coming from website http://finance-csc.blogspot.com/2010/05/graph-for-trading.html
Saturday, May 15, 2010
Friday, May 14, 2010
止损的设定
1.低开一定要做好止损准备.
2. 低开走高的话不断修改止损位.
3. 错过开盘止损,在中午趁日内反弹出掉一些.
4. before close,decide either keep or cut. (based on trend broken for these)
2. 低开走高的话不断修改止损位.
3. 错过开盘止损,在中午趁日内反弹出掉一些.
4. before close,decide either keep or cut. (based on trend broken for these)
CSC 课程辅导(4)
D. Answer the questions below.
a) If a bond has an 8% coupon and current market yields are 10%, what decision would an investor make if he is at a decision point?
- Retractable?
- Extendible?
- Call?
b) If a bond has an 8% coupon and current market yields are 6%, what decision would an investor make?
- Retractable?
- Extendible?
- Call?
E. Describe the market performance of the following bonds in the specified situations?
a) floating rate, if interest rates have increased
b) callable, if interest rates have declined
c) callable, if interest rates have increased
d) extendible/retractable, if interest rates have increased
e) extendible/retractable, if interest rates have decreased
f) convertible, if stock price > conversion price
g) convertible, if stock price < conversion price
h) junk bond, if economy is in recession
i) strip bond, if interest rates have increased
F. What specific risk factors would each of the following bonds be exposed to?
a) foreign pay
b) floating rate
c) subordinated
d) convertible
e) strip bond
f) junk bond (high yield bond)
G. Answer the following questions.
a) If inflation levels are high, which of the following bonds would an investor prefer?
- floating rate, callable, strip
b) Which of the following bonds is riskier?
- debenture, subordinated debenture
c) Which of the following is riskier?
- domestic, foreign pay
d) Which of the following bonds will have the greatest price reaction to an increase in interest rates?
- callable, retractable, strip
e) If interest rates decrease, which of the following bonds would have the least price response?
- floating rate, strip, foreign pay
f) If an investor had the opportunity and interest rates were increasing, which of the following features would be triggered?
- retraction, extension, strip
CSC Training Course
a) If a bond has an 8% coupon and current market yields are 10%, what decision would an investor make if he is at a decision point?
- Retractable?
- Extendible?
- Call?
b) If a bond has an 8% coupon and current market yields are 6%, what decision would an investor make?
- Retractable?
- Extendible?
- Call?
E. Describe the market performance of the following bonds in the specified situations?
a) floating rate, if interest rates have increased
b) callable, if interest rates have declined
c) callable, if interest rates have increased
d) extendible/retractable, if interest rates have increased
e) extendible/retractable, if interest rates have decreased
f) convertible, if stock price > conversion price
g) convertible, if stock price < conversion price
h) junk bond, if economy is in recession
i) strip bond, if interest rates have increased
F. What specific risk factors would each of the following bonds be exposed to?
a) foreign pay
b) floating rate
c) subordinated
d) convertible
e) strip bond
f) junk bond (high yield bond)
G. Answer the following questions.
a) If inflation levels are high, which of the following bonds would an investor prefer?
- floating rate, callable, strip
b) Which of the following bonds is riskier?
- debenture, subordinated debenture
c) Which of the following is riskier?
- domestic, foreign pay
d) Which of the following bonds will have the greatest price reaction to an increase in interest rates?
- callable, retractable, strip
e) If interest rates decrease, which of the following bonds would have the least price response?
- floating rate, strip, foreign pay
f) If an investor had the opportunity and interest rates were increasing, which of the following features would be triggered?
- retraction, extension, strip
CSC Training Course
CSC 课程辅导(3)
TYPES OF BONDS
Zero Coupon - issued not to pay interest
Foreign Pay - issued to investors in a foreign country in currency of that country
Eurobond - sold to investors in foreign country, denominated in currency other than domestic currency of investor
Floating Rate - coupon fluctuates based on a formula derived from a short term interest rate
Junk - low quality, high yield - originally used to finance takeovers
Preferred Security - LT subordinated debenture - preferred debenture - maturity 25 to 99 years - interest can be deferred up to 5 years
BOND OPTIONS (FEATURES)
Retractable - option of bondholder to shorten the maturity, at specific time
- attractive if current rates are above coupon
- bondholder must give notice at specified time prior to retraction
- retract if ……….
Extendible - option of bondholder to lengthen the maturity, at specific time
- attractive if current rates are lower than coupon
- extend if …..
Convertible - debt which can be converted to common equity at option of the bondholder
- will pay coupon until converted
Sinking Fund - money set aside to retire part of debt each year, administered by trustee
- reduces default risk (being paid gradually), can increase demand
- if mkt Pcall price, trustee call
Purchase Fund - purchase bonds in market & retire, specified amount/year,
- if below specified price
Protective Provisions - safeguards in bond contract
- Prior Lien
- Negative Pledge
- Working Capital
- Sale of assets & mergers
- Disposition of Subsidiaries
- Restrictions on additional borrowing
Bond Ratings
- DBRS, Moodys, S&P - rate securities as to investment grade
- eg S&P Rating
AAA - highest quality - earnings stable, industry strong, outlook very good
A - upper medium quality - substantial protection, more cyclical & susceptible to economic change
BB - lower medium - protection relatively uncertain,
CCC - highly speculative
Strip - high quality bond - interest & principal repayment portions separated -principal repayment part is the strip
- deemed interest taxable each year Zero Coupon - issued not to pay interest
Foreign Pay - issued to investors in a foreign country in currency of that country
Eurobond - sold to investors in foreign country, denominated in currency other than domestic currency of investor
Floating Rate - coupon fluctuates based on a formula derived from a short term interest rate
Junk - low quality, high yield - originally used to finance takeovers
Preferred Security - LT subordinated debenture - preferred debenture - maturity 25 to 99 years - interest can be deferred up to 5 years
BOND OPTIONS (FEATURES)
Call (Redeemable) - option of company to buy back bonds at stated price before maturity
- gives company flexibilityRetractable - option of bondholder to shorten the maturity, at specific time
- attractive if current rates are above coupon
- bondholder must give notice at specified time prior to retraction
- retract if ……….
Extendible - option of bondholder to lengthen the maturity, at specific time
- attractive if current rates are lower than coupon
- extend if …..
Convertible - debt which can be converted to common equity at option of the bondholder
- will pay coupon until converted
Sinking Fund - money set aside to retire part of debt each year, administered by trustee
- reduces default risk (being paid gradually), can increase demand
- if mkt P
Purchase Fund - purchase bonds in market & retire, specified amount/year,
- if below specified price
Protective Provisions - safeguards in bond contract
- Prior Lien
- Negative Pledge
- Working Capital
- Sale of assets & mergers
- Disposition of Subsidiaries
- Restrictions on additional borrowing
Bond Ratings
- DBRS, Moodys, S&P - rate securities as to investment grade
- eg S&P Rating
AAA - highest quality - earnings stable, industry strong, outlook very good
A - upper medium quality - substantial protection, more cyclical & susceptible to economic change
BB - lower medium - protection relatively uncertain,
CCC - highly speculative
CSC 课程辅导(2)
Determinants of Bond Yields
interest rates are determined in the capital markets by the supply/demand for capital
a bond investor wants to be compensated for - inflation
- risk
- earn a return
- the yield for a specific bond = real interest rate
+ inflation premium
+ default risk premium
+ maturity risk premium
real interest rate & inflation premium is about equal or great than 90 day Tbill rate
default risk premium = (yield on this bond - yield on fed bond of same maturity)
maturity risk premium = (yield on this bond - yield on bond of same issuer but diff maturity)
Yield Curve = relation between bond yield & time to maturity at a point in time
Long Term Debt
promise to pay interest (coupon) & repay principal
par - face value - amount paid at maturity - base of $100
discount - price below $100, premium - price above $100
denomination - face value, $1,000, $10,000 or larger
term to maturity - remaining life of bond
liquid - good trading volume
negotiable - in deliverable form
marketable - ready market
Trustee - represents interests of bondholder
- ensures that interest paid, protective covenants maintained, take action if not
- administer sinking fund provisions
Trust Deed - sets forth all protective covenants (restrictions) and requirements of the bond issue
- protective covenants - to safeguard bondholder
Government Bonds
Marketable - fed gov't is largest issuer in Cdn bond market - mostly non-callable
- introduce Real Return Bonds in '91 - interest & prin repayment based on inflated value of original principal
CSB - cash at bank any time - no secondary market - only purchased by Cdns
- maximum purchase limits - must be registered
- regular interest & compound interest
- Canada Premium Bond
Tbills - short term gov't note - most significant money market instrument
- sold at discount & mature at par - difference is taxable as interest income
- sold in auction by BOC - purchased by large institutions & resold to clients in smaller denominations
Provincial - borrow extensively in foreign markets - also issue Tbills & Provincial Savings Bonds
bond quality factors -
Municipal - usually using serial bonds
credit quality factors -
TYPE of Bond by Security
Mortgage Bonds - secured by specific fixed assets
Collateral Trust Bond - secured by securities
Equipment Trust Certificate - secured by equipment
Debentures - unsecured, security is general creditworthiness of company
Subordinate Debentures - unsecured, junior to another security
interest rates are determined in the capital markets by the supply/demand for capital
a bond investor wants to be compensated for - inflation
- risk
- earn a return
- the yield for a specific bond = real interest rate
+ inflation premium
+ default risk premium
+ maturity risk premium
real interest rate & inflation premium is about equal or great than 90 day Tbill rate
default risk premium = (yield on this bond - yield on fed bond of same maturity)
maturity risk premium = (yield on this bond - yield on bond of same issuer but diff maturity)
Yield Curve = relation between bond yield & time to maturity at a point in time
Long Term Debt
promise to pay interest (coupon) & repay principal
par - face value - amount paid at maturity - base of $100
discount - price below $100, premium - price above $100
denomination - face value, $1,000, $10,000 or larger
term to maturity - remaining life of bond
liquid - good trading volume
negotiable - in deliverable form
marketable - ready market
Trustee - represents interests of bondholder
- ensures that interest paid, protective covenants maintained, take action if not
- administer sinking fund provisions
Trust Deed - sets forth all protective covenants (restrictions) and requirements of the bond issue
- protective covenants - to safeguard bondholder
Government Bonds
Marketable - fed gov't is largest issuer in Cdn bond market - mostly non-callable
- introduce Real Return Bonds in '91 - interest & prin repayment based on inflated value of original principal
CSB - cash at bank any time - no secondary market - only purchased by Cdns
- maximum purchase limits - must be registered
- regular interest & compound interest
- Canada Premium Bond
Tbills - short term gov't note - most significant money market instrument
- sold at discount & mature at par - difference is taxable as interest income
- sold in auction by BOC - purchased by large institutions & resold to clients in smaller denominations
Provincial - borrow extensively in foreign markets - also issue Tbills & Provincial Savings Bonds
bond quality factors -
Municipal - usually using serial bonds
credit quality factors -
TYPE of Bond by Security
Mortgage Bonds - secured by specific fixed assets
Collateral Trust Bond - secured by securities
Equipment Trust Certificate - secured by equipment
Debentures - unsecured, security is general creditworthiness of company
Subordinate Debentures - unsecured, junior to another security
CSC 课程辅导(1)
拥有CSC证书对从事金融服务职业，如Mutual Fund Sales Rep., Investment Advisor, Trader, Investment Manager, Portfolio Manager, Risk Manager很有帮助。
BOND PRICES & INTEREST
Bond - borrower promises to pay interest & repay principal at maturity
Coupon - contractual rate of interest - borrower must pay this every year until bond matures
--- does not change if general interest rates change
Bond Prices - once a bond is sold, the price of the bond will change as interest rates change
-bond prices change so that the bond sold at that price will provide a return equal to current market yields
eg.: bond originally sold for $100 with 7% coupon， market yields for same type of bond are now 9%。 this bond is less valuable because it pays a lower rate -> therefore its price falls
Yield -rate of return earned if buy bond at current price
Bond prices move inversely to changes in market interest
BOND PRICES & INTEREST
Bond - borrower promises to pay interest & repay principal at maturity
Coupon - contractual rate of interest - borrower must pay this every year until bond matures
--- does not change if general interest rates change
Bond Prices - once a bond is sold, the price of the bond will change as interest rates change
-bond prices change so that the bond sold at that price will provide a return equal to current market yields
eg.: bond originally sold for $100 with 7% coupon， market yields for same type of bond are now 9%。 this bond is less valuable because it pays a lower rate -> therefore its price falls
Yield -rate of return earned if buy bond at current price
Bond prices move inversely to changes in market interest
Wednesday, May 12, 2010
北美投资股市的资源
股市新手炒股资源．
http://blog.wenxuecity.com/myblog.php?blogID=9347 ；学无止境的博客，给大家每一天的小结．（纽约商品，原油期货,黄金期货,TSX).
http://www.hutong9.net/ ; 九号胡同提供了广泛的讨论．（ypm968，CoolMax, Black, Quickhand,XinG，完人 都有独到的见解）．特别是班主（Cobra)的 real time 灌水, 盘后的小结堪称经典．更难得的是免费奉献．他的报告比一些收费的服务还详细．这里是非常好的学习股市的地方．
http://www.livecharts.co.uk/MarketCharts/crude.php ；
原油实时地走势图．
http://www.kitco.com/ ;
黄金实时地走势图
forexfactory.com 里面有好多交易策略和技巧的，主要对外汇
http://blog.wenxuecity.com/myblog.php?blogID=9347 ；学无止境的博客，给大家每一天的小结．（纽约商品，原油期货,黄金期货,TSX).
http://www.hutong9.net/ ; 九号胡同提供了广泛的讨论．（ypm968，CoolMax, Black, Quickhand,XinG，完人 都有独到的见解）．特别是班主（Cobra)的 real time 灌水, 盘后的小结堪称经典．更难得的是免费奉献．他的报告比一些收费的服务还详细．这里是非常好的学习股市的地方．
http://www.livecharts.co.uk/MarketCharts/crude.php ；
原油实时地走势图．
http://www.kitco.com/ ;
黄金实时地走势图
forexfactory.com 里面有好多交易策略和技巧的，主要对外汇
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