拉高出货

通常被称为欺骗性的炒高价格，是狡猾的市场老手侵蚀新手的惯用伎俩。

配料

• 一只低价股：既可以是大跌之后不被投资者看好的股票，也可以是新发行的不受关注的股票。重要的是，这只股票要在过去的6~12个月中一直维持在几美分的低价位。
• 没有投资机构的参与。这是主要的配料——太多的厨师会毁坏一锅汤。我们的厨师不想受到来自外界的干预。
• 低流动性。通常，小公司的大部分股票都与控股权、管理权以及家族利益联系在一起，很少参与市场流通。
• 一个有足够能力引起关注的行业——比如采金业是最受欢迎和信任的。以及一些新兴行业：互联网、电信、生物技术等等。基本上，只要是可以编造出好的故事情节的行业都可以。
• 大量的MP（mug punter）：被邀请至宴席而没有意识到自己才是主要的一道菜。
• 完全缺乏上当意识。

准备

首先，我们的厨师会仔细的查看所有的低价股票，直到他发现一个可以编造合适故事情节的潜在目标。通过对持股者的简单研究，厨师就会发现可以买入的公众持股量。为了不引起市场的发觉，他悄悄的将这些股票买入。当我们的厨师捏造出足够的故事情节之后，就开始加入主要配料。

在获得了大部分的公众持股之后，我们的厨师选择与MP成为朋友，并与他们分享自己的发现。他在所有的主流投资论坛上发布关于近期的一些股价迅速升高的消息，标题类似于“接下来。。。”。同时，他也会散发一些“内幕消息”，诸如中国签订新的合同或者印度尼西亚金矿工人罢工等。同一话题，他一天会接连发布几次。你将会看到许多细节性的信息——节约了你的时间——了解到发行股票公司的内部信息——暗示内部消息。在消息基于很少的技术支持、一些关于双重底的推测，一个大范围或突破等情况下，我们厨师把价格目标过分的夸大。如果目前的股价为8美分，那么我们将会看到类似于“价格会达到$1.50”等言论。

配方

每当MP买进股票，价格便会上升——因为我们的厨师已经买入了大部分的公众持股，造成了股票短缺现象。价格越高，MP越兴奋。我们的英雄（厨师）被称作股票大师，投资者急切的向他寻求关于其他股票的投资建议。

不断升高的价格吸引了越来越多的MP，他们疯狂的想买入股票。到了这个阶段，我们的厨师已经获得了几倍利润，并开始在不被市场发觉的情况下逐渐的卖出股票。价格不再像之前一样上升动力强劲，但依然增长。一些成交量和资金流向指标开始向下显示，而此时我们的已经卖出了手中剩下的少量股票并开始寻找下一目标。面对市场，厨师会选择保持沉默，或者向市场恶意的宣称自己已经获利回吐。

买方力量消散，市场着急抛售。股价表现糟糕——回落到之前的价格区间，MP空抱怨自己的坏运气。

例：

尽管这个小软件公司的交易量巨大，但是21日TMF指标(Twiggs Money Flow)并没有达到正值，表明有些交易者在反弹的过程中在大笔卖出股票。

等量成交图给出了全部细节。宽柱体（表示成交量），高阴影表示上升趋势中收盘价的走弱。

采金业长期收到投资者欢迎。下面的矿勘探公司黄金和镍的股价走势类似。

这个故事的寓意

远离这类小把戏，除非你能识破它。独立的进行研究并对所有人的言论持怀疑态度：那些好的难以置信的言论通常是假的。

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.

本文翻译由兄弟财经提供

文章来源：http://www.incrediblecharts.com/trading/pump_and_dump.php