PatSze98的个人主页 - 老虎社区

PatSze98

PatSze98

暂无个人介绍

IP属地：未知

65关注

5粉丝

0主题

0勋章

2021-04-08

Alibaba undervalued now

抱歉，原内容已删除

2021-04-07

Poor judgement

Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>

2021-04-16

Good

抱歉，原内容已删除

2021-04-19

All the money will go to politican pocket 🤭

抱歉，原内容已删除

2021-04-26

Yeah

抱歉，原内容已删除

2021-04-17

Superb

$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>

2021-04-15

I love cathie

抱歉，原内容已删除

2021-04-12

Goodness

How much higher will this bull market go?<blockquote>这轮牛市会涨到多高？</blockquote>

2021-04-08

Great

抱歉，原内容已删除

2021-04-28

Yeah

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3560845643561150","uuid":"3560845643561150","gmtCreate":1597757648047,"gmtModify":1617633303640,"name":"PatSze98","pinyin":"patsze98","introduction":"","introductionEn":"","signature":"","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":65,"tweetSize":42,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"35ec162348d5460f88c959321e554969-3","templateUuid":"35ec162348d5460f88c959321e554969","name":"传说交易员","description":"证券或期货账户累计交易次数达到300次","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.04.03","exceedPercentage":"93.46%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-1","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"出道虎友","description":"加入老虎社区500天","bigImgUrl":"https://static.tigerbbs.com/0e4d0ca1da0456dc7894c946d44bf9ab","smallImgUrl":"https://static.tigerbbs.com/0f2f65e8ce4cfaae8db2bea9b127f58b","grayImgUrl":"https://static.tigerbbs.com/c5948a31b6edf154422335b265235809","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2022.01.01","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"228c86a078844d74991fff2b7ab2428d-3","templateUuid":"228c86a078844d74991fff2b7ab2428d","name":"投资合伙人虎","description":"证券账户累计交易金额达到100万美元","bigImgUrl":"https://static.tigerbbs.com/fbeac6bb240db7da8b972e5183d050ba","smallImgUrl":"https://static.tigerbbs.com/436cdf80292b99f0a992e78750ac4e3a","grayImgUrl":"https://static.tigerbbs.com/506a259a7b456f037592c3b23c779599","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.22","exceedPercentage":"93.69%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"976c19eed35f4cd78f17501c2e99ef37-1","templateUuid":"976c19eed35f4cd78f17501c2e99ef37","name":"博闻投资者","description":"累计交易超过10只正股","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"518b5610c3e8410da5cfad115e4b0f5a-1","templateUuid":"518b5610c3e8410da5cfad115e4b0f5a","name":"实盘交易者","description":"完成一笔实盘交易","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":159951305,"gmtCreate":1624937726407,"gmtModify":1631893522234,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/159951305","repostId":"1145074307","repostType":4,"repost":{"id":"1145074307","kind":"news","pubTimestamp":1624928840,"share":"https://www.laohu8.com/m/news/1145074307?lang=zh_CN&edition=full","pubTime":"2021-06-29 09:07","market":"us","language":"en","title":"Square Looks To Break Out, Options Traders Front Run A Move<blockquote>Square有望突破，期权交易员抢先出手</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145074307","media":"Benzinga","summary":"Delano Saporu recommended Square Inc on CNBC’s “Fast Money Final Trades” on Monday morning.\nSquare’s","content":"<p><div> Delano Saporu recommended Square Inc on CNBC’s “Fast Money Final Trades” on Monday morning. Square’s stock reversed course and headed 30% north after creating a double bottom pattern on May 13 and 19 ...</p><p><blockquote><div>周一上午，Delano Saporu在CNBC的“快钱最终交易”节目中推荐了Square Inc。在5月13日和19日形成双底形态后，Square的股价逆转并向北上涨30%……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","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>Square Looks To Break Out, Options Traders Front Run A Move<blockquote>Square有望突破，期权交易员抢先出手</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\">\nSquare Looks To Break Out, Options Traders Front Run A Move<blockquote>Square有望突破，期权交易员抢先出手</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-06-29 09:07</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Delano Saporu recommended Square Inc on CNBC’s “Fast Money Final Trades” on Monday morning. Square’s stock reversed course and headed 30% north after creating a double bottom pattern on May 13 and 19 ...</p><p><blockquote><div>周一上午，Delano Saporu在CNBC的“快钱最终交易”节目中推荐了Square Inc。在5月13日和19日形成双底形态后，Square的股价逆转并向北上涨30%……</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move\">Benzinga</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":{},"source_url":"https://www.benzinga.com/fintech/21/06/21752684/square-looks-to-break-out-options-traders-front-run-a-move","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145074307","content_text":"Delano Saporu recommended Square Inc on CNBC’s “Fast Money Final Trades” on Monday morning.\nSquare’s stock reversed course and headed 30% north after creating a double bottom pattern on May 13 and 19 at the $192 mark. On Monday the stock was printing a bullish engulfing candlestick indicating higher prices may come in the short term.\nBulls will want to see Square clear resistance at the $249 level and for bullish volume to come in and give the break continued upwards momentum for a move back toward the $260 mark.\nOn Monday a number of options traders decided to front run the anticipated move and purchased over $1.73 million worth of call contracts. The call options mostly had a strike price of $250 and one had a $260 strike. This indicates these options traders believe Square is headed towards its next resistance level.\nWhy It’s Important:When a sweep order occurs, it indicates the trader wanted to get into a position quickly and is anticipating an imminent large move in stock price. A sweeper pays the market price for the call or put option instead of placing a bid, which sweeps the order book of multiple exchanges to fill the order immediately.\nThese types of call option orders are usually made by institutions, and retail investors can find watching for sweepers useful because it indicates “smart money” has entered into a position.\nThe Square Option Trades:Below is a look at the notable options alerts, courtesy ofBenzinga Pro:\n\nAt 12:13 p.m., Monday a trader executed a call sweep near the ask of 429 Square options with a strike price of $260 expiring on Aug. 20. The trade represented a $471,900 bullish bet for which the trader paid $11 per option contract.\nAt 12:13 p.m., a trader executed a call sweep near the ask of 2167 Square options with a strike price of $250 expiring on July 2. The trade represented a $695,607 bullish bet for which the trader paid $3.21 per option contract.\nAt 12:26 p.m., a trader executed a call sweep near the ask of 272 Square options with a strike price of $250 expiring on July 2. The trade represented a $93,024 bullish bet for which the trader paid $3.42 per option contract.\nAt 12:26 p.m., a trader executed a call sweep near the ask of 228 Square options with a strike price of $250 expiring on July 2. The trade represented a $79,344 bullish bet for which the trader paid $3.48 per option contract.\nAt 12:26 p.m., a trader executed a call sweep near the ask of 268 Square options with a strike price of $250 expiring on July 2. The trade represented a $92,728 bullish bet for which the trader paid $3.46 per option contract.\nAt 12:26 p.m., a trader executed a call sweep near the ask of 233 Square options with a strike price of $250 expiring on July 2. The trade represented an $81,084 bullish bet for which the trader paid $3.48 per option contract.\nAt 12:54 p.m., a trader executed a call sweep near the ask of 283 Square options with a strike price of $250 expiring on July 16. The trade represented a $217,910 bullish bet for which the trader paid $7.70 per option contract.\n\nSQ Price Action:Shares of Square closed up 2.66% at $246.60 on Monday.","news_type":1,"symbols_score_info":{"SQ":0.9}},"isVote":1,"tweetType":1,"viewCount":2834,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194102999,"gmtCreate":1621346310111,"gmtModify":1631893522238,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"🤨","listText":"🤨","text":"🤨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/194102999","repostId":"1105675964","repostType":4,"isVote":1,"tweetType":1,"viewCount":2931,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100518472,"gmtCreate":1619620948096,"gmtModify":1631893522241,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Yeah&nbsp;","listText":"Yeah&nbsp;","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/100518472","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374257071,"gmtCreate":1619450758693,"gmtModify":1631893522242,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Yeah&nbsp;","listText":"Yeah&nbsp;","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374257071","repostId":"1157482757","repostType":4,"isVote":1,"tweetType":1,"viewCount":1643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":375525875,"gmtCreate":1619365526297,"gmtModify":1631893522246,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/375525875","repostId":"1188060568","repostType":4,"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372125418,"gmtCreate":1619187117834,"gmtModify":1631884479462,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"New FM = future PM","listText":"New FM = future PM","text":"New FM = future PM","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/372125418","repostId":"1143062408","repostType":4,"isVote":1,"tweetType":1,"viewCount":2719,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":372184979,"gmtCreate":1619186272291,"gmtModify":1631893522251,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"It is super under valued&nbsp;","listText":"It is super under valued&nbsp;","text":"It is super under valued","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/372184979","repostId":"1170805005","repostType":2,"isVote":1,"tweetType":1,"viewCount":2700,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":378130007,"gmtCreate":1619008900109,"gmtModify":1631893522252,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Amazon can sell anything&nbsp;","listText":"Amazon can sell anything&nbsp;","text":"Amazon can sell anything","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/378130007","repostId":"2129873848","repostType":4,"isVote":1,"tweetType":1,"viewCount":3113,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":371696952,"gmtCreate":1618929970976,"gmtModify":1631893522255,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/371696952","repostId":"1121126533","repostType":4,"isVote":1,"tweetType":1,"viewCount":1954,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373371922,"gmtCreate":1618826418666,"gmtModify":1631893522258,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"All the money will go to politican pocket 🤭","listText":"All the money will go to politican pocket 🤭","text":"All the money will go to politican pocket 🤭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/373371922","repostId":"2128862412","repostType":4,"isVote":1,"tweetType":1,"viewCount":2012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373379817,"gmtCreate":1618826258039,"gmtModify":1631893522260,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Buy Nio. Will reach $100","listText":"Buy Nio. Will reach $100","text":"Buy Nio. Will reach $100","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373379817","repostId":"1156256429","repostType":4,"repost":{"id":"1156256429","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618495767,"share":"https://www.laohu8.com/m/news/1156256429?lang=zh_CN&edition=full","pubTime":"2021-04-15 22:09","market":"us","language":"en","title":"Chinese electric vehicle stocks  fell sharply<blockquote>中国电动汽车股大幅下跌</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1156256429","media":"Tiger Newspress","summary":" Chinese electric vehicle stocks fell sharply. Xpeng Motors fell about 6%, NIO fell about 5%, Li fell more than 7%.Days ago, Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: BYD Company Limited BYDDY, NIO Inc. NIO, Li Auto Inc. LI and XPeng Inc. XPEV.Here are highlights from Monday’s Analyst Blog:Chinese Auto","content":"<p>(April 15)&nbsp;Chinese&nbsp;electric vehicle stocks fell sharply.&nbsp;Xpeng Motors&nbsp;fell&nbsp;about&nbsp;6%,&nbsp;NIO&nbsp;fell&nbsp;about&nbsp;5%,&nbsp;Li&nbsp;fell&nbsp;more&nbsp;than&nbsp;7%.</p><p><blockquote>（4月15日）中资电动车股大跌，小鹏汽车跌约6%，蔚来跌约5%，理想跌超7%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dbaf16ea0d1c0365c2cd923a7641e5c1\" tg-width=\"313\" tg-height=\"165\" referrerpolicy=\"no-referrer\">Days&nbsp;ago,&nbsp;Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: BYD Company Limited BYDDY, NIO Inc. NIO, Li Auto Inc. LI and XPeng Inc. XPEV.</p><p><blockquote>几天前，Zacks.com宣布了分析师博客中精选的股票名单。Zacks股票研究分析师每天都会讨论影响股票和金融市场的最新新闻和事件。博客中最近介绍的股票包括：比亚迪股份有限公司BYDDY、蔚来蔚来、理想汽车公司LI和小鹏汽车XPEV。</blockquote></p><p>Here are highlights from Monday’s Analyst Blog:<i>Chinese Auto Sales on Fast Track - Will It Hit a Speed Bump?</i></p><p><blockquote>以下是周一分析师博客的亮点：<i>中国汽车销售步入快车道——会遇到减速带吗？</i></blockquote></p><p>Vehicle sales in China for the month of March soared for the 12th straight month to 2.53 million units, per the China Association of Automobile Manufacturers (“CAAM”). Sales spiked 75% from the corresponding period of 2020, when the country’s vehicle demand was badly hit by coronavirus woes.</p><p><blockquote>根据中国汽车工业协会（“中汽协”）的数据，3月份中国汽车销量连续第12个月飙升至253万辆。销量较2020年同期飙升75%，当时该国的汽车需求受到冠状病毒灾难的严重打击。</blockquote></p><p>Digging Into Sales Numbers</p><p><blockquote>挖掘销售数据</blockquote></p><p>For the first quarter of 2021, sales surged 76% year over year to top 6.48 million units. The massive jump was due to lower severity of COVID-19 impacts, which crimped showroom traffic in the comparable year-ago quarter.</p><p><blockquote>2021年第一季度，销量同比飙升76%，达到648万辆。大幅增长是由于COVID-19影响的严重程度较低，这限制了去年同期的展厅客流量。</blockquote></p><p>In fact, automakers in China suffered their bleakest ever quarter in the January-March 2020 period. However, thanks to supportive government policies, gradual reopening of economic activities and pent-up vehicle demand, China is now at the forefront of global auto market recovery.</p><p><blockquote>事实上，中国汽车制造商在2020年1月至3月期间遭遇了有史以来最惨淡的季度。然而，得益于政府的支持性政策、经济活动的逐步重新开放以及被压抑的汽车需求，中国目前处于全球汽车市场复苏的最前沿。</blockquote></p><p>Deliveries of new light vehicles including sport utility vehicles, sedans and multi-purpose vehicles grew 77% to exceed 1.87 million units in March 2021. Deliveries of commercial vehicles including pickups and buses rose 68% year over year to 651,000 units. Electric vehicle sales jumped a whopping 240% year over year to 226,000 units.</p><p><blockquote>2021年3月，包括运动型多用途车、轿车和多用途车在内的新型轻型汽车交付量增长77%，超过187万辆。包括皮卡和公共汽车在内的商用车交付量同比增长68%，达到651,000辆。电动汽车销量同比猛增240%，达到226,000辆。</blockquote></p><p>New light vehicle deliveries in first-quarter 2021 climbed 75% from the comparable year-ago period to 5.08 million units. Sales of commercial vehicles and EVs spiked 77% and 280% to 1.41 million units and 515,000 units, respectively, on a year-over-year basis.</p><p><blockquote>2021年第一季度新轻型汽车交付量较去年同期增长75%，达到508万辆。商用车和电动汽车销量同比分别增长77%和280%，达到141万辆和51.5万辆。</blockquote></p><p>China EV Market on Fire, Competition Revs Up</p><p><blockquote>中国电动汽车市场火热，竞争加剧</blockquote></p><p>Demand for new energy vehicles (NEVs) has been on the rise amid climate change concerns and favorable government policies. Importantly, the country projects electric vehicles (EVs) to account for 25% of new car sales by 2025.</p><p><blockquote>由于对气候变化的担忧和有利的政府政策，对新能源汽车（NEV）的需求一直在上升。重要的是，该国预计到2025年电动汽车(EV)将占新车销量的25%。</blockquote></p><p>Last April, the government of China announced plans to extend subsidies and tax breaks for NEVs such as electric or plug-in hybrid cars for another two years to spur sales. Buoyed by favorable government policies and improving consumer confidence and economy, China — world’s largest EV market — is seeing solid sales of zero-emission vehicles.</p><p><blockquote>去年四月，中国政府宣布计划将电动或插电式混合动力汽车等新能源汽车的补贴和税收减免再延长两年，以刺激销售。在有利的政府政策以及消费者信心和经济改善的推动下，全球最大的电动汽车市场中国的零排放汽车销量稳健。</blockquote></p><p>China-based EV makers including<b>BYD Co</b>,<b>NIO</b>,<b>Li Auto</b>and<b>XPeng</b>registered strong EV sales last month. Warren Buffett-backed BYD sold 24,218 EVs in March, representing a year-over-year jump of 97.6%.</p><p><blockquote>中国电动汽车制造商包括<b>比亚迪公司</b>,<b>蔚来</b>,<b>理想汽车</b>和<b>小鹏</b>上个月电动汽车销量强劲。沃伦·巴菲特支持的比亚迪3月份电动汽车销量为24,218辆，同比增长97.6%。</blockquote></p><p>NIO — which currently carries a Zacks Rank #3 (Hold) — delivered 7,257 EVs last month, skyrocketing 373% year over year. EV makers Li Auto and XPeng delivered 4,900 and 5,102 vehicles, up a whopping 238.6% and 384%, respectively, on a year-over-year basis. You can see<b>the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here</b>.</p><p><blockquote>蔚来——目前在咤克斯排名第三（持有）——上个月交付了7,257辆电动汽车，同比飙升373%。电动汽车制造商理想汽车和小鹏汽车交付了4,900辆和5,102辆汽车，同比分别增长238.6%和384%。你可以看到<b>今天Zacks排名第一（强力买入）股票的完整列表在这里</b>.</blockquote></p><p>Foreign carmakers including<b>Tesla</b>,<b>GM</b>and<b>Ford</b>are also registering strong sales and actively ramping up operations in the country. Per China Passenger Car Association, EV behemoth Tesla sold 35,478 China-made cars last month. The company commands a huge market share in the EV market of China, thanks to robust production from the Shanghai Gigafactory.</p><p><blockquote>外国汽车制造商包括<b>特斯拉</b>,<b>GM</b>和<b>福特</b>也实现了强劲的销售并积极扩大在该国的业务。根据中国乘用车协会的数据，电动汽车巨头特斯拉上个月售出了35,478辆中国制造的汽车。得益于上海超级工厂的强劲生产，该公司在中国电动汽车市场占据了巨大的市场份额。</blockquote></p><p>Overall vehicle sales by Ford and General Motors in China witnessed a year-over-year rally of 73% and 69%, respectively, for first-quarter 2021. General Motors is speeding up the development of advanced technologies in China to enable an all-electric future.</p><p><blockquote>2021年第一季度，福特和通用汽车在中国的整体汽车销量分别同比增长73%和69%。通用汽车正在中国加快先进技术的开发，以实现全电动的未来。</blockquote></p><p>The company’s next-generation EVs (across all brands) in China will be powered by Ultium Drive. It should be noted that the Cadillac LYRIQ SUV would be the first Ultium-powered vehicle to be rolled out in China at Auto Shanghai 2021 later this month.</p><p><blockquote>该公司在中国的下一代电动汽车（所有品牌）将由Ultium Drive提供动力。值得注意的是，凯迪拉克LYRIQ SUV将是本月晚些时候在中国推出的首款Ultium动力汽车。</blockquote></p><p>Importantly, Sales of Hong Guang mini-EV — under General Motors’ Wuling brand — exceeded 72,000 units in first-quarter 2021, retaining its position as the best-selling green vehicle in the country. Meanwhile, Ford is set to manufacture its electric Mustang Mach-E in China with its joint venture Changan Ford.</p><p><blockquote>重要的是，通用汽车五菱品牌宏光mini-EV的销量在2021年第一季度超过72,000辆，保持了该国最畅销绿色汽车的地位。与此同时，福特将与其合资企业长安福特在中国生产电动野马Mach-E。</blockquote></p><p>Amid soaring demand, competition is heating up in the China EV market. Even with the subsidies ending in 2022, the e-mobility battle in China is getting fiercer by the day with new upstarts, legacy automakers and tech titans foraying into the space.</p><p><blockquote>在需求飙升的情况下，中国电动汽车市场的竞争也在加剧。尽管补贴将于2022年结束，但随着新贵、传统汽车制造商和科技巨头纷纷进军该领域，中国的电动汽车之战日益激烈。</blockquote></p><p></p><p>A few days back, China’s leading smartphone maker Xiaomi announced that it is set to invest $10 billion in the development of EVs over the next 10 years. The company intends to establish a wholly-owned subsidiary with an initial investment of around $1.5 billion.</p><p><blockquote>几天前，中国领先的智能手机制造商小米宣布，将在未来10年内投资100亿美元用于电动汽车的开发。公司拟设立全资子公司，初始投资约15亿美元。</blockquote></p><p>Ride-hailing platform Didi Chuxing has also launched an EV unit and collaborated with BYD to develop EVs designed for its services. Telecom equipment giant Huawei Technology also aims to launch electric cars under its brand and may roll out a couple of models this year. Search engine behemoth Baidu also announced plans to launch an electric car business in January.</p><p><blockquote>网约车平台滴滴出行也推出了电动汽车部门，并与比亚迪合作开发专为其服务设计的电动汽车。电信设备巨头华为科技也计划推出其品牌的电动汽车，并可能在今年推出几款车型。搜索引擎巨头百度也在一月份宣布了推出电动汽车业务的计划。</blockquote></p><p>Chip Deficit to Play Spoilsport</p><p><blockquote>筹码短缺导致扫兴</blockquote></p><p>While China’s vehicle sales have rebounded quite strongly, will the recovery sustain amid the global chip crunch? Well, CAAM has already warned that the chip shortage is set to adversely impact auto production in the nation in second-quarter 2021. The agency does not expect the shortfall to ease until the fourth quarter of this year.</p><p><blockquote>虽然中国汽车销量反弹相当强劲，但在全球芯片紧缩的情况下，复苏能否持续？CAAM已经警告称，芯片短缺将对2021年第二季度该国的汽车生产产生不利影响。该机构预计缺口要到今年第四季度才会缓解。</blockquote></p><p>Although China is the largest auto market, it depends heavily on chip imports and is the largest buyer of semiconductors. Amid the chip shortfall, carmakers are scrambling to procure semiconductors, which are forcing them to undergo production cuts and idle factories. NIO shuttered operations for five days beginning Mar 29 due to microchip shortfall. Volvo Cars, owned by Geely Holdings, also halted production last month. In the absence of a quick solution to this chip problem, auto industry recovery in China may soon be losing steam.</p><p><blockquote>中国虽然是最大的汽车市场，但严重依赖芯片进口，是半导体的最大买家。在芯片短缺的情况下，汽车制造商争先恐后地采购半导体，这迫使他们减产并闲置工厂。由于微芯片短缺，蔚来从3月29日开始关闭运营五天。吉利控股旗下的沃尔沃汽车也于上月停产。如果这个芯片问题没有快速解决方案，中国汽车行业的复苏可能很快就会失去动力。</blockquote></p><p>These Stocks Are Poised to Soar Past the Pandemic</p><p><blockquote>这些股票有望在疫情过后飙升</blockquote></p><p>The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.</p><p><blockquote>新冠肺炎的爆发极大地改变了消费者的行为，一些高科技公司已经站出来维持美国的运转。目前，这些公司的投资者有机会获得可观的利润。例如，Zoom在不到4个月的时间里上涨了108.5%，而大多数其他股票却在下跌。</blockquote></p><p>Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.</p><p><blockquote>我们的研究表明，由于对“呆在家里”技术的需求呈指数级增长，5只前沿股票可能会飙升。这可能是本十年最大的买入机会之一，尤其是对于那些早期买入的人来说。</blockquote></p><p></p>","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>Chinese electric vehicle stocks  fell sharply<blockquote>中国电动汽车股大幅下跌</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\">\nChinese electric vehicle stocks  fell sharply<blockquote>中国电动汽车股大幅下跌</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-15 22:09</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(April 15)&nbsp;Chinese&nbsp;electric vehicle stocks fell sharply.&nbsp;Xpeng Motors&nbsp;fell&nbsp;about&nbsp;6%,&nbsp;NIO&nbsp;fell&nbsp;about&nbsp;5%,&nbsp;Li&nbsp;fell&nbsp;more&nbsp;than&nbsp;7%.</p><p><blockquote>（4月15日）中资电动车股大跌，小鹏汽车跌约6%，蔚来跌约5%，理想跌超7%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/dbaf16ea0d1c0365c2cd923a7641e5c1\" tg-width=\"313\" tg-height=\"165\" referrerpolicy=\"no-referrer\">Days&nbsp;ago,&nbsp;Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: BYD Company Limited BYDDY, NIO Inc. NIO, Li Auto Inc. LI and XPeng Inc. XPEV.</p><p><blockquote>几天前，Zacks.com宣布了分析师博客中精选的股票名单。Zacks股票研究分析师每天都会讨论影响股票和金融市场的最新新闻和事件。博客中最近介绍的股票包括：比亚迪股份有限公司BYDDY、蔚来蔚来、理想汽车公司LI和小鹏汽车XPEV。</blockquote></p><p>Here are highlights from Monday’s Analyst Blog:<i>Chinese Auto Sales on Fast Track - Will It Hit a Speed Bump?</i></p><p><blockquote>以下是周一分析师博客的亮点：<i>中国汽车销售步入快车道——会遇到减速带吗？</i></blockquote></p><p>Vehicle sales in China for the month of March soared for the 12th straight month to 2.53 million units, per the China Association of Automobile Manufacturers (“CAAM”). Sales spiked 75% from the corresponding period of 2020, when the country’s vehicle demand was badly hit by coronavirus woes.</p><p><blockquote>根据中国汽车工业协会（“中汽协”）的数据，3月份中国汽车销量连续第12个月飙升至253万辆。销量较2020年同期飙升75%，当时该国的汽车需求受到冠状病毒灾难的严重打击。</blockquote></p><p>Digging Into Sales Numbers</p><p><blockquote>挖掘销售数据</blockquote></p><p>For the first quarter of 2021, sales surged 76% year over year to top 6.48 million units. The massive jump was due to lower severity of COVID-19 impacts, which crimped showroom traffic in the comparable year-ago quarter.</p><p><blockquote>2021年第一季度，销量同比飙升76%，达到648万辆。大幅增长是由于COVID-19影响的严重程度较低，这限制了去年同期的展厅客流量。</blockquote></p><p>In fact, automakers in China suffered their bleakest ever quarter in the January-March 2020 period. However, thanks to supportive government policies, gradual reopening of economic activities and pent-up vehicle demand, China is now at the forefront of global auto market recovery.</p><p><blockquote>事实上，中国汽车制造商在2020年1月至3月期间遭遇了有史以来最惨淡的季度。然而，得益于政府的支持性政策、经济活动的逐步重新开放以及被压抑的汽车需求，中国目前处于全球汽车市场复苏的最前沿。</blockquote></p><p>Deliveries of new light vehicles including sport utility vehicles, sedans and multi-purpose vehicles grew 77% to exceed 1.87 million units in March 2021. Deliveries of commercial vehicles including pickups and buses rose 68% year over year to 651,000 units. Electric vehicle sales jumped a whopping 240% year over year to 226,000 units.</p><p><blockquote>2021年3月，包括运动型多用途车、轿车和多用途车在内的新型轻型汽车交付量增长77%，超过187万辆。包括皮卡和公共汽车在内的商用车交付量同比增长68%，达到651,000辆。电动汽车销量同比猛增240%，达到226,000辆。</blockquote></p><p>New light vehicle deliveries in first-quarter 2021 climbed 75% from the comparable year-ago period to 5.08 million units. Sales of commercial vehicles and EVs spiked 77% and 280% to 1.41 million units and 515,000 units, respectively, on a year-over-year basis.</p><p><blockquote>2021年第一季度新轻型汽车交付量较去年同期增长75%，达到508万辆。商用车和电动汽车销量同比分别增长77%和280%，达到141万辆和51.5万辆。</blockquote></p><p>China EV Market on Fire, Competition Revs Up</p><p><blockquote>中国电动汽车市场火热，竞争加剧</blockquote></p><p>Demand for new energy vehicles (NEVs) has been on the rise amid climate change concerns and favorable government policies. Importantly, the country projects electric vehicles (EVs) to account for 25% of new car sales by 2025.</p><p><blockquote>由于对气候变化的担忧和有利的政府政策，对新能源汽车（NEV）的需求一直在上升。重要的是，该国预计到2025年电动汽车(EV)将占新车销量的25%。</blockquote></p><p>Last April, the government of China announced plans to extend subsidies and tax breaks for NEVs such as electric or plug-in hybrid cars for another two years to spur sales. Buoyed by favorable government policies and improving consumer confidence and economy, China — world’s largest EV market — is seeing solid sales of zero-emission vehicles.</p><p><blockquote>去年四月，中国政府宣布计划将电动或插电式混合动力汽车等新能源汽车的补贴和税收减免再延长两年，以刺激销售。在有利的政府政策以及消费者信心和经济改善的推动下，全球最大的电动汽车市场中国的零排放汽车销量稳健。</blockquote></p><p>China-based EV makers including<b>BYD Co</b>,<b>NIO</b>,<b>Li Auto</b>and<b>XPeng</b>registered strong EV sales last month. Warren Buffett-backed BYD sold 24,218 EVs in March, representing a year-over-year jump of 97.6%.</p><p><blockquote>中国电动汽车制造商包括<b>比亚迪公司</b>,<b>蔚来</b>,<b>理想汽车</b>和<b>小鹏</b>上个月电动汽车销量强劲。沃伦·巴菲特支持的比亚迪3月份电动汽车销量为24,218辆，同比增长97.6%。</blockquote></p><p>NIO — which currently carries a Zacks Rank #3 (Hold) — delivered 7,257 EVs last month, skyrocketing 373% year over year. EV makers Li Auto and XPeng delivered 4,900 and 5,102 vehicles, up a whopping 238.6% and 384%, respectively, on a year-over-year basis. You can see<b>the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here</b>.</p><p><blockquote>蔚来——目前在咤克斯排名第三（持有）——上个月交付了7,257辆电动汽车，同比飙升373%。电动汽车制造商理想汽车和小鹏汽车交付了4,900辆和5,102辆汽车，同比分别增长238.6%和384%。你可以看到<b>今天Zacks排名第一（强力买入）股票的完整列表在这里</b>.</blockquote></p><p>Foreign carmakers including<b>Tesla</b>,<b>GM</b>and<b>Ford</b>are also registering strong sales and actively ramping up operations in the country. Per China Passenger Car Association, EV behemoth Tesla sold 35,478 China-made cars last month. The company commands a huge market share in the EV market of China, thanks to robust production from the Shanghai Gigafactory.</p><p><blockquote>外国汽车制造商包括<b>特斯拉</b>,<b>GM</b>和<b>福特</b>也实现了强劲的销售并积极扩大在该国的业务。根据中国乘用车协会的数据，电动汽车巨头特斯拉上个月售出了35,478辆中国制造的汽车。得益于上海超级工厂的强劲生产，该公司在中国电动汽车市场占据了巨大的市场份额。</blockquote></p><p>Overall vehicle sales by Ford and General Motors in China witnessed a year-over-year rally of 73% and 69%, respectively, for first-quarter 2021. General Motors is speeding up the development of advanced technologies in China to enable an all-electric future.</p><p><blockquote>2021年第一季度，福特和通用汽车在中国的整体汽车销量分别同比增长73%和69%。通用汽车正在中国加快先进技术的开发，以实现全电动的未来。</blockquote></p><p>The company’s next-generation EVs (across all brands) in China will be powered by Ultium Drive. It should be noted that the Cadillac LYRIQ SUV would be the first Ultium-powered vehicle to be rolled out in China at Auto Shanghai 2021 later this month.</p><p><blockquote>该公司在中国的下一代电动汽车（所有品牌）将由Ultium Drive提供动力。值得注意的是，凯迪拉克LYRIQ SUV将是本月晚些时候在中国推出的首款Ultium动力汽车。</blockquote></p><p>Importantly, Sales of Hong Guang mini-EV — under General Motors’ Wuling brand — exceeded 72,000 units in first-quarter 2021, retaining its position as the best-selling green vehicle in the country. Meanwhile, Ford is set to manufacture its electric Mustang Mach-E in China with its joint venture Changan Ford.</p><p><blockquote>重要的是，通用汽车五菱品牌宏光mini-EV的销量在2021年第一季度超过72,000辆，保持了该国最畅销绿色汽车的地位。与此同时，福特将与其合资企业长安福特在中国生产电动野马Mach-E。</blockquote></p><p>Amid soaring demand, competition is heating up in the China EV market. Even with the subsidies ending in 2022, the e-mobility battle in China is getting fiercer by the day with new upstarts, legacy automakers and tech titans foraying into the space.</p><p><blockquote>在需求飙升的情况下，中国电动汽车市场的竞争也在加剧。尽管补贴将于2022年结束，但随着新贵、传统汽车制造商和科技巨头纷纷进军该领域，中国的电动汽车之战日益激烈。</blockquote></p><p></p><p>A few days back, China’s leading smartphone maker Xiaomi announced that it is set to invest $10 billion in the development of EVs over the next 10 years. The company intends to establish a wholly-owned subsidiary with an initial investment of around $1.5 billion.</p><p><blockquote>几天前，中国领先的智能手机制造商小米宣布，将在未来10年内投资100亿美元用于电动汽车的开发。公司拟设立全资子公司，初始投资约15亿美元。</blockquote></p><p>Ride-hailing platform Didi Chuxing has also launched an EV unit and collaborated with BYD to develop EVs designed for its services. Telecom equipment giant Huawei Technology also aims to launch electric cars under its brand and may roll out a couple of models this year. Search engine behemoth Baidu also announced plans to launch an electric car business in January.</p><p><blockquote>网约车平台滴滴出行也推出了电动汽车部门，并与比亚迪合作开发专为其服务设计的电动汽车。电信设备巨头华为科技也计划推出其品牌的电动汽车，并可能在今年推出几款车型。搜索引擎巨头百度也在一月份宣布了推出电动汽车业务的计划。</blockquote></p><p>Chip Deficit to Play Spoilsport</p><p><blockquote>筹码短缺导致扫兴</blockquote></p><p>While China’s vehicle sales have rebounded quite strongly, will the recovery sustain amid the global chip crunch? Well, CAAM has already warned that the chip shortage is set to adversely impact auto production in the nation in second-quarter 2021. The agency does not expect the shortfall to ease until the fourth quarter of this year.</p><p><blockquote>虽然中国汽车销量反弹相当强劲，但在全球芯片紧缩的情况下，复苏能否持续？CAAM已经警告称，芯片短缺将对2021年第二季度该国的汽车生产产生不利影响。该机构预计缺口要到今年第四季度才会缓解。</blockquote></p><p>Although China is the largest auto market, it depends heavily on chip imports and is the largest buyer of semiconductors. Amid the chip shortfall, carmakers are scrambling to procure semiconductors, which are forcing them to undergo production cuts and idle factories. NIO shuttered operations for five days beginning Mar 29 due to microchip shortfall. Volvo Cars, owned by Geely Holdings, also halted production last month. In the absence of a quick solution to this chip problem, auto industry recovery in China may soon be losing steam.</p><p><blockquote>中国虽然是最大的汽车市场，但严重依赖芯片进口，是半导体的最大买家。在芯片短缺的情况下，汽车制造商争先恐后地采购半导体，这迫使他们减产并闲置工厂。由于微芯片短缺，蔚来从3月29日开始关闭运营五天。吉利控股旗下的沃尔沃汽车也于上月停产。如果这个芯片问题没有快速解决方案，中国汽车行业的复苏可能很快就会失去动力。</blockquote></p><p>These Stocks Are Poised to Soar Past the Pandemic</p><p><blockquote>这些股票有望在疫情过后飙升</blockquote></p><p>The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.</p><p><blockquote>新冠肺炎的爆发极大地改变了消费者的行为，一些高科技公司已经站出来维持美国的运转。目前，这些公司的投资者有机会获得可观的利润。例如，Zoom在不到4个月的时间里上涨了108.5%，而大多数其他股票却在下跌。</blockquote></p><p>Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.</p><p><blockquote>我们的研究表明，由于对“呆在家里”技术的需求呈指数级增长，5只前沿股票可能会飙升。这可能是本十年最大的买入机会之一，尤其是对于那些早期买入的人来说。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车","NIO":"蔚来","LI":"理想汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1156256429","content_text":"(April 15) Chinese electric vehicle stocks fell sharply. Xpeng Motors fell about 6%, NIO fell about 5%, Li fell more than 7%.Days ago, Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: BYD Company Limited BYDDY, NIO Inc. NIO, Li Auto Inc. LI and XPeng Inc. XPEV.Here are highlights from Monday’s Analyst Blog:Chinese Auto Sales on Fast Track - Will It Hit a Speed Bump?Vehicle sales in China for the month of March soared for the 12th straight month to 2.53 million units, per the China Association of Automobile Manufacturers (“CAAM”). Sales spiked 75% from the corresponding period of 2020, when the country’s vehicle demand was badly hit by coronavirus woes.Digging Into Sales NumbersFor the first quarter of 2021, sales surged 76% year over year to top 6.48 million units. The massive jump was due to lower severity of COVID-19 impacts, which crimped showroom traffic in the comparable year-ago quarter.In fact, automakers in China suffered their bleakest ever quarter in the January-March 2020 period. However, thanks to supportive government policies, gradual reopening of economic activities and pent-up vehicle demand, China is now at the forefront of global auto market recovery.Deliveries of new light vehicles including sport utility vehicles, sedans and multi-purpose vehicles grew 77% to exceed 1.87 million units in March 2021. Deliveries of commercial vehicles including pickups and buses rose 68% year over year to 651,000 units. Electric vehicle sales jumped a whopping 240% year over year to 226,000 units.New light vehicle deliveries in first-quarter 2021 climbed 75% from the comparable year-ago period to 5.08 million units. Sales of commercial vehicles and EVs spiked 77% and 280% to 1.41 million units and 515,000 units, respectively, on a year-over-year basis.China EV Market on Fire, Competition Revs UpDemand for new energy vehicles (NEVs) has been on the rise amid climate change concerns and favorable government policies. Importantly, the country projects electric vehicles (EVs) to account for 25% of new car sales by 2025.Last April, the government of China announced plans to extend subsidies and tax breaks for NEVs such as electric or plug-in hybrid cars for another two years to spur sales. Buoyed by favorable government policies and improving consumer confidence and economy, China — world’s largest EV market — is seeing solid sales of zero-emission vehicles.China-based EV makers includingBYD Co,NIO,Li AutoandXPengregistered strong EV sales last month. Warren Buffett-backed BYD sold 24,218 EVs in March, representing a year-over-year jump of 97.6%.NIO — which currently carries a Zacks Rank #3 (Hold) — delivered 7,257 EVs last month, skyrocketing 373% year over year. EV makers Li Auto and XPeng delivered 4,900 and 5,102 vehicles, up a whopping 238.6% and 384%, respectively, on a year-over-year basis. You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Foreign carmakers includingTesla,GMandFordare also registering strong sales and actively ramping up operations in the country. Per China Passenger Car Association, EV behemoth Tesla sold 35,478 China-made cars last month. The company commands a huge market share in the EV market of China, thanks to robust production from the Shanghai Gigafactory.Overall vehicle sales by Ford and General Motors in China witnessed a year-over-year rally of 73% and 69%, respectively, for first-quarter 2021. General Motors is speeding up the development of advanced technologies in China to enable an all-electric future.The company’s next-generation EVs (across all brands) in China will be powered by Ultium Drive. It should be noted that the Cadillac LYRIQ SUV would be the first Ultium-powered vehicle to be rolled out in China at Auto Shanghai 2021 later this month.Importantly, Sales of Hong Guang mini-EV — under General Motors’ Wuling brand — exceeded 72,000 units in first-quarter 2021, retaining its position as the best-selling green vehicle in the country. Meanwhile, Ford is set to manufacture its electric Mustang Mach-E in China with its joint venture Changan Ford.Amid soaring demand, competition is heating up in the China EV market. Even with the subsidies ending in 2022, the e-mobility battle in China is getting fiercer by the day with new upstarts, legacy automakers and tech titans foraying into the space.A few days back, China’s leading smartphone maker Xiaomi announced that it is set to invest $10 billion in the development of EVs over the next 10 years. The company intends to establish a wholly-owned subsidiary with an initial investment of around $1.5 billion.Ride-hailing platform Didi Chuxing has also launched an EV unit and collaborated with BYD to develop EVs designed for its services. Telecom equipment giant Huawei Technology also aims to launch electric cars under its brand and may roll out a couple of models this year. Search engine behemoth Baidu also announced plans to launch an electric car business in January.Chip Deficit to Play SpoilsportWhile China’s vehicle sales have rebounded quite strongly, will the recovery sustain amid the global chip crunch? Well, CAAM has already warned that the chip shortage is set to adversely impact auto production in the nation in second-quarter 2021. The agency does not expect the shortfall to ease until the fourth quarter of this year.Although China is the largest auto market, it depends heavily on chip imports and is the largest buyer of semiconductors. Amid the chip shortfall, carmakers are scrambling to procure semiconductors, which are forcing them to undergo production cuts and idle factories. NIO shuttered operations for five days beginning Mar 29 due to microchip shortfall. Volvo Cars, owned by Geely Holdings, also halted production last month. In the absence of a quick solution to this chip problem, auto industry recovery in China may soon be losing steam.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.","news_type":1,"symbols_score_info":{"LI":0.9,"NIO":0.9,"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":747,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373379197,"gmtCreate":1618826231119,"gmtModify":1634290600292,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Buy buy buy","listText":"Buy buy buy","text":"Buy buy buy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373379197","repostId":"2127370148","repostType":4,"isVote":1,"tweetType":1,"viewCount":558,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373370682,"gmtCreate":1618826167246,"gmtModify":1634290600874,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Don’t waste time","listText":"Don’t waste time","text":"Don’t waste time","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373370682","repostId":"2128857317","repostType":4,"isVote":1,"tweetType":1,"viewCount":673,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373370973,"gmtCreate":1618826148992,"gmtModify":1634290601233,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373370973","repostId":"1155710795","repostType":4,"repost":{"id":"1155710795","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1618821490,"share":"https://www.laohu8.com/m/news/1155710795?lang=zh_CN&edition=full","pubTime":"2021-04-19 16:38","market":"us","language":"en","title":"XPeng stock jumped 3.2% in premarket action<blockquote>小鹏汽车股价盘前上涨3.2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1155710795","media":"Tiger Newspress","summary":"XPeng stock jumped 3.2% in premarket action after XPeng launching its third production model, named ","content":"<p>XPeng stock jumped 3.2% in premarket action&nbsp;after&nbsp;XPeng&nbsp;launching&nbsp;its&nbsp;third&nbsp;production&nbsp;model, named P5.</p><p><blockquote>小鹏汽车推出第三款量产车型P5后，小鹏汽车股价在盘前上涨3.2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd65451f607cb3c420746c93a366884b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The P5 model, boasting XPeng’s proprietary XPILOT 3.5 system and Xmart 3.0, is likely to be a game changer for the company. The XPILOT 3.5 system will enable enhanced neural networking capabilities, and advancements in digital mapping and obstacle-recognition functionalities that are expected to lead to safer navigation, reduction in accidents as well as commuter comfort. The XPILOT 3.5&nbsp;architecture will have an updated version of Navigated Guided Pilot, which is also designed for city roads, in addition to highways. Meanwhile, the Xmart OS 3.0 platform will help in offering full scenario voice assistance. The P5 model aims to bring about high level of technological advancement for smart electric cars, which is increasingly essential in China’s crowded EV market.</p><p><blockquote>P5车型拥有小鹏汽车专有的XPILOT 3.5系统和Xmart 3.0，很可能会改变该公司的游戏规则。XPILOT 3.5系统将增强神经网络功能，并在数字地图和障碍物识别功能方面取得进步，预计将带来更安全的导航、减少事故以及通勤舒适性。XPILOT 3.5架构将拥有Navigated Guided Pilot的更新版本，除了高速公路之外，该版本还专为城市道路设计。同时，Xmart OS 3.0平台将有助于提供全场景语音辅助。P5车型旨在为智能电动汽车带来高水平的技术进步，这在中国拥挤的电动汽车市场中越来越重要。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d9b8dbb2d660e848aa7a8490f448075\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>","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>XPeng stock jumped 3.2% in premarket action<blockquote>小鹏汽车股价盘前上涨3.2%</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\">\nXPeng stock jumped 3.2% in premarket action<blockquote>小鹏汽车股价盘前上涨3.2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-04-19 16:38</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>XPeng stock jumped 3.2% in premarket action&nbsp;after&nbsp;XPeng&nbsp;launching&nbsp;its&nbsp;third&nbsp;production&nbsp;model, named P5.</p><p><blockquote>小鹏汽车推出第三款量产车型P5后，小鹏汽车股价在盘前上涨3.2%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/cd65451f607cb3c420746c93a366884b\" tg-width=\"1302\" tg-height=\"833\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>The P5 model, boasting XPeng’s proprietary XPILOT 3.5 system and Xmart 3.0, is likely to be a game changer for the company. The XPILOT 3.5 system will enable enhanced neural networking capabilities, and advancements in digital mapping and obstacle-recognition functionalities that are expected to lead to safer navigation, reduction in accidents as well as commuter comfort. The XPILOT 3.5&nbsp;architecture will have an updated version of Navigated Guided Pilot, which is also designed for city roads, in addition to highways. Meanwhile, the Xmart OS 3.0 platform will help in offering full scenario voice assistance. The P5 model aims to bring about high level of technological advancement for smart electric cars, which is increasingly essential in China’s crowded EV market.</p><p><blockquote>P5车型拥有小鹏汽车专有的XPILOT 3.5系统和Xmart 3.0，很可能会改变该公司的游戏规则。XPILOT 3.5系统将增强神经网络功能，并在数字地图和障碍物识别功能方面取得进步，预计将带来更安全的导航、减少事故以及通勤舒适性。XPILOT 3.5架构将拥有Navigated Guided Pilot的更新版本，除了高速公路之外，该版本还专为城市道路设计。同时，Xmart OS 3.0平台将有助于提供全场景语音辅助。P5车型旨在为智能电动汽车带来高水平的技术进步，这在中国拥挤的电动汽车市场中越来越重要。</blockquote></p><p><img src=\"https://static.tigerbbs.com/6d9b8dbb2d660e848aa7a8490f448075\" tg-width=\"640\" tg-height=\"426\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XPEV":"小鹏汽车"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1155710795","content_text":"XPeng stock jumped 3.2% in premarket action after XPeng launching its third production model, named P5.The P5 model, boasting XPeng’s proprietary XPILOT 3.5 system and Xmart 3.0, is likely to be a game changer for the company. The XPILOT 3.5 system will enable enhanced neural networking capabilities, and advancements in digital mapping and obstacle-recognition functionalities that are expected to lead to safer navigation, reduction in accidents as well as commuter comfort. The XPILOT 3.5 architecture will have an updated version of Navigated Guided Pilot, which is also designed for city roads, in addition to highways. Meanwhile, the Xmart OS 3.0 platform will help in offering full scenario voice assistance. The P5 model aims to bring about high level of technological advancement for smart electric cars, which is increasingly essential in China’s crowded EV market.","news_type":1,"symbols_score_info":{"XPEV":0.9}},"isVote":1,"tweetType":1,"viewCount":1084,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373347392,"gmtCreate":1618826100616,"gmtModify":1634290601833,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/373347392","repostId":"1188308017","repostType":4,"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370771541,"gmtCreate":1618632444083,"gmtModify":1634291639479,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370771541","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>","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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":420,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370773252,"gmtCreate":1618632353776,"gmtModify":1634291640410,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Superb&nbsp;","listText":"Superb&nbsp;","text":"Superb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370773252","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>","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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370779487,"gmtCreate":1618632287649,"gmtModify":1634291641262,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Great&nbsp;","listText":"Great&nbsp;","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370779487","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>","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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":504,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370867046,"gmtCreate":1618573908585,"gmtModify":1631884132879,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>After years of buy stocks, I mainly lost&nbsp;money like many retail investors. Most winners are institutionalinvestors or huge fund house like Black Rock.However most of my profits are from buying Indexes and in the long run, it will always goes up, if youable to hold or double up when it is down","listText":"<a href=\"https://laohu8.com/S/VOO\">$Vanguard S&amp;P 500 ETF(VOO)$</a>After years of buy stocks, I mainly lost&nbsp;money like many retail investors. Most winners are institutionalinvestors or huge fund house like Black Rock.However most of my profits are from buying Indexes and in the long run, it will always goes up, if youable to hold or double up when it is down","text":"$Vanguard S&P 500 ETF(VOO)$After years of buy stocks, I mainly lost money like many retail investors. Most winners are institutionalinvestors or huge fund house like Black Rock.However most of my profits are from buying Indexes and in the long run, it will always goes up, if youable to hold or double up when it is down","images":[{"img":"https://static.tigerbbs.com/56de0584678222637b5f3699e1ce7818","width":"1284","height":"2223"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/370867046","isVote":1,"tweetType":1,"viewCount":833,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":370313513,"gmtCreate":1618551242332,"gmtModify":1634292130285,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/370313513","repostId":"1184470866","repostType":4,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":348348300,"gmtCreate":1617890818100,"gmtModify":1634295929109,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Alibaba undervalued now","listText":"Alibaba undervalued now","text":"Alibaba undervalued now","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/348348300","repostId":"2125770926","repostType":4,"isVote":1,"tweetType":1,"viewCount":305,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":343563040,"gmtCreate":1617725610580,"gmtModify":1634296869283,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Poor judgement&nbsp;","listText":"Poor judgement&nbsp;","text":"Poor judgement","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/343563040","repostId":"1101907559","repostType":4,"repost":{"id":"1101907559","kind":"news","pubTimestamp":1617672655,"share":"https://www.laohu8.com/m/news/1101907559?lang=zh_CN&edition=full","pubTime":"2021-04-06 09:30","market":"us","language":"en","title":"Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1101907559","media":"marketwatch","summary":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management. Its reach and operating practices were","content":"<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>","source":"lsy1603348471595","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>Opinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</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\">\nOpinion: Financial crises get triggered about every 10 years — Archegos might be right on time<blockquote>观点：金融危机大约每10年就会引发一次——Archegos可能准时出现</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">marketwatch</strong><span class=\"h-time small\">2021-04-06 09:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p>  <b>No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.</b>  Financial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.</p><p><blockquote><b>目前，没有人能肯定地说，所谓的家族办公室数十亿美元的投资损失不会蔓延。</b>金融危机从来都不完全一样。20世纪80年代末，美国近三分之一的储蓄和贷款协会倒闭，最终获得了约2650亿美元的纳税人救助（按2021年计算）。</blockquote></p><p> In 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.</p><p><blockquote>1997-1998年，亚洲和俄国的金融危机导致美国最大的对冲基金——长期资本管理公司（LTCM）几近崩溃。它的影响力和运营实践如此之大，以至于美联储主席艾伦·格林斯潘说，当LTCM失败时，“他一生中从未见过任何与他所感受到的恐怖相比的事情”。LTCM被认为“太大而不能倒”，他策划了对14家美国主要金融机构的救助。</blockquote></p><p> Exactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.</p><p><blockquote>整整十年后，其中一些机构的过度杠杆化，以及美国房地产泡沫的破裂，导致美国金融体系几近崩溃。大银行再一次被认为太大而不能倒，纳税人前来救援。</blockquote></p><p> The trend? Every 10 years or so, and they all look different.&nbsp;Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?</p><p><blockquote>趋势？每隔10年左右，它们看起来都不一样。随着家族办公室Archegos Capital Management LP的爆发，我们现在是否正处于新危机的早期阶段？</blockquote></p><p> A family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.</p><p><blockquote>对于外行人来说，家族办公室是超级富豪的私人财富管理工具。这就是我所说的超级富豪的意思：咨询公司安永估计全球约有10,000个家族理财室，但市场研究公司Campden Research的另一项估计称，管理家族理财室的规模接近6万亿美元。鉴于这6万亿美元是基于2019年的数据，现在可能要高得多。</blockquote></p><p> <b>Unregulated money managers</b></p><p><blockquote><b>不受监管的基金经理</b></blockquote></p><p> Here’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)</p><p><blockquote>这是潜在的危险。家族理财室通常不受监管。1940年《投资顾问法》规定，拥有15名或更少客户的公司无需向美国证券交易委员会注册。这意味着数万亿美元正在发挥作用，没有人能真正说出谁在管理这笔钱，它投资于什么，使用了多少杠杆，以及可能存在什么样的交易对手风险。（交易对手风险是指参与金融交易的一方可能违反对另一方的合同义务的概率。）</blockquote></p><p> This appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player&nbsp;Vipshop Holdings&nbsp;Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company&nbsp;GSX Techedu&nbsp;Inc.GSX,-10.63%and U.S. media companiesViacomCBS&nbsp;Inc.VIAC,-3.90%and&nbsp;Discovery&nbsp;Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.</p><p><blockquote>Archegos似乎就是这种情况。该公司大举押注某些中国股票，包括电子商务公司唯品会控股有限公司VIPS，-1.19%，在美国上市的中国家教公司跟谁学GSX，-10.63%，以及美国媒体公司维亚康姆哥伦比亚广播公司VIAC，-3.90%和Discovery Inc.DISCA，-3.86%等。最近股价暴跌，引发Archegos的大量抛售（约300亿美元）。</blockquote></p><p> The problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including&nbsp;Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%,&nbsp;Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc.&nbsp;NMR,+1.87%.</p><p><blockquote>问题是，其中只有大约三分之一，即100亿美元，是它自己的钱。我们现在知道Archegos与华尔街的一些大牌合作，包括瑞士信贷集团AGCS，+1.59%，瑞银集团AGUBS，+1.01%，高盛集团Inc.GS，-1.25%，摩根士丹利MS，-0.28%，德意志银行AGDB，+0.74%，野村控股公司NMR，+1.87%。</blockquote></p><p> But since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre&nbsp;reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.</p><p><blockquote>但由于家族办公室在很大程度上被允许不受监管地运营，谁能说这里真正涉及多少资金以及市场风险有多大？我的同事Mark DeCambre上周报告称，Archegos对不良交易的真实敞口实际上可能接近1000亿美元。</blockquote></p><p> <b>Danger of counterparty risk</b></p><p><blockquote><b>交易对手风险的危险性</b></blockquote></p><p> This is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.</p><p><blockquote>这就是交易对手风险的用武之地。随着Archegos的赌注落空，上述银行考虑到自己的损失，以保证金评级打击了该公司。德意志银行迅速抛售了约40亿美元的持股，而高盛和摩根士丹利据说也已平仓，这或许限制了它们的下跌空间。</blockquote></p><p> So is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.</p><p><blockquote>那么这是金融危机吗？似乎不是。即便如此，美国证券交易委员会还是对Archegos及其创始人Bill Hwang展开了初步调查。</blockquote></p><p> One peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.</p><p><blockquote>Fundstrat Global Advisors的研究主管Tom Lee是他认识的“十大最佳投资头脑”之一的评级·黄。</blockquote></p><p> But federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.</p><p><blockquote>但联邦监管机构的意见可能较少。2012年，黄禹锡的前对冲基金老虎亚洲管理公司(Tiger Asia Management)认罪并支付了超过6000万美元的罚款，此前该公司被指控利用有关中国银行的非法线索进行交易。美国证券交易委员会禁止黄禹锡代表客户管理资金——实质上是将他踢出对冲基金行业。因此，Hwang开设了Archegos，同样，家族理财室通常不受监管。</blockquote></p><p> <b>Yellen on the case</b></p><p><blockquote><b>耶伦谈此案</b></blockquote></p><p> This issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”</p><p><blockquote>这个问题引起了财政部长珍妮特·耶伦的关注。她上周表示，需要加强对金融业这些私人角落的监管。她监管的金融稳定监督委员会（FSOC）重新成立了一个工作组，以帮助各机构更好地“共享数据、识别风险并努力加强我们的金融体系”。</blockquote></p><p></p><p> Most financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.</p><p><blockquote>大多数金融危机最终都是美国纳税人陷入困境。收益属于冒险者。但是损失——它们属于我们。套用亚伯·林肯（Abe Lincoln）的话，家族办公室——一个价值数万亿美元的行业，在一个比以往任何时候都更加交织在一起的全球金融体系中，很大程度上被允许在阴影中运作——属于超级富豪，由超级富豪经营，为超级富豪服务。没有其他人。</blockquote></p><p> The Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?</p><p><blockquote>Archegos的倒闭可能是也可能不是另一场金融危机的开始。但谁能说其他数千家家族理财室正在用他们的数万亿美元做什么，以及类似的问题是否会爆发？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page\">marketwatch</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":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯","SPY":"标普500ETF"},"source_url":"https://www.marketwatch.com/story/financial-crises-happen-about-every-10-years-which-makes-the-archegos-meltdown-unnerving-11617634942?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101907559","content_text":"No one, for now, can say for sure that the so-called family office’s billions in investment losses won’t spread.\n\nFinancial crises are never quite the same. During the late 1980s, nearly a third of the nation’s savings and loan associations failed, ending with a taxpayer bailout — in 2021 terms — of about $265 billion.\nIn 1997-1998, financial crises in Asia and Russia led to the near meltdown of the largest hedge fund in the U.S. —Long-Term Capital Management(LTCM). Its reach and operating practices were such that Federal Reserve Chairman Alan Greenspan said that when LTCM failed, “he had never seen anything in his lifetime that compared to the terror” he felt. LTCM was deemed “too big to fail,” and he engineered a bailout by 14 major U.S. financial institutions.\nExactly a decade later, too much leverage by some of those very institutions, and the bursting of a U.S. real estate bubble, led to the near collapse of the U.S. financial system. Once again, big banks were deemed too big to fail and taxpayers came to the rescue.\nThe trend? Every 10 years or so, and they all look different. Are we in the early stages of a new crisis now, with the blowup at the family office Archegos Capital Management LP?\nA family office, for the uninitiated, is a private wealth management vehicle for the ultra-wealthy. Here’s what I mean by ultra-wealthy: Consulting firm EY estimates there are some 10,000 family offices globally, but manage, says a separate estimate by market research firm Campden Research, nearly $6 trillion. That $6 trillion is likely far higher now given that it’s based on 2019 data.\nUnregulated money managers\nHere’s the potential danger. Family offices generally aren’t regulated. The 1940 Investment Advisers Act says firms with 15 clients or fewer don’t have to register with the Securities and Exchange Commission. What this means is that trillions of dollars are in play and no one can really say who’s running the money, what it’s invested in, how much leverage is being used, and what kind of counterparty risk may exist. (Counterparty risk is the probability that one party involved in a financial transaction could default on a contractual obligation to someone else.)\nThis appears to be the case with Archegos. The firm bet heavily on certain Chinese stocks, including e-commerce player Vipshop Holdings Ltd.VIPS,-1.19%,U.S.-listed Chinese tutoring company GSX Techedu Inc.GSX,-10.63%and U.S. media companiesViacomCBS Inc.VIAC,-3.90%and Discovery Inc.DISCA,-3.86%,among others. Share prices have tumbled lately, sparking large sales — some $30 billion — by Archegos.\nThe problem is that only about a third of that, or $10 billion, was its own money. We now know that Archegos worked with some of the biggest names on Wall Street, including Credit Suisse Group AGCS,+1.59%,UBS Group AGUBS,+1.01%,Goldman Sachs Group Inc.GS,-1.25%, Morgan StanleyMS,-0.28%,Deutsche Bank AGDB,+0.74%and Nomura Holdings Inc. NMR,+1.87%.\nBut since family offices are largely allowed to operate unregulated, who’s to say how much money is really involved here and what the extent of market risk is? My colleague Mark DeCambre reported last week that Archegos’ true exposures to bad trades could actuallybe closer to $100 billion.\nDanger of counterparty risk\nThis is where counterparty risk comes in. As Archegos’ bets went south, the above banks — looking at losses of their own — hit the firm with margin calls. Deutsche quickly dumped about $4 billion in holdings, while Goldman and Morgan Stanley are also said to have unwound their positions, perhaps limiting their downside.\nSo is this a financial crisis? It doesn’t appear to be. Even so, the Securities and Exchange Commission has opened a preliminary investigation into Archegos and its founder, Bill Hwang.\nOne peer, Tom Lee, the research chief of Fundstrat Global Advisors, calls Hwang one of the “top 10 of the best investment minds” he knows.\nBut federal regulators may have a lesser opinion. In 2012, Hwang’s former hedge fund, Tiger Asia Management, pleaded guilty and paid more than $60 million in penalties after it was accused of trading on illegal tips about Chinese banks. The SEC banned Hwang from managing money on behalf of clients — essentially booting him from the hedge fund industry. So Hwang opened Archegos, and again, family offices aren’t generally aren’t regulated.\nYellen on the case\nThis issue is on Treasury Secretary Janet Yellen’s radar. She said last week that greater oversight of these private corners of the financial industry is needed. The Financial Stability Oversight Council (FSOC), which she oversees, has revived a task force to help agencies better “share data, identify risks and work to strengthen our financial system.”\nMost financial crises end up with American taxpayers getting stuck with the tab. Gains belong to the risk-takers. But losses — they belong to us. To paraphrase Abe Lincoln, family offices — a multi-trillion dollar industry largely allowed to operate in the shadows in a global financial system that is more intertwined than ever — are of the super-wealthy, by the super-wealthy and for the super-wealthy. And no one else.\nThe Archegos collapse may or may not be the beginning of yet another financial crisis. But who’s to say what thousands of other family offices are doing with their trillions, and whether similar problems could blow up?","news_type":1,"symbols_score_info":{".SPX":0.9,".DJI":0.9,".IXIC":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":633,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370313513,"gmtCreate":1618551242332,"gmtModify":1634292130285,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/370313513","repostId":"1184470866","repostType":4,"isVote":1,"tweetType":1,"viewCount":797,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":373371922,"gmtCreate":1618826418666,"gmtModify":1631893522258,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"All the money will go to politican pocket 🤭","listText":"All the money will go to politican pocket 🤭","text":"All the money will go to politican pocket 🤭","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/373371922","repostId":"2128862412","repostType":4,"isVote":1,"tweetType":1,"viewCount":2012,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":374257071,"gmtCreate":1619450758693,"gmtModify":1631893522242,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Yeah&nbsp;","listText":"Yeah&nbsp;","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/374257071","repostId":"1157482757","repostType":4,"isVote":1,"tweetType":1,"viewCount":1643,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":370773252,"gmtCreate":1618632353776,"gmtModify":1634291640410,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Superb&nbsp;","listText":"Superb&nbsp;","text":"Superb","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/370773252","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","kind":"news","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=zh_CN&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>","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>$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</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\">\n$544 Billion In Options Expire Today: Here's What Will Move<blockquote>5440亿美元期权今天到期：以下是将发生的变化</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-04-16 22:18</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><blockquote>虽然这不是四（甚至三）巫术日，但今天的大量每周期权将到期，其中可能一文不值，其他期权将为基础价格提供支持“引脚”。这就是为什么，尽管我们正在享受一个美丽的春季周，高盛指出，单一股票期权交易活动相对于历史水平有所上升。也就是说，4月份每日期权交易量增长了70%，高于3月30日年初至今24亿美元的低点。</blockquote></p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p><blockquote><b>总体而言，单个股票中有5440亿美元的期权将于今天到期，其中包括3050亿美元的评级。</b>因此，今天的到期对于平值（ATM）期权持有大量未平仓合约的股票可能很重要，因为做市商对其异常大的期权投资组合进行delta对冲将会很活跃。这种流动可能会抑制某些股票的波动，同时加剧其他股票的股价波动。</blockquote></p><p>How to trade this?</p><p><blockquote>这个怎么交易？</blockquote></p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p><blockquote>正如高盛的维沙尔·维韦克（Vishal Vivek）所写，在重大到期时，期权交易者会跟踪以下情况：<b>大量未平仓合约即将到期。</b>在平价执行（执行价格等于或非常接近当前股价）中存在大量到期未平仓合约的情况下，delta对冲活动可能会影响标的股票当天的交易。如果做市商或其他对其头寸进行delta对冲的期权交易者是净多头ATM期权，则与到期相关的流量可能会产生抑制股价走势的效果，导致股价以大量未平仓合约在行权附近结算。这种情况通常被称为“pin”，对于试图进入/退出股票头寸的大型投资者来说是理想的情况。或者，如果delta对冲者是ATM期权的净空头（具有“负伽马”头寸），他们的对冲活动可能会加剧股价波动。</blockquote></p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p><blockquote>这意味着与到期相关的交易可能会导致具有大量ATM未平仓合约的股票的交易活动大幅回升。</blockquote></p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><blockquote>因此，为了帮助寻求日内交易机会的交易者，这里有一个表格，列出了今天到期的ATM未平仓合约较大的可能焦点股票，并与标的股票的日均交易量进行了比较。正如高盛所说，“<i>如果未平仓合约占股票交易量的很大一部分，那么与到期相关的活动可能会产生更大的影响。”</i></blockquote></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p><blockquote>最后，值得一提的是，今天早上我们在SpotGamma的朋友写道，这是一个相当奇怪的运营支出周期，“持续的几乎机械的出价推动市场走高。我们以前从未见过看涨期权墙“突破”过很多次，但我们在之前的笔记中提到过其他异常现象，例如净看跌期权销售。我们对此有一些理论，我们将在一篇更长的文章中发布。”</blockquote></p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX&nbsp; (i.e. implied volatility) reversed.</b></p><p><blockquote>根据SG的说法，由于隐含波动率现在已经压缩（即VIX处于新低），现在“长期”波动的潜力更大。回想一下最近市场的任何剧烈下跌都是如何被如此迅速地买入的（见下图）。<b>这些大幅走低与创纪录的VIX飙升同时发生，但随着VIX（即隐含波动率）的逆转，反射性的snap回调将带来同等力度的市场复苏。</b></blockquote></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><p><blockquote>SpotGamma的另一个奇怪观察：</blockquote></p><p>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.&nbsp; Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.&nbsp; Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p><p><blockquote>当隐含波动率非常高时，它对市场走势非常敏感，也表明市场预计未来会有更大的波动。一旦市场暂停或抓住支撑位，隐含波动率就会迅速反转走低。<b>我们经常想到这样一个类比，如果鲨鱼停止游泳，它就会下沉（部分正确！）.如果市场停止下跌，那么隐含波动率就会下降。</b>正如我们经常谈论的那样，较低的隐含波动率（即较低的VIX）表明做市商必须回购空头对冲，从而推动反弹。SG的结论是：目前较低的隐含波动率水平给了市场更多的下行火力。从较低的隐含波动率开始会“减缓”反应性的“snap回”购买机制。此外，当IV较低时，伽马较高，因此伽马翻转可能有更多的果汁。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">zerohedge</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",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX  (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower.  Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism.  Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1,"symbols_score_info":{".DJI":0.9,"SPY":0.9,".SPX":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":853,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":347982296,"gmtCreate":1618456505915,"gmtModify":1634292812270,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"I love cathie","listText":"I love cathie","text":"I love cathie","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/347982296","repostId":"2127074226","repostType":4,"isVote":1,"tweetType":1,"viewCount":463,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":342822665,"gmtCreate":1618201054057,"gmtModify":1634294460295,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Goodness&nbsp;","listText":"Goodness&nbsp;","text":"Goodness","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/342822665","repostId":"2126035702","repostType":4,"repost":{"id":"2126035702","kind":"highlight","pubTimestamp":1618189189,"share":"https://www.laohu8.com/m/news/2126035702?lang=zh_CN&edition=full","pubTime":"2021-04-12 08:59","market":"us","language":"en","title":"How much higher will this bull market go?<blockquote>这轮牛市会涨到多高？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2126035702","media":"MarketWatch","summary":"The lessons of past U.S. bull marketsErnesto Benavides/AFP via Getty ImagesThis bull market's strong","content":"<p>The lessons of past U.S. bull markets</p><p><blockquote>美国过去牛市的教训</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a880e4a04ded029efefe9b3e3d87dc06\" tg-width=\"1260\" tg-height=\"839\" referrerpolicy=\"no-referrer\"><span>Ernesto Benavides/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>埃内斯托·贝纳维德斯/法新社，盖蒂图片社</span></p></blockquote></p><p>This bull market's strongest gains are behind us.</p><p><blockquote>本轮牛市最强劲的涨幅已经过去。</blockquote></p><p>That's the conclusion I reached upon analyzing all U.S. bull markets since 1900. The good news is that, assuming the future is like the past, the current bull market still has more months of life in store. The bad news is that the stock market's gains during those months are likely to be far more modest than what we've gotten used to over the last 12 months.</p><p><blockquote>这是我在分析1900年以来所有美国牛市后得出的结论。好消息是，假设未来像过去一样，当前的牛市还有更多几个月的生命。坏消息是，这几个月股市的涨幅可能比我们过去12个月所习惯的要温和得多。</blockquote></p><p>This suggests that we should not extrapolate the last 12 months' gains into the future.</p><p><blockquote>这表明我们不应该将过去12个月的涨幅外推到未来。</blockquote></p><p>My analysis takes issue with those analysts who argue that the stock market's strength over the last 12 months is a bullish omen. In fact there's nothing particularly unusual about how strong the market was coming off its March 23, 2020, low.</p><p><blockquote>我的分析对那些认为股市过去12个月的走强是看涨预兆的分析师提出了质疑。事实上，市场从2020年3月23日的低点走出的强劲程度并没有什么特别不寻常的。</blockquote></p><p>That may seem hard to believe, given that the Dow Jones Industrial Average gained an incredible 74.4% over the 12 months from that low. But there actually are three other bull markets since 1900 in the calendar maintained by Ned Davis Research in which the Dow rose even more over the 12 months subsequent to their beginnings. The bull market that began following the Great Financial Crisis was not <a href=\"https://laohu8.com/S/AONE\">one</a> of those three, but it came close: In the 12 months following the Mar. 9, 2009, low, for example, the DJIA gained 61.4%.</p><p><blockquote>这似乎令人难以置信，因为道琼斯工业平均指数在12个月内从该低点上涨了令人难以置信的74.4%。但实际上，在内德·戴维斯研究公司（Ned Davis Research）维护的日历中，自1900年以来还有另外三次牛市，道琼斯指数在开始后的12个月内涨幅更大。大金融危机后开始的牛市并不是<a href=\"https://laohu8.com/S/AONE\">一</a>在这三个国家中，但已经接近了：例如，在2009年3月9日低点之后的12个月里，道琼斯上涨了61.4%。</blockquote></p><p>The general pattern is that bull markets typically are strongest right after they're born: More than half of bull markets' total gains are produced in their first 12 months, on average. Consider the average bull market in the Ned Davis calendar. Not counting the current <a href=\"https://laohu8.com/S/AONE.U\">one</a>, there were 37 since 1900. Of them, nine--or 24%--didn't make it to their first birthdays. The remaining 28 lived to be 2.7 years old and during them the DJIA gained a total of 93.9%. If the current bull market is \"average,\" therefore, it will continue until November of next year--but produce only a modest gain from now until then.</p><p><blockquote>一般模式是，牛市通常在诞生后最强劲：平均而言，牛市总收益的一半以上是在前12个月产生的。考虑一下内德·戴维斯日历中的平均牛市。不算电流<a href=\"https://laohu8.com/S/AONE.U\">一</a>自1900年以来有37个。其中，9人（24%）没能活到一岁生日。剩下的28只活到了2.7岁，在此期间，道琼斯总共增加了93.9%。因此，如果当前的牛市“一般”，它将持续到明年11月，但从现在到那时只会产生适度的收益。</blockquote></p><p>Furthermore, the market's prospects may actually be more subdued because of its first-12-months strength. That's because there is a weak inverse correlation between a bull market's return it its first 12 months and how strong it is thereafter: Bull markets with the strongest first years tend not to last as long, or rise as far, as those bull markets that are slower to take off. (Note that this correlation is statistically weak, however, so you shouldn't make too much of it.)</p><p><blockquote>此外，由于前12个月的强势，市场前景实际上可能更加黯淡。这是因为牛市在前12个月的回报与此后的强劲程度之间存在微弱的负相关：第一年最强劲的牛市往往不会像那些牛市那样持续那么长时间或上涨那么远起飞速度较慢。（不过，请注意，这种相关性在统计上很弱，所以你不应该过分强调它。）</blockquote></p><p><b>What stock market return should you expect going forward?</b></p><p><blockquote><b>未来你应该期待什么样的股市回报？</b></blockquote></p><p>What future equity return, then, should retirees and near-retirees assume in constructing their financial plans?</p><p><blockquote>那么，退休人员和接近退休人员在制定财务计划时应该假设什么样的未来股权回报呢？</blockquote></p><p>The efficient market hypothesis <a href=\"https://laohu8.com/S/EMH.UK\">$(EMH.UK)$</a> tells us that the stock market's expected return at any given time is independent of what has happened up until that point. That's because the stock market is a forward-looking, discounting mechanism. So its future return will be a function of whether the future turns out to be better or worse than what is currently anticipated--not by how the market has performed up until now.</p><p><blockquote>有效市场假说<a href=\"https://laohu8.com/S/EMH.UK\">$(EMH.UK)$</a>告诉我们，股票市场在任何给定时间的预期回报都与该时间之前发生的事情无关。这是因为股票市场是一种前瞻性的贴现机制。因此，它未来的回报将取决于未来是比目前预期的更好还是更差，而不是取决于市场迄今为止的表现。</blockquote></p><p>The stock market's has produced an inflation-adjusted total return of 6.0% annualized since 1793, according to research conducted by Edward McQuarrie, a professor emeritus at the Leavey School of Business at Santa Clara University . So if you were agnostic about where we are in the stock market's cycle, and assuming the future is like the past, that's the expected return to imbed in your financial plans.</p><p><blockquote>根据圣克拉拉大学利维商学院名誉教授爱德华·麦夸里(Edward McQuarrie)进行的研究，自1793年以来，股市经通胀调整后的年化总回报率为6.0%。因此，如果您不知道我们在股市周期中所处的位置，并假设未来与过去一样，那么这就是您财务计划中的预期回报。</blockquote></p><p>You may not adhere to the EMH, of course. Or you may worry that, since the stock market is overvalued currently according to any of a number of valuation measures, its expected return going forward is lower than average. I share that worry, as I have written in recent columns .</p><p><blockquote>当然，你可能不会坚持有效市场假说。或者您可能会担心，由于根据多种估值指标中的任何一种，股市目前被高估，因此其未来的预期回报低于平均水平。正如我在最近的专栏中所写的那样，我也有同样的担忧。</blockquote></p><p>But even if you don't lower your expected return assumption because of overvaluation concerns, notice that the expected equity return you should include in your financial plan rises only to 6.0% annualized on an inflation- and dividend-adjusted basis. That's still far short of what the stock market produced over the last 12 months.</p><p><blockquote>但即使您没有因为高估担忧而降低预期回报假设，请注意，在通胀和股息调整后，您应该包含在财务计划中的预期股权回报率年化仅升至6.0%。这仍远低于股市过去12个月的表现。</blockquote></p><p>Trees don't grow to the sky, as John Maynard Keynes wrote a century ago. We forget that at our peril.</p><p><blockquote>正如约翰·梅纳德·凯恩斯一个世纪前所写的那样，树木不会长到天空。我们忘记了这一点，后果自负。</blockquote></p><p></p>","source":"lsy1603348471595","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>How much higher will this bull market go?<blockquote>这轮牛市会涨到多高？</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\">\nHow much higher will this bull market go?<blockquote>这轮牛市会涨到多高？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">MarketWatch</strong><span class=\"h-time small\">2021-04-12 08:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The lessons of past U.S. bull markets</p><p><blockquote>美国过去牛市的教训</blockquote></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a880e4a04ded029efefe9b3e3d87dc06\" tg-width=\"1260\" tg-height=\"839\" referrerpolicy=\"no-referrer\"><span>Ernesto Benavides/AFP via Getty Images</span></p><p><blockquote><p class=\"t-img-caption\"><span>埃内斯托·贝纳维德斯/法新社，盖蒂图片社</span></p></blockquote></p><p>This bull market's strongest gains are behind us.</p><p><blockquote>本轮牛市最强劲的涨幅已经过去。</blockquote></p><p>That's the conclusion I reached upon analyzing all U.S. bull markets since 1900. The good news is that, assuming the future is like the past, the current bull market still has more months of life in store. The bad news is that the stock market's gains during those months are likely to be far more modest than what we've gotten used to over the last 12 months.</p><p><blockquote>这是我在分析1900年以来所有美国牛市后得出的结论。好消息是，假设未来像过去一样，当前的牛市还有更多几个月的生命。坏消息是，这几个月股市的涨幅可能比我们过去12个月所习惯的要温和得多。</blockquote></p><p>This suggests that we should not extrapolate the last 12 months' gains into the future.</p><p><blockquote>这表明我们不应该将过去12个月的涨幅外推到未来。</blockquote></p><p>My analysis takes issue with those analysts who argue that the stock market's strength over the last 12 months is a bullish omen. In fact there's nothing particularly unusual about how strong the market was coming off its March 23, 2020, low.</p><p><blockquote>我的分析对那些认为股市过去12个月的走强是看涨预兆的分析师提出了质疑。事实上，市场从2020年3月23日的低点走出的强劲程度并没有什么特别不寻常的。</blockquote></p><p>That may seem hard to believe, given that the Dow Jones Industrial Average gained an incredible 74.4% over the 12 months from that low. But there actually are three other bull markets since 1900 in the calendar maintained by Ned Davis Research in which the Dow rose even more over the 12 months subsequent to their beginnings. The bull market that began following the Great Financial Crisis was not <a href=\"https://laohu8.com/S/AONE\">one</a> of those three, but it came close: In the 12 months following the Mar. 9, 2009, low, for example, the DJIA gained 61.4%.</p><p><blockquote>这似乎令人难以置信，因为道琼斯工业平均指数在12个月内从该低点上涨了令人难以置信的74.4%。但实际上，在内德·戴维斯研究公司（Ned Davis Research）维护的日历中，自1900年以来还有另外三次牛市，道琼斯指数在开始后的12个月内涨幅更大。大金融危机后开始的牛市并不是<a href=\"https://laohu8.com/S/AONE\">一</a>在这三个国家中，但已经接近了：例如，在2009年3月9日低点之后的12个月里，道琼斯上涨了61.4%。</blockquote></p><p>The general pattern is that bull markets typically are strongest right after they're born: More than half of bull markets' total gains are produced in their first 12 months, on average. Consider the average bull market in the Ned Davis calendar. Not counting the current <a href=\"https://laohu8.com/S/AONE.U\">one</a>, there were 37 since 1900. Of them, nine--or 24%--didn't make it to their first birthdays. The remaining 28 lived to be 2.7 years old and during them the DJIA gained a total of 93.9%. If the current bull market is \"average,\" therefore, it will continue until November of next year--but produce only a modest gain from now until then.</p><p><blockquote>一般模式是，牛市通常在诞生后最强劲：平均而言，牛市总收益的一半以上是在前12个月产生的。考虑一下内德·戴维斯日历中的平均牛市。不算电流<a href=\"https://laohu8.com/S/AONE.U\">一</a>自1900年以来有37个。其中，9人（24%）没能活到一岁生日。剩下的28只活到了2.7岁，在此期间，道琼斯总共增加了93.9%。因此，如果当前的牛市“一般”，它将持续到明年11月，但从现在到那时只会产生适度的收益。</blockquote></p><p>Furthermore, the market's prospects may actually be more subdued because of its first-12-months strength. That's because there is a weak inverse correlation between a bull market's return it its first 12 months and how strong it is thereafter: Bull markets with the strongest first years tend not to last as long, or rise as far, as those bull markets that are slower to take off. (Note that this correlation is statistically weak, however, so you shouldn't make too much of it.)</p><p><blockquote>此外，由于前12个月的强势，市场前景实际上可能更加黯淡。这是因为牛市在前12个月的回报与此后的强劲程度之间存在微弱的负相关：第一年最强劲的牛市往往不会像那些牛市那样持续那么长时间或上涨那么远起飞速度较慢。（不过，请注意，这种相关性在统计上很弱，所以你不应该过分强调它。）</blockquote></p><p><b>What stock market return should you expect going forward?</b></p><p><blockquote><b>未来你应该期待什么样的股市回报？</b></blockquote></p><p>What future equity return, then, should retirees and near-retirees assume in constructing their financial plans?</p><p><blockquote>那么，退休人员和接近退休人员在制定财务计划时应该假设什么样的未来股权回报呢？</blockquote></p><p>The efficient market hypothesis <a href=\"https://laohu8.com/S/EMH.UK\">$(EMH.UK)$</a> tells us that the stock market's expected return at any given time is independent of what has happened up until that point. That's because the stock market is a forward-looking, discounting mechanism. So its future return will be a function of whether the future turns out to be better or worse than what is currently anticipated--not by how the market has performed up until now.</p><p><blockquote>有效市场假说<a href=\"https://laohu8.com/S/EMH.UK\">$(EMH.UK)$</a>告诉我们，股票市场在任何给定时间的预期回报都与该时间之前发生的事情无关。这是因为股票市场是一种前瞻性的贴现机制。因此，它未来的回报将取决于未来是比目前预期的更好还是更差，而不是取决于市场迄今为止的表现。</blockquote></p><p>The stock market's has produced an inflation-adjusted total return of 6.0% annualized since 1793, according to research conducted by Edward McQuarrie, a professor emeritus at the Leavey School of Business at Santa Clara University . So if you were agnostic about where we are in the stock market's cycle, and assuming the future is like the past, that's the expected return to imbed in your financial plans.</p><p><blockquote>根据圣克拉拉大学利维商学院名誉教授爱德华·麦夸里(Edward McQuarrie)进行的研究，自1793年以来，股市经通胀调整后的年化总回报率为6.0%。因此，如果您不知道我们在股市周期中所处的位置，并假设未来与过去一样，那么这就是您财务计划中的预期回报。</blockquote></p><p>You may not adhere to the EMH, of course. Or you may worry that, since the stock market is overvalued currently according to any of a number of valuation measures, its expected return going forward is lower than average. I share that worry, as I have written in recent columns .</p><p><blockquote>当然，你可能不会坚持有效市场假说。或者您可能会担心，由于根据多种估值指标中的任何一种，股市目前被高估，因此其未来的预期回报低于平均水平。正如我在最近的专栏中所写的那样，我也有同样的担忧。</blockquote></p><p>But even if you don't lower your expected return assumption because of overvaluation concerns, notice that the expected equity return you should include in your financial plan rises only to 6.0% annualized on an inflation- and dividend-adjusted basis. That's still far short of what the stock market produced over the last 12 months.</p><p><blockquote>但即使您没有因为高估担忧而降低预期回报假设，请注意，在通胀和股息调整后，您应该包含在财务计划中的预期股权回报率年化仅升至6.0%。这仍远低于股市过去12个月的表现。</blockquote></p><p>Trees don't grow to the sky, as John Maynard Keynes wrote a century ago. We forget that at our peril.</p><p><blockquote>正如约翰·梅纳德·凯恩斯一个世纪前所写的那样，树木不会长到天空。我们忘记了这一点，后果自负。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/how-much-higher-will-this-bull-market-go-11617981444?mod=home-page\">MarketWatch</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":{"DXD":"两倍做空道琼30指数ETF-ProShares",".IXIC":"NASDAQ Composite","DDM":"2倍做多道指ETF-ProShares","DOG":"道指ETF-ProShares做空","DJX":"1/100道琼斯",".DJI":"道琼斯","SDOW":"三倍做空道指30ETF-ProShares","UDOW":"三倍做多道指30ETF-ProShares",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/how-much-higher-will-this-bull-market-go-11617981444?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2126035702","content_text":"The lessons of past U.S. bull marketsErnesto Benavides/AFP via Getty ImagesThis bull market's strongest gains are behind us.That's the conclusion I reached upon analyzing all U.S. bull markets since 1900. The good news is that, assuming the future is like the past, the current bull market still has more months of life in store. The bad news is that the stock market's gains during those months are likely to be far more modest than what we've gotten used to over the last 12 months.This suggests that we should not extrapolate the last 12 months' gains into the future.My analysis takes issue with those analysts who argue that the stock market's strength over the last 12 months is a bullish omen. In fact there's nothing particularly unusual about how strong the market was coming off its March 23, 2020, low.That may seem hard to believe, given that the Dow Jones Industrial Average gained an incredible 74.4% over the 12 months from that low. But there actually are three other bull markets since 1900 in the calendar maintained by Ned Davis Research in which the Dow rose even more over the 12 months subsequent to their beginnings. The bull market that began following the Great Financial Crisis was not one of those three, but it came close: In the 12 months following the Mar. 9, 2009, low, for example, the DJIA gained 61.4%.The general pattern is that bull markets typically are strongest right after they're born: More than half of bull markets' total gains are produced in their first 12 months, on average. Consider the average bull market in the Ned Davis calendar. Not counting the current one, there were 37 since 1900. Of them, nine--or 24%--didn't make it to their first birthdays. The remaining 28 lived to be 2.7 years old and during them the DJIA gained a total of 93.9%. If the current bull market is \"average,\" therefore, it will continue until November of next year--but produce only a modest gain from now until then.Furthermore, the market's prospects may actually be more subdued because of its first-12-months strength. That's because there is a weak inverse correlation between a bull market's return it its first 12 months and how strong it is thereafter: Bull markets with the strongest first years tend not to last as long, or rise as far, as those bull markets that are slower to take off. (Note that this correlation is statistically weak, however, so you shouldn't make too much of it.)What stock market return should you expect going forward?What future equity return, then, should retirees and near-retirees assume in constructing their financial plans?The efficient market hypothesis $(EMH.UK)$ tells us that the stock market's expected return at any given time is independent of what has happened up until that point. That's because the stock market is a forward-looking, discounting mechanism. So its future return will be a function of whether the future turns out to be better or worse than what is currently anticipated--not by how the market has performed up until now.The stock market's has produced an inflation-adjusted total return of 6.0% annualized since 1793, according to research conducted by Edward McQuarrie, a professor emeritus at the Leavey School of Business at Santa Clara University . So if you were agnostic about where we are in the stock market's cycle, and assuming the future is like the past, that's the expected return to imbed in your financial plans.You may not adhere to the EMH, of course. Or you may worry that, since the stock market is overvalued currently according to any of a number of valuation measures, its expected return going forward is lower than average. I share that worry, as I have written in recent columns .But even if you don't lower your expected return assumption because of overvaluation concerns, notice that the expected equity return you should include in your financial plan rises only to 6.0% annualized on an inflation- and dividend-adjusted basis. That's still far short of what the stock market produced over the last 12 months.Trees don't grow to the sky, as John Maynard Keynes wrote a century ago. We forget that at our peril.","news_type":1,"symbols_score_info":{"DOG":0.9,".DJI":0.9,"DDM":0.9,"DXD":0.9,".IXIC":0.9,"SDOW":0.9,"UDOW":0.9,"DJX":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":465,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348036691,"gmtCreate":1617866389313,"gmtModify":1634296067276,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/348036691","repostId":"2125726223","repostType":4,"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":100518472,"gmtCreate":1619620948096,"gmtModify":1631893522241,"author":{"id":"3560845643561150","authorId":"3560845643561150","name":"PatSze98","avatar":"https://static.tigerbbs.com/eaf7cf9115008ca78f334090541a6f3d","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560845643561150","idStr":"3560845643561150"},"themes":[],"htmlText":"Yeah&nbsp;","listText":"Yeah&nbsp;","text":"Yeah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/100518472","repostId":"1131068131","repostType":4,"isVote":1,"tweetType":1,"viewCount":1544,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}