股票市场已从近来看涨的行情跌落。

Stockmarkets have slipped from their recent bullish highs.

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这一连串的难题，就是专栏作者不能苟同看涨2011年行情的理由。

This list of problems is the reason why it is so hard for Buttonwood to join the bullish consensus for 2011.

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起初防守型的战略让对行情看涨的Fleiss有点担心，不过这很快被证明是一个明智之举。

The defensive move at first worried Mr. Fleiss, who had grown bullish. But it has proven a smart move so far.

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