This paper studies cross-sectional stock returns from intrinsic and extrinsic point of view. We extend the model from Yin (Dec. 2015) to moving averages and we show a series of trading strategy that could explain some of the anomalies in the market. Intrinsically, investors can study Enterprise Value to interpret cross-sectional stock returns. Extrinsically, traders can generate alphas with great significance by trading off moving averages. We interpret the underlying emotions, greed and hope, in the market by looking at empirical results intrinsically and extrinsically.