When they come back to get you_老虎社区_美港股上老虎

2021-09-17

When they come back to get you

Triple Witching to Hit Market Where Traders Pay Up for Hedges<blockquote>三重巫术冲击交易者支付对冲费用的市场</blockquote>

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What’s less certain is whether the market can resume its record-setting rally at a time when traders are busy loading up on hedges.<blockquote>（彭博社）——就像发条一样，标普500在周五期权到期前刚刚经历了又一个月中的低迷。不太确定的是，在交易员忙于对冲之际，市场能否恢复创纪录的涨势。</blockquote> The expiry of stock and index options this time is part of a quarterly event known as “triple witching,” where futures on indexes also expire. Strategists at Goldman Sachs Group Inc. estimated that roughly $3.4 trillion of equity options are set to mature Friday, including $720 billion of single stock options that is expected to be the most for any September expiration.<blockquote>这次股票和指数期权的到期是被称为“三重巫术”的季度事件的一部分，指数期货也将到期。高盛集团(Goldman Sachs Group Inc.)的策略师估计，大约3.4万亿美元的股票期权将于周五到期，其中包括7200亿美元的单一股票期权，预计将是9月份到期的最多的一次。</blockquote> Heading into the event, option traders grew antsy about the market, paying near record-high prices for put contracts. Calls for a correction in stocks are multiplying amid the spread of the Covid delta variant, a looming tax hike and the Federal Reserve’s plan to roll back monetary stimulus.<blockquote>活动开始前，期权交易员对市场变得焦躁不安，为看跌合约支付了接近历史新高的价格。随着Covid delta变种的蔓延、迫在眉睫的增税以及美联储计划缩减货币刺激措施，股市回调的评级正在成倍增加。</blockquote> Meanwhile, the S&amp;P 500 has managed to hold above its key trend line -- the 50-day average -- after a stretch of declines earlier this month that’s not been seen since February. The benchmark last closed at 4,473.75.<blockquote>与此同时，标普500在本月早些时候经历了自2月份以来从未有过的一系列下跌后，已成功保持在关键趋势线（50日平均线）之上。该基准指数最后收于4,473.75点。</blockquote> “We’re still cautious on the coming weeks as all the macro risks/overhangs remain unresolved,” Adam Crisafulli, the founder of Vital Knowledge, wrote in a note. “‘Cautious’ in this case simply means anticipating more of the same choppy, range-bound price action that sees the SPX hold above 4,400 but prevents the tape from setting fresh highs.”<blockquote>Vital Knowledge创始人Adam Crisafulli在一份报告中写道：“由于所有宏观风险/悬而未决的问题仍未解决，我们对未来几周仍持谨慎态度。”“在这种情况下，‘谨慎’只是意味着预计会出现更多同样的波动、区间波动的价格走势，使SPX保持在4,400点以上，但阻止该股创下新高。”</blockquote> The quarterly expiration usually coincides with a rebalancing of benchmarks such as the S&amp;P 500, sparking single-day volumes that rank among the highest of the year. According to an estimate from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, the rebalance in the index alone could force $55 billion of stock trades.<blockquote>季度到期通常与标普500等基准的再平衡同时发生，引发单日交易量位居年内最高水平。根据标准普尔道琼斯指数高级指数分析师霍华德·西尔弗布拉特的估计，仅该指数的再平衡就可能迫使550亿美元的股票交易。</blockquote> That means, what’s already a busy week is likely to get even busier. The amount of shares changing hands on exchanges topped 10 billion for four days in a row through Wednesday. That compared with an average of 9 billion shares in the prior month.<blockquote>这意味着，已经忙碌的一周可能会变得更加忙碌。截至周三，交易所的股票易手量连续四天突破100亿股。相比之下，上个月的平均股数为90亿股。</blockquote> With next week’s Fed policy meeting in sight, options traders are zooming in on near-term risk. Over the past two weeks, put options on the S&amp;P 500 with less than one month to maturity accounted for about 15% of the total out-of-the-money put volumes, the most since the height of the coronavirus crisis in 2020, data compiled by Goldman show. Single-stock options have similarly shifted, with 71% of total volumes in short-dated maturities, expiring within two weeks.<blockquote>随着下周美联储政策会议的临近，期权交易员正在关注近期风险。高盛汇编的数据显示，过去两周，标普500上到期时间不到一个月的看跌期权约占价外看跌期权总量的15%，这是自2020年冠状病毒危机最严重时期以来的最高水平。单股期权也发生了类似的变化，总交易量的71%是短期到期的，将在两周内到期。</blockquote> Goldman strategists including Rocky Fishman attribute the S&amp;P 500’s recent low volatility to a condition where options dealers are “long gamma,” or going against the prevailing market trend. Typically, options dealers need to hedge their positions by buying or selling the underlying stocks.<blockquote>包括Rocky Fishman在内的高盛策略师将标普500最近的低波动性归因于期权交易商“做多伽马”，或与当前的市场趋势背道而驰。通常，期权交易商需要通过买入或卖出标的股票来对冲头寸。</blockquote> “Downside skew is extremely high amidst high short-dated tail hedge volumes,” Fishman wrote. “High downside skew implies that investors may expect gamma to reverse in a further sell-off.”<blockquote>菲什曼写道：“在短期尾部对冲交易量较高的情况下，下行偏差极高。”“高下行偏差意味着投资者可能预计伽马将在进一步抛售中逆转。”</blockquote>","source":"lsy1612507957220","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>Triple Witching to Hit Market Where Traders Pay Up for Hedges<blockquote>三重巫术冲击交易者支付对冲费用的市场</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\">\nTriple Witching to Hit Market Where Traders Pay Up for Hedges<blockquote>三重巫术冲击交易者支付对冲费用的市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBloomberg2021-09-17 13:49\n\n</h4>\n</header>\n<article>\n(Bloomberg) -- Like clockwork, the S&amp;P 500 just endured another mid-month swoon before Friday’s options expiration. What’s less certain is whether the market can resume its record-setting rally at a time when traders are busy loading up on hedges.<blockquote>（彭博社）——就像发条一样，标普500在周五期权到期前刚刚经历了又一个月中的低迷。不太确定的是，在交易员忙于对冲之际，市场能否恢复创纪录的涨势。</blockquote> The expiry of stock and index options this time is part of a quarterly event known as “triple witching,” where futures on indexes also expire. Strategists at Goldman Sachs Group Inc. estimated that roughly $3.4 trillion of equity options are set to mature Friday, including $720 billion of single stock options that is expected to be the most for any September expiration.<blockquote>这次股票和指数期权的到期是被称为“三重巫术”的季度事件的一部分，指数期货也将到期。高盛集团(Goldman Sachs Group Inc.)的策略师估计，大约3.4万亿美元的股票期权将于周五到期，其中包括7200亿美元的单一股票期权，预计将是9月份到期的最多的一次。</blockquote> Heading into the event, option traders grew antsy about the market, paying near record-high prices for put contracts. Calls for a correction in stocks are multiplying amid the spread of the Covid delta variant, a looming tax hike and the Federal Reserve’s plan to roll back monetary stimulus.<blockquote>活动开始前，期权交易员对市场变得焦躁不安，为看跌合约支付了接近历史新高的价格。随着Covid delta变种的蔓延、迫在眉睫的增税以及美联储计划缩减货币刺激措施，股市回调的评级正在成倍增加。</blockquote> Meanwhile, the S&amp;P 500 has managed to hold above its key trend line -- the 50-day average -- after a stretch of declines earlier this month that’s not been seen since February. The benchmark last closed at 4,473.75.<blockquote>与此同时，标普500在本月早些时候经历了自2月份以来从未有过的一系列下跌后，已成功保持在关键趋势线（50日平均线）之上。该基准指数最后收于4,473.75点。</blockquote> “We’re still cautious on the coming weeks as all the macro risks/overhangs remain unresolved,” Adam Crisafulli, the founder of Vital Knowledge, wrote in a note. “‘Cautious’ in this case simply means anticipating more of the same choppy, range-bound price action that sees the SPX hold above 4,400 but prevents the tape from setting fresh highs.”<blockquote>Vital Knowledge创始人Adam Crisafulli在一份报告中写道：“由于所有宏观风险/悬而未决的问题仍未解决，我们对未来几周仍持谨慎态度。”“在这种情况下，‘谨慎’只是意味着预计会出现更多同样的波动、区间波动的价格走势，使SPX保持在4,400点以上，但阻止该股创下新高。”</blockquote> The quarterly expiration usually coincides with a rebalancing of benchmarks such as the S&amp;P 500, sparking single-day volumes that rank among the highest of the year. According to an estimate from Howard Silverblatt, senior index analyst at S&amp;P Dow Jones Indices, the rebalance in the index alone could force $55 billion of stock trades.<blockquote>季度到期通常与标普500等基准的再平衡同时发生，引发单日交易量位居年内最高水平。根据标准普尔道琼斯指数高级指数分析师霍华德·西尔弗布拉特的估计，仅该指数的再平衡就可能迫使550亿美元的股票交易。</blockquote> That means, what’s already a busy week is likely to get even busier. The amount of shares changing hands on exchanges topped 10 billion for four days in a row through Wednesday. That compared with an average of 9 billion shares in the prior month.<blockquote>这意味着，已经忙碌的一周可能会变得更加忙碌。截至周三，交易所的股票易手量连续四天突破100亿股。相比之下，上个月的平均股数为90亿股。</blockquote> With next week’s Fed policy meeting in sight, options traders are zooming in on near-term risk. Over the past two weeks, put options on the S&amp;P 500 with less than one month to maturity accounted for about 15% of the total out-of-the-money put volumes, the most since the height of the coronavirus crisis in 2020, data compiled by Goldman show. Single-stock options have similarly shifted, with 71% of total volumes in short-dated maturities, expiring within two weeks.<blockquote>随着下周美联储政策会议的临近，期权交易员正在关注近期风险。高盛汇编的数据显示，过去两周，标普500上到期时间不到一个月的看跌期权约占价外看跌期权总量的15%，这是自2020年冠状病毒危机最严重时期以来的最高水平。单股期权也发生了类似的变化，总交易量的71%是短期到期的，将在两周内到期。</blockquote> Goldman strategists including Rocky Fishman attribute the S&amp;P 500’s recent low volatility to a condition where options dealers are “long gamma,” or going against the prevailing market trend. Typically, options dealers need to hedge their positions by buying or selling the underlying stocks.<blockquote>包括Rocky Fishman在内的高盛策略师将标普500最近的低波动性归因于期权交易商“做多伽马”，或与当前的市场趋势背道而驰。通常，期权交易商需要通过买入或卖出标的股票来对冲头寸。</blockquote> “Downside skew is extremely high amidst high short-dated tail hedge volumes,” Fishman wrote. “High downside skew implies that investors may expect gamma to reverse in a further sell-off.”<blockquote>菲什曼写道：“在短期尾部对冲交易量较高的情况下，下行偏差极高。”“高下行偏差意味着投资者可能预计伽马将在进一步抛售中逆转。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/triple-witching-hit-market-where-202300434.html\">Bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://finance.yahoo.com/news/triple-witching-hit-market-where-202300434.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101498093","content_text":"(Bloomberg) -- Like clockwork, the S&P 500 just endured another mid-month swoon before Friday’s options expiration. What’s less certain is whether the market can resume its record-setting rally at a time when traders are busy loading up on hedges.\nThe expiry of stock and index options this time is part of a quarterly event known as “triple witching,” where futures on indexes also expire. Strategists at Goldman Sachs Group Inc. estimated that roughly $3.4 trillion of equity options are set to mature Friday, including $720 billion of single stock options that is expected to be the most for any September expiration.\nHeading into the event, option traders grew antsy about the market, paying near record-high prices for put contracts. Calls for a correction in stocks are multiplying amid the spread of the Covid delta variant, a looming tax hike and the Federal Reserve’s plan to roll back monetary stimulus.\nMeanwhile, the S&P 500 has managed to hold above its key trend line -- the 50-day average -- after a stretch of declines earlier this month that’s not been seen since February. The benchmark last closed at 4,473.75.\n“We’re still cautious on the coming weeks as all the macro risks/overhangs remain unresolved,” Adam Crisafulli, the founder of Vital Knowledge, wrote in a note. “‘Cautious’ in this case simply means anticipating more of the same choppy, range-bound price action that sees the SPX hold above 4,400 but prevents the tape from setting fresh highs.”\nThe quarterly expiration usually coincides with a rebalancing of benchmarks such as the S&P 500, sparking single-day volumes that rank among the highest of the year. According to an estimate from Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, the rebalance in the index alone could force $55 billion of stock trades.\nThat means, what’s already a busy week is likely to get even busier. The amount of shares changing hands on exchanges topped 10 billion for four days in a row through Wednesday. That compared with an average of 9 billion shares in the prior month.\nWith next week’s Fed policy meeting in sight, options traders are zooming in on near-term risk. Over the past two weeks, put options on the S&P 500 with less than one month to maturity accounted for about 15% of the total out-of-the-money put volumes, the most since the height of the coronavirus crisis in 2020, data compiled by Goldman show. Single-stock options have similarly shifted, with 71% of total volumes in short-dated maturities, expiring within two weeks.\nGoldman strategists including Rocky Fishman attribute the S&P 500’s recent low volatility to a condition where options dealers are “long gamma,” or going against the prevailing market trend. Typically, options dealers need to hedge their positions by buying or selling the underlying stocks.\n“Downside skew is extremely high amidst high short-dated tail hedge volumes,” Fishman wrote. “High downside skew implies that investors may expect gamma to reverse in a further sell-off.”","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":574,"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":24,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/884321396"}