金融市场具有两个典型事实（Stylized Facts）：波动性聚集（Volatility Cluster）和金融变量边际分布的肥尾性（FatTail），这意味着金融变量的边际分布应该不是具有常方差的正态分布。
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交易者们应寻找日内波动性的降低作为表明股市进入一个聚集阶段的标志。
Traders will look for a reduction in intraday volatility as the market enters an accumulation phase.
分析结果显示：我国股市日收益率具有明显的异方差性、波动性、聚集性、持续性和杠杆效应。
The results showed that the daily yield of China' s stock market had obvious heteroscedasticity, volatility, aggregation, sustainability and leverage effect.
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