单选题

Which of the following statements about technical analysts is CORRECT?（）

A、 When margin balances in brokerages accounts increase, contrary-opinion technicians are bearish.
B、 When the yield spread on high-quality versus lower-quality bonds narrows, the confidence index decreases and smart-money technicians become bullish.
C、 When investors' credit balances are falling, contrary-opinion technicians are bearish.

【正确答案】 C

【答案解析】

When investor credit balances are falling, investors are bullish, so contrary-opinion technicians are bearish.
The other statements are incorrect. The weak form of the efficient market hypothesis (EMH) refutes technical trading. A narrowing yield spread is a bullish sign to smart-money technicians, but because it means that the confidence index has increased. Although an increase in margin (debit) balances in brokerages accounts means investors are bullish, it is not an indicator used by contrary-opinion technicians. This would be a bullish sign to smart-money technicians.