In early 2009, the U.S. economy was still in really bad shape. Everyone was still losing their homes and jobs. Even so, the stock market began to move up off of its lows. Then it really began to rally. This confused a lot of people who were looking out of their windows and still seeing bad economic conditions. But what the stock market was doing was pricing in an economic recovery, which turned out to be correct.2009年初，美国经济仍然处于非常糟糕的状态。许多人依然在失去房子和工作。然而，股市开始从低点回升，随后更是大幅上涨。这让许多看到窗外依然是糟糕经济状况的人感到困惑。但实际上，股市是在提前反映经济复苏的预期，而事实证明这种预测是正确的 The same kind of thing can happen with an individual stock. Sometimes a stock will report great earnings (i.e. tell everyone that it had a good quarter and made a lot of money), but still fall sharply the next day. It does this because traders are reacting to something else in the earnings call or in management's forward-looking statements. The stock is “skating” to where the company is going to be in a few months.同样的情况也可能发生在个别股票上。有时候，一只股票会发布很好的财报（也就是告诉大家它这个季度表现不错，赚了很多钱），但第二天股价却会大幅下跌。这是因为交易者对财报电话会议中的其他内容或管理层的前瞻性声明做出了反应。股票的走势是在“滑向”公司几个月后可能会达到的状态。 An inexperienced trader will be tempted to buy a stock like this when it is down, but this is almost always a bad idea. It can take time for new information to get priced into a stock, which means that this stock could continue to move lower for days or even weeks.一个缺乏经验的交易者可能会在这样的股票下跌时产生买入的冲动，但这几乎总是一个糟糕的决定。新信息需要时间才能被反映到股价中，这意味着这样的股票可能会在接下来的几天甚至几周内继续下跌。 The reverse can also happen. A company may report much higher than expected earnings. The next day, the stock gaps up (opens up much higher than where it was trading the previous day). Then the stock continues to move higher for a few days, or even weeks.相反的情况也可能发生。一家公司可能公布远高于预期的收益。第二天，股票跳空高开（开盘价远高于前一天的交易价格）。随后，这只股票可能会在接下来的几天甚至几周内继续上涨。 This happens because the big institutional players (mutual funds, pensions, hedge funds) are buying more shares of the stock and driving it closer to its new "fair value" price based on the new information that came out in the earnings report and call.之所以会出现这种情况，是因为大型机构投资者（如共同基金、养老金、对冲基金）正在购买更多该股票的股份，根据财报和电话会议披露的新信息，将其推向新的“公平价值”价格。 When one is buying millions (or even billions) of dollars worth of stock, as these players are, one cannot do it simply by pressing a button. It can take hours, days, or even weeks.当这些大型机构投资者购买数百万（甚至数十亿美元）股票时，他们不能仅仅通过按一个按钮来完成。这需要数小时、数天甚至数周的时间(来研究). 感兴趣的小伙伴们, 欢迎点赞, 关注加评论哦~~, 后面将继续为大家讲解