main course.
• A complete lack of conscience.
Preparation
Our chef will scan penny stocks until he finds a prospective target with a suitable storyline. A quick study of existing shareholders will reveal the float of stock that is available for purchase. He slowly accumulates a sizeable portion of the free float, careful not to give the game away. Bidding the price up too quickly would alert other traders before he is ready. When he has built up a sufficient line, our chef is ready to add the main ingredient.
The Mug Punter
The mug punter is a common or garden species and in no danger of extinction (also known as woodies -- after wooden ducks -- because they're much easier to "pot" than the feathered variety). The mug punter comes in all shapes and sizes but is easily identified by three common features:
• they are greedy, lazy and have short memories.
The MP wants to turn his/her small bundle into a sizeable fortune as quickly, and with as little effort, as possible. Not knowing much about the market, he will seek expert assistance in all the wrong places. Gleaning stock tips from a mate at golf, at the gym, or over the weekend barbecue, our erstwhile punter will rush off to his broker on Monday and plunge into the market.

MPs frequently trawl websites and scan the press and share magazines for tit-bits that they can turn to a profit. Always eager to befriend an experienced trader, for a free ride on their tips, they are easy prey for a wolf in sheep's clothing.

Having cornered a sizeable chunk of the free float our chef befriends a few punters and lets them in on his find. He posts messages across all the popular investment forums, with headings like "The next ......." mentioning some recent stock that has taken off into the stratosphere. He will burley the water with "inside information" about new contracts in China or a gold strike in Indonesia. He will post several times a day, on the same thread. There will be much reference to "having gone into this in detail" -- thereby saving you the time -- and having an intimate knowledge of the company -- hinting at inside information. With little or no technical analysis, or else some shaky assertions about a double bottom, a broad base or a breakout, price targets are pulled out of thin air. If the stock is trading at 8 cents, we may see a claim that "this could go to a $1.50" or similar extravagance.
The Recipe
Every time that our punters dive into the stock, the price goes up -- because our chef has cornered the free float and created a shortage. The more price rises, the more excited the punters become. Our hero is now acclaimed as a stock guru and his advice is eagerly sought on other new finds.
The rising price attracts more and more punters, eager to get in on the action, until there is a veritable feeding frenzy. At this stage our chef starts selling into the face of the rally, steadily offloading his line at a profit of several hundred percent. Buying is strong, so initially no one notices. Price no longer spurts ahead as before, but it still edges upwards, albeit on very heavy volume. Some of the volume and money flow indicators start to tick downwards. By this time our chef is cleaning out the remaining few stragglers before heading off for fresher pastures. He goes silent or, if he has a malicious streak, announces that he is "taking profits".
With buying support dissipated there is a rush for the exits. The stock tanks — falling back to the previous trading range and leaving our band of punters cursing their luck.
EXAMPLES
Despite huge trading volumes on this tiny software company, Twiggs Money Flow (21-day) failed to cross into positive territory. Someone was selling a sizeable parcel of stock into the rally.
The equivolume chart tells the full story. Note the broad bars (width signifies volume) and tall shadows (weak closes) in the up-trend.
Gold mining is a perennial favorite. This small gold and nickel exploration company shows similar activity.
The Moral of the Story
Stay out of small caps until you are wise to the tricks of the trade.
Do your own research and treat everyone else's with a healthy skepticism: If it sounds too good to be true — it usually is.

本文翻譯由兄弟財經提供

文章來源：http://www.incrediblecharts.com/trading/pump_and_dump.php