What does it mean, when they say something like: "the hongkong stock a nine-year high" what r implications?

Answer 1

It means they are in a Bull (optimistic) market. Since the past is the past, it doesn't mean that it will be that way the next day. Since a bull market requires buyers, if everyone that wants to be in is all in, then it's ripe for a crash since all you have then is holders and sellers (a sign of a bear market).