leyvancs
2021-07-16
Like and comment and I'll do the same !
As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到2018年以来最高</blockquote>
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!","highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/170393954","repostId":1108771561,"repostType":4,"repost":{"id":"1108771561","kind":"news","pubTimestamp":1626400504,"share":"https://www.laohu8.com/m/news/1108771561?lang=zh_CN&edition=full","pubTime":"2021-07-16 09:55","market":"us","language":"en","title":"As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到2018年以来最高</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1108771561","media":"zerohedge","summary":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-li","content":"<p>While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.</p><p><blockquote>尽管小盘股最近表现强劲，但在全球流动性和充满希望的回归更加乌托邦（且有利可图）的正常状态的梦想的背景下，大盘股市继续像伊卡洛斯一样攀升至更高的高点。</blockquote></p><p> There's just one thing (well two actually, but more on that later)...</p><p><blockquote>只有一件事（实际上是两件，稍后会详细介绍）...</blockquote></p><p> As stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...</p><p><blockquote>随着股市最近屡创新高，期权交易者一直在用手和脚买入看跌期权（下行保护）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cb53a9d7aa49929f04ddb04a085483\" tg-width=\"944\" tg-height=\"558\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> As a result,<b>implied volatility in S&P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.</b></p><p><blockquote>结果，<b>相对于类似的看涨期权合约，三个月后标普500看跌期权的隐含波动率达到2018年以来的最高水平。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e3ee2406fca907d778041bc08b83881e\" tg-width=\"965\" tg-height=\"531\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> <b>Simply put, despite the appearance of price, investor anxiety is on the rise.</b></p><p><blockquote><b>简单来说，尽管出现了价格，但投资者的焦虑情绪却在上升。</b></blockquote></p><p> As Susquehanna International Group’s Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.</p><p><blockquote>正如萨斯奎哈纳国际集团(Susquehanna International Group)的克里斯·墨菲(Chris Murphy)在最近的一份报告中指出的那样，令人担忧的是，如果市场情绪恶化，最近创下新低的股票之间的相关性将飙升，导致股票同时下跌。</blockquote></p><p> <b>“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&P could move to the downside,”</b>Murphy said.\"They’re pricing in that shift of correlation increasing.” <b>And implied correlation is starting to pick up off those near-record lows...</b></p><p><blockquote><b>“目前相关性很低，但如果这种情况发生变化，那么一切都会开始一起波动，波动性可能会迅速上升，标准普尔指数可能会下跌。”</b>墨菲说：“他们正在考虑这种相关性的变化。”<b>隐含相关性开始从接近历史低点回升...</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/324b173aa36ad5c8e237264958a5303a\" tg-width=\"965\" tg-height=\"528\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Of course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.</p><p><blockquote>当然，有人可能会说，由于下行风险对冲得如此之好，大幅暴跌的可能性（或下跌的幅度）就会降低，但我们怀疑，考虑到这次反弹中的散户风险敞口，这并不适用，他们在漫长而成功的12个月交易生涯中从未经历过超过5%的跌幅。</blockquote></p><p> <b>And the other group that \"ain't buying it\" is bond investors</b>as yields have dramatically decoupled from equity markets' exuberance in recent months...</p><p><blockquote><b>另一个“不买账”的群体是债券投资者</b>近几个月来，随着收益率与股市的繁荣急剧脱钩……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6079a1f76f24396152b675605d5f3c75\" tg-width=\"965\" tg-height=\"534\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> It didn't end well for stocks last time...</p><p><blockquote>上次股票的结局并不好……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc457c676d14e902be329fbe1bdb929b\" tg-width=\"965\" tg-height=\"535\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?</p><p><blockquote>随着鲍威尔承认美联储今天正在讨论缩减规模，期权交易员和债券交易员是否感觉到股市正在陷入现实？</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE 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Hedges Reaches Highest Since 2018<blockquote>随着股市飙升，下行风险对冲需求达到2018年以来最高</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-07-16 09:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.</p><p><blockquote>尽管小盘股最近表现强劲，但在全球流动性和充满希望的回归更加乌托邦（且有利可图）的正常状态的梦想的背景下，大盘股市继续像伊卡洛斯一样攀升至更高的高点。</blockquote></p><p> There's just one thing (well two actually, but more on that later)...</p><p><blockquote>只有一件事（实际上是两件，稍后会详细介绍）...</blockquote></p><p> As stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...</p><p><blockquote>随着股市最近屡创新高，期权交易者一直在用手和脚买入看跌期权（下行保护）...</blockquote></p><p> <img src=\"https://static.tigerbbs.com/42cb53a9d7aa49929f04ddb04a085483\" tg-width=\"944\" tg-height=\"558\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> As a result,<b>implied volatility in S&P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.</b></p><p><blockquote>结果，<b>相对于类似的看涨期权合约，三个月后标普500看跌期权的隐含波动率达到2018年以来的最高水平。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/e3ee2406fca907d778041bc08b83881e\" tg-width=\"965\" tg-height=\"531\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> <b>Simply put, despite the appearance of price, investor anxiety is on the rise.</b></p><p><blockquote><b>简单来说，尽管出现了价格，但投资者的焦虑情绪却在上升。</b></blockquote></p><p> As Susquehanna International Group’s Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.</p><p><blockquote>正如萨斯奎哈纳国际集团(Susquehanna International Group)的克里斯·墨菲(Chris Murphy)在最近的一份报告中指出的那样，令人担忧的是，如果市场情绪恶化，最近创下新低的股票之间的相关性将飙升，导致股票同时下跌。</blockquote></p><p> <b>“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&P could move to the downside,”</b>Murphy said.\"They’re pricing in that shift of correlation increasing.” <b>And implied correlation is starting to pick up off those near-record lows...</b></p><p><blockquote><b>“目前相关性很低，但如果这种情况发生变化，那么一切都会开始一起波动，波动性可能会迅速上升，标准普尔指数可能会下跌。”</b>墨菲说：“他们正在考虑这种相关性的变化。”<b>隐含相关性开始从接近历史低点回升...</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/324b173aa36ad5c8e237264958a5303a\" tg-width=\"965\" tg-height=\"528\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> Of course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.</p><p><blockquote>当然，有人可能会说，由于下行风险对冲得如此之好，大幅暴跌的可能性（或下跌的幅度）就会降低，但我们怀疑，考虑到这次反弹中的散户风险敞口，这并不适用，他们在漫长而成功的12个月交易生涯中从未经历过超过5%的跌幅。</blockquote></p><p> <b>And the other group that \"ain't buying it\" is bond investors</b>as yields have dramatically decoupled from equity markets' exuberance in recent months...</p><p><blockquote><b>另一个“不买账”的群体是债券投资者</b>近几个月来，随着收益率与股市的繁荣急剧脱钩……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/6079a1f76f24396152b675605d5f3c75\" tg-width=\"965\" tg-height=\"534\"></p><p><blockquote></blockquote></p><p> <i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> It didn't end well for stocks last time...</p><p><blockquote>上次股票的结局并不好……</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cc457c676d14e902be329fbe1bdb929b\" tg-width=\"965\" tg-height=\"535\"><i>Source: Bloomberg</i></p><p><blockquote><i>资料来源：彭博社</i></blockquote></p><p> And with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?</p><p><blockquote>随着鲍威尔承认美联储今天正在讨论缩减规模，期权交易员和债券交易员是否感觉到股市正在陷入现实？</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018\">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","SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1108771561","content_text":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.\nThere's just one thing (well two actually, but more on that later)...\nAs stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...\n\nSource: Bloomberg\nAs a result,implied volatility in S&P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.\n\nSource: Bloomberg\nSimply put, despite the appearance of price, investor anxiety is on the rise.\nAs Susquehanna International Group’s Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.\n\n“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&P could move to the downside,”Murphy said.\"They’re pricing in that shift of correlation increasing.”\n\nAnd implied correlation is starting to pick up off those near-record lows...\n\nSource: Bloomberg\nOf course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.\nAnd the other group that \"ain't buying it\" is bond investorsas yields have dramatically decoupled from equity markets' exuberance in recent months...\n\nSource: Bloomberg\nIt didn't end well for stocks last time...\nSource: Bloomberg\nAnd with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for stocks?","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".DJI":0.9,".IXIC":0.9}},"isVote":1,"tweetType":1,"viewCount":887,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":31,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/170393954"}
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