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2021-02-24
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Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>
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Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1129467108","media":"Barrons","summary":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullie","content":"<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy J.P. Morgan Says Now Is the Time to Bet on the S&P 500<blockquote>为什么摩根大通表示现在是押注标普500的时候了</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-02-24 19:00</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Don’t worry. Be greedy.</p><p><blockquote>别担心。贪婪。</blockquote></p><p>Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.</p><p><blockquote>尽管投资者的担忧正在加剧，而且股市也受到债券收益率上升的影响，但摩根大通。摩根策略师告诉他们的客户，现在是拥抱股票的时候了。</blockquote></p><p>TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.</p><p><blockquote>标准普尔 500 指数可能在 3875 点左右徘徊，但该银行将 2021 年底目标价定为 4400，区间为 4200 至 4600。它的数字不仅仅是股市预期收益的衍生品。相反，它们反映了美国在 Covid-19 大流行后的经济觉醒。</blockquote></p><p>Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”</p><p><blockquote>摩根大通（J.P. Morgan）衍生品策略师肖恩-奎格（Shawn Quigg）最近告诉客户，市场实现 “这种收益迟早不到，尤其是考虑到未来的众多催化剂、它们对波动性的影响以及它们将对投资者定位产生的影响”，几乎没有什么阻碍。</blockquote></p><p>As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.</p><p><blockquote>随着乔-拜登总统的政府支持 1.9 万亿美元的经济刺激计划，以及 Covid-19 感染和住院人数的下降，奎格预计股市将飙升。他的观点与近期的交易有些不一致。随着 10 年期国债收益率升至 1.38% 左右，股市下跌，此举加剧了通胀担忧和对股市暴跌的担忧。</blockquote></p><p>Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.</p><p><blockquote>奎格喜欢利用这种恐惧和悬而未决的刺激计划，拜登已经开始为该计划辩护，以应对其规模过大的担忧。在各种采访中，总统向批评者发出挑战，要求他们告诉他在全国如此多的人遭受苦难的时候应该削减什么。拜登政府现在警告说，最大的风险不是大规模的刺激计划，而是规模太小，因此不能有意义地刺激经济增长。</blockquote></p><p>To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.</p><p><blockquote>为了让股市飙升，奎格建议客户考虑出售SPDR标普500 ETF（股票代码：SPDR标普500指数ETF）5月353美元的看跌期权，并购买5月15日450美元的看涨期权期权。当 ETF 价格为 392.39 美元时，杠杆风险逆转策略（即卖出一份看跌期权并购买更多执行价格更高但到期日相同的评级）可以免费完成。换句话说，卖出看跌期权收到的资金足以购买 15 个看涨评级。</blockquote></p><p>The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.</p><p><blockquote>该交易表示坚信，该 ETF（最近交易价格约为 387 美元）将在 5 月 21 日（可能期权到期时）达到 450 美元。看涨期权售价 460 美元，价值 10 美元。</blockquote></p><p>Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.</p><p><blockquote>例如，如果 ETF 因当前担忧将市场推至 353 美元执行价格以下而下跌，投资者将有义务以较低的价格买入，或者对冲或调整看跌期权。</blockquote></p><p>Quigg’s trade idea has a lot to admire.</p><p><blockquote>奎格的交易理念有很多值得钦佩的地方。</blockquote></p><p>For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.</p><p><blockquote>首先，该交易在上周晚些时候被推荐时成本为零。是的，自 2 月 18 日报告发布以来，价格已经发生了变化，但投资者可以重新制定执行价格以创建类似的定价。市场会发生变化，这就是为什么会有这么多不同的执行价格。</blockquote></p><p>Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.</p><p><blockquote>此外，如果摩根大通关于经济复苏的基本观点被证明是正确的，那么拥有一揽子上涨的评级可能会非常有利可图。如果市场屈服于当前对价格走弱的担忧，那么以较低的价格持有标普500股票也并不可怕。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.barrons.com/articles/why-j-p-morgan-says-now-is-the-time-to-bet-on-the-s-p-500-51614090217?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129467108","content_text":"Don’t worry. Be greedy.Even though investor fears are rising, and the stock market is getting bullied by rising bond yields,J.P. Morganstrategists have told their clients that now is the time to embrace stocks.TheS&P 500may be waffling around 3875, but the bank is standing by its 2021 year-end price target of 4400 on a range of 4200 to 4600. Its numbers aren’t merely some derivative of the stock market’s expected earnings. Instead, they reflect America’s economic reawakening after the Covid-19 pandemic.Shawn Quigg, a J.P. Morgan derivatives strategist, recently told clients that there is little to stand in the way of the market’s achievement of “such gains sooner than later, particularly considering the numerous catalysts ahead, their impact on volatility, and the implications that will have on investor positioning.”As President Joe Biden’s administration champions a $1.9 trillion stimulus program, and Covid-19 infections and hospitalizations decline, Quigg anticipates stocks surging. His view is somewhat at odds with recent trading. Stocks have declined as the 10-year Treasury note yield has increased to about 1.38%, a move that is fanning inflation fearsand worries about stock slumps.Quigg likes taking advantage of the fear and the pending stimulus program, which Biden has begun to defend against concerns that it is too large. In various interviews, the president has challenged critics to tell him what to cut at a time when so much of the nation is suffering. The Biden administration is now warning that the greatest risk isn’t a large stimulus package, but one that is too small and thus doesn’t meaningfully stimulate economic growth.To position for the stock market to surge higher, Quigg advised clients to consider selling one of the SPDR S&P 500 ETF‘s (ticker: SPY) May $353 put options and buying 15 May $450 call options. When the ETF was at $392.39, the leveraged risk-reversal strategy—that is,selling one put and buying many more calls with a higher strike price but the same expiration—could be done for no cost. In other words, the money received for selling the put was enough to buy 15 bullish calls.The trade expresses high conviction that the ETF—which was recently trading around $387—will reach $450 by May 21, when May options expire. At $460, the call is worth $10.Should the ETF decline, say, because current fears push the market below the $353 strike price, investors would be obligated to buy it at the lower price, or to cover or adjust the puts.Quigg’s trade idea has a lot to admire.For one, the trade carried zero cost when it was recommended late last week. Yes, prices have moved since the Feb. 18 note was published, but investors can recast strike prices to create similar pricing. The markets change, and that’s why there are so many different strike prices that are listed.Moreover, if J.P. Morgan’s base view of the economic reawakening proves true, owning a bundle of upside calls that cost nothing could be quite lucrative. Should the market succumb to the current fears that are weakening prices, owning S&P 500 stocks at lower prices isn’t terrible, either.","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":3662,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/363462128"}
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