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 牛市(bull market)，當股市或者經濟呈現上漲多頭格局的時候稱之。

稱為多頭市場或牛市的原因，是因為價格上揚時市場熱絡，投資人與證券經紀人擠在狹小的證券交易所中，萬頭攢動，如傳統牛市集的圈牛群一般壯觀，故戲稱之為牛市。牛在西方文化中是財富與力量的象徵，源於古埃及。  

熊市(Bear market)，當股市或者經濟呈現下滑空頭格局的時候稱之。

熊市的名稱，來自美國西部拓荒時代，美墨邊境的牛仔閒暇時常常比賽馬、鬥牛，或是抓灰熊來鬥牛，圍觀下注作娛。後來美國人就把熊和牛視為對頭動物。既然多頭市場稱牛市，空頭市場就戲稱熊市。 在美國著名的華爾街外，就放著這樣的一尊大牛，象徵希望股市以及經濟上漲，很可惜最近並不從人願呀！

  牛熊證
callable bull/bear contract 分為牛證和熊證，顧名思義，牛證是看好相關資產前景，透過這產品捕捉升勢，相反，如看淡後市表現，則以熊證在跌市中圖利。好處是投資者可以較小的金額，在升市或跌市中圖利。

  explanation from: wikipedia

Bull market

A bull market is associated with increasing investor confidence, and increased investing in anticipation of future price increases (capital gains). A bullish trend in the stock market often begins before the general economy shows clear signs of recovery. It is a win-win situation for the investors.

Bear market

A bear market is a general decline in the stock market over a period of time.It is a transition from high investor optimism to widespread investor fear and pessimism. According to The Vanguard Group, "While there’s no agreed-upon definition of a bear market, one generally accepted measure is a price decline of 20% or more over at least a two-month period."