RTWL
2021-10-13
Buy more gme? Got it 🚀
What Is A Short Squeeze And What Is Going On In GameStop, AMC<blockquote>什么是轧空以及AMC游戏驿站正在发生什么</blockquote>
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Got it 🚀","highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/822139180","repostId":1107758297,"repostType":4,"repost":{"id":"1107758297","kind":"news","pubTimestamp":1634088266,"share":"https://www.laohu8.com/m/news/1107758297?lang=zh_CN&edition=full","pubTime":"2021-10-13 09:24","market":"us","language":"en","title":"What Is A Short Squeeze And What Is Going On In GameStop, AMC<blockquote>什么是轧空以及AMC游戏驿站正在发生什么</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107758297","media":"investors","summary":"What is it that can put a stock on a meteoric rise? This year, we have seen a number of stocks make ","content":"<p>What is it that can put a stock on a meteoric rise? This year, we have seen a number of stocks make truly staggering jumps, doubling in price on consecutive days. There are several factors that are contributing to these gargantuan moves, but one is surely the classic short squeeze.</p><p><blockquote>是什么能让一只股票迅速上涨？今年，我们看到许多股票实现了真正惊人的上涨，价格连续几天翻倍。有几个因素导致了这些巨大的波动，但其中之一肯定是经典的轧空。</blockquote></p><p> While there are some new factors at play in the markets today, the short squeeze has been around as long as shorting stock.</p><p><blockquote>尽管当今市场上有一些新因素在起作用，但空头挤压与做空股票一样长期存在。</blockquote></p><p> What Is A Short Squeeze</p><p><blockquote>什么是轧空</blockquote></p><p> Here is how the short squeeze works. If traders think a stock's price is going lower, they canshort the stock. They borrow shares and sell them, with the intent of buying them back at lower prices.</p><p><blockquote>以下是轧空的工作原理。如果交易者认为股票价格正在下跌，他们可以做空该股票。他们借入股票并出售，目的是以更低的价格回购。</blockquote></p><p> This is mostly done by institutional investors, like hedge funds, given the risks and the margin required.</p><p><blockquote>考虑到风险和所需保证金，这主要是由对冲基金等机构投资者完成的。</blockquote></p><p> And there are big risks. Stocks can theoretically go up infinitely. So a trader who is short can face theoretically infinite losses.</p><p><blockquote>而且存在很大的风险。股票理论上可以无限上涨。因此，做空的交易者理论上可能会面临无限的损失。</blockquote></p><p> Some stocks attract very high short interest, which can be viewed as the amount of shares sold short as a percentage of float, or how much stock has been issued that is available for trading.</p><p><blockquote>有些股票吸引了非常高的空头兴趣，这可以被视为卖空的股票数量占流通量的百分比，或者已发行的可供交易的股票数量。</blockquote></p><p> The problem comes if the stock prices starts to rise quickly. Those that are short the stock will likely receive a margin call. They either have to put more money up to secure their position or close their positions.</p><p><blockquote>如果股价开始快速上涨，问题就来了。那些做空该股票的人可能会获得保证金看涨期权。他们要么必须投入更多资金来确保自己的头寸，要么平仓。</blockquote></p><p> If they choose to — or are forced to — close their position, they are buying the stock to close out their position. This can push the price higher and force other short sellers to do the same. This creates a reinforcing loop of buying and pushing the price higher. This is the short squeeze, as those short the market get \"squeezed\" out.</p><p><blockquote>如果他们选择——或被迫——平仓，他们就是在购买股票来平仓。这可能会推高价格并迫使其他卖空者也这样做。这就形成了一个购买和推高价格的强化循环。这就是空头挤压，因为那些做空市场的人会被“挤出”出去。</blockquote></p><p> Short Squeeze Stocks: GME</p><p><blockquote>轧空股票：GME</blockquote></p><p> This is definitely part of what was happening in <b>GameStop</b>(GME) stock. In August of 2020, GME stock was trading for around 4.</p><p><blockquote>这绝对是发生在<b>游戏驿站</b>（GME）股票。2020年8月，GME股票交易价格约为4。</blockquote></p><p> Shares steadily climbed higher to close out 2020 just under 20 on the back of some big name investors taking stakes in the company. This attracted the short sellers, notably some big hedge funds. Then, on Jan. 13, the stock jumped to hit a high of almost 40 on huge volume.</p><p><blockquote>在一些知名投资者入股该公司的背景下，该公司股价稳步攀升，2020年收盘价略低于20点。这吸引了卖空者，尤其是一些大型对冲基金。然后，在1月13日，该股在成交量巨大的情况下跃升至近40点的高点。</blockquote></p><p> That was surely the start of the short squeeze. That 40 level held for about a week. On Jan. 22, the stock jumped again, trading above 70 on the biggest volume day up to that point.</p><p><blockquote>这无疑是空头挤压的开始。40的水平持续了大约一周。1月22日，该股再次上涨，在迄今为止成交量最大的一天交易价格突破70美元。</blockquote></p><p> The next day the stock hit a high of almost 160 with similar action the next day. Then on Jan. 27 the stock doubled again, trading up to 380. The Jan. 28 high was 483.</p><p><blockquote>第二天，该股触及近160点的高点，第二天也出现了类似的走势。随后在1月27日，该股再次翻倍，交易价格高达380点。1月28日的高点是483。</blockquote></p><p> While short squeezes are nothing new, this action is unprecedented. The action is certainly partly stock buying by the Reddit group wallstreetbets.</p><p><blockquote>虽然轧空并不是什么新鲜事，但这一行动却是前所未有的。这一行动肯定部分是Reddit组织wallstreetbets购买股票的结果。</blockquote></p><p> And while many are cheering that the little retail traders are beating up the big institutional shorts, it is pretty clear that other institutions are also in on this buying. Stories have popped up about Michael Burry's gains on GME stock and Elon Musk was tweeting about it.</p><p><blockquote>虽然许多人欢呼小型散户交易者击败大型机构空头，但很明显，其他机构也参与了这一购买。有关迈克尔·伯里(Michael Burry)增持GME股票的故事不断涌现，埃隆·马斯克(Elon Musk)也在推特上发布了相关消息。</blockquote></p><p> Hedge Fund Losses</p><p><blockquote>对冲基金损失</blockquote></p><p> There are some big losses in this squeeze.</p><p><blockquote>这次挤压有一些很大的损失。</blockquote></p><p> Two funds in particular have been hard hit. Citron Research and Melvin Capital have reportedly suffered huge losses.</p><p><blockquote>两只基金尤其受到重创。据报道，Citron Research和Melvin Capital遭受了巨大损失。</blockquote></p><p> Melvin is down 30% in 2021 on the back of a GME stock short position. It turned to Steven Cohen of Point72 Capital and Chicago-based Citadel to bail it out.</p><p><blockquote>由于GME股票空头头寸，梅尔文在2021年下跌了30%。它向Point72 Capital的史蒂文·科恩(Steven Cohen)和芝加哥Citadel寻求救助。</blockquote></p><p> The short squeeze is usually something inflicted by one hedge fund on another.</p><p><blockquote>轧空通常是一家对冲基金对另一家对冲基金造成的。</blockquote></p><p> This is really the first time we have seen such trading instigated by a band of retail traders.</p><p><blockquote>这确实是我们第一次看到由一群散户煽动的此类交易。</blockquote></p><p> Options Trading Is Also A Big Factor</p><p><blockquote>期权交易也是一大因素</blockquote></p><p> Another piece of this story's plot is the fact that much of the trading in GME and other names like <b>AMC Entertainment</b>(AMC) and <b>BlackBerry</b>(BB) is actually taking place in the options market.</p><p><blockquote>这个故事的另一个情节是，GME和其他名称的大部分交易，例如<b>AMC院线</b>（AMC）和<b>黑莓</b>（BB）实际上正在期权市场中发生。</blockquote></p><p> Bullish call buying instead of buying the stock is attractive here because of the leverage it provides and the fact that the positions are limited risk.</p><p><blockquote>看涨看涨期权买入而不是买入股票在这里很有吸引力，因为它提供了杠杆，而且头寸风险有限。</blockquote></p><p> Calls are contracts that give the right to buy the underlying stock for a given price (strike price) until the expiration date.</p><p><blockquote>评级是赋予在到期日之前以给定价格（执行价格）购买标的股票的权利的合约。</blockquote></p><p> The most that can be lost is the premium paid for the calls.</p><p><blockquote>最多损失的就是为评级支付的保费。</blockquote></p><p> Buying calls requires much less capital, so bigger positions can be taken by small traders.</p><p><blockquote>购买评级所需的资金要少得多，因此小交易者可以持有更大的头寸。</blockquote></p><p> This actually adds to the short squeeze effect.</p><p><blockquote>这实际上增加了空头挤压效应。</blockquote></p><p> When retail traders buy calls, it is market makers that sell them.</p><p><blockquote>当散户交易者买入评级时，卖出它们的是做市商。</blockquote></p><p> The market makers don't want the risk of being short calls, so they do something called delta hedging.</p><p><blockquote>做市商不想冒做空评级的风险，所以他们做了一种叫做delta对冲的事情。</blockquote></p><p> What Is Delta Hedging, And Why It Matters In A Short Squeeze</p><p><blockquote>什么是Delta对冲，以及为什么它在轧空中很重要</blockquote></p><p> Delta hedging calls requires the market makers to buy stock. And because of the nature of calls, when the price of the underlying stock goes up, the market makers have to buy more stock to stay hedged.</p><p><blockquote>Delta对冲评级要求做市商购买股票。由于评级的性质，当标的股票价格上涨时，做市商必须购买更多股票以保持对冲。</blockquote></p><p> We might call this the call option squeeze.</p><p><blockquote>我们可能会看涨期权这是看涨期权期权挤压。</blockquote></p><p> The problem is that these moves are not based on any fundamental changes in the stocks.</p><p><blockquote>问题是，这些举措并不是基于股票的任何根本性变化。</blockquote></p><p> Not much has changed for GME stock since it was a $4 stock, and certainly not since it was a $16 stock.</p><p><blockquote>自从GME股票是4美元的股票以来，它没有太大变化，当然自从它是16美元的股票以来也没有太大变化。</blockquote></p><p></p><p> Brokerage firms are very concerned about the volatility of these moves, as they know they may face losses if customers can't cover positions. They started limiting the positions that can be taken in some of these names.</p><p><blockquote>经纪公司非常担心这些走势的波动性，因为他们知道，如果客户无法补仓，他们可能会面临损失。他们开始限制其中一些名字的位置。</blockquote></p><p> That news came on Jan. 28, which saw GameStop stock price range from over 500 to below 115.</p><p><blockquote>这一消息是在1月28日发布的，当时游戏驿站股价从500多点波动到115点以下。</blockquote></p><p> This is a trade you wanted to watch out for. While some hedge funds were hurt and some retail traders made fortunes — at least on paper — this still may end badly.</p><p><blockquote>这是你想要小心的交易。尽管一些对冲基金受到了伤害，一些散户交易者赚了钱——至少在纸面上——但这仍然可能以糟糕的结局告终。</blockquote></p><p> The helium holding these stocks up would not last forever.</p><p><blockquote>支撑这些库存的氦气不会永远持续下去。</blockquote></p><p></p>","source":"lsy1610449120050","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>What Is A Short Squeeze And What Is Going On In GameStop, AMC<blockquote>什么是轧空以及AMC游戏驿站正在发生什么</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\">\nWhat Is A Short Squeeze And What Is Going On In GameStop, AMC<blockquote>什么是轧空以及AMC游戏驿站正在发生什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">investors</strong><span class=\"h-time small\">2021-10-13 09:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>What is it that can put a stock on a meteoric rise? This year, we have seen a number of stocks make truly staggering jumps, doubling in price on consecutive days. There are several factors that are contributing to these gargantuan moves, but one is surely the classic short squeeze.</p><p><blockquote>是什么能让一只股票迅速上涨？今年，我们看到许多股票实现了真正惊人的上涨，价格连续几天翻倍。有几个因素导致了这些巨大的波动，但其中之一肯定是经典的轧空。</blockquote></p><p> While there are some new factors at play in the markets today, the short squeeze has been around as long as shorting stock.</p><p><blockquote>尽管当今市场上有一些新因素在起作用，但空头挤压与做空股票一样长期存在。</blockquote></p><p> What Is A Short Squeeze</p><p><blockquote>什么是轧空</blockquote></p><p> Here is how the short squeeze works. If traders think a stock's price is going lower, they canshort the stock. They borrow shares and sell them, with the intent of buying them back at lower prices.</p><p><blockquote>以下是轧空的工作原理。如果交易者认为股票价格正在下跌，他们可以做空该股票。他们借入股票并出售，目的是以更低的价格回购。</blockquote></p><p> This is mostly done by institutional investors, like hedge funds, given the risks and the margin required.</p><p><blockquote>考虑到风险和所需保证金，这主要是由对冲基金等机构投资者完成的。</blockquote></p><p> And there are big risks. Stocks can theoretically go up infinitely. So a trader who is short can face theoretically infinite losses.</p><p><blockquote>而且存在很大的风险。股票理论上可以无限上涨。因此，做空的交易者理论上可能会面临无限的损失。</blockquote></p><p> Some stocks attract very high short interest, which can be viewed as the amount of shares sold short as a percentage of float, or how much stock has been issued that is available for trading.</p><p><blockquote>有些股票吸引了非常高的空头兴趣，这可以被视为卖空的股票数量占流通量的百分比，或者已发行的可供交易的股票数量。</blockquote></p><p> The problem comes if the stock prices starts to rise quickly. Those that are short the stock will likely receive a margin call. They either have to put more money up to secure their position or close their positions.</p><p><blockquote>如果股价开始快速上涨，问题就来了。那些做空该股票的人可能会获得保证金看涨期权。他们要么必须投入更多资金来确保自己的头寸，要么平仓。</blockquote></p><p> If they choose to — or are forced to — close their position, they are buying the stock to close out their position. This can push the price higher and force other short sellers to do the same. This creates a reinforcing loop of buying and pushing the price higher. This is the short squeeze, as those short the market get \"squeezed\" out.</p><p><blockquote>如果他们选择——或被迫——平仓，他们就是在购买股票来平仓。这可能会推高价格并迫使其他卖空者也这样做。这就形成了一个购买和推高价格的强化循环。这就是空头挤压，因为那些做空市场的人会被“挤出”出去。</blockquote></p><p> Short Squeeze Stocks: GME</p><p><blockquote>轧空股票：GME</blockquote></p><p> This is definitely part of what was happening in <b>GameStop</b>(GME) stock. In August of 2020, GME stock was trading for around 4.</p><p><blockquote>这绝对是发生在<b>游戏驿站</b>（GME）股票。2020年8月，GME股票交易价格约为4。</blockquote></p><p> Shares steadily climbed higher to close out 2020 just under 20 on the back of some big name investors taking stakes in the company. This attracted the short sellers, notably some big hedge funds. Then, on Jan. 13, the stock jumped to hit a high of almost 40 on huge volume.</p><p><blockquote>在一些知名投资者入股该公司的背景下，该公司股价稳步攀升，2020年收盘价略低于20点。这吸引了卖空者，尤其是一些大型对冲基金。然后，在1月13日，该股在成交量巨大的情况下跃升至近40点的高点。</blockquote></p><p> That was surely the start of the short squeeze. That 40 level held for about a week. On Jan. 22, the stock jumped again, trading above 70 on the biggest volume day up to that point.</p><p><blockquote>这无疑是空头挤压的开始。40的水平持续了大约一周。1月22日，该股再次上涨，在迄今为止成交量最大的一天交易价格突破70美元。</blockquote></p><p> The next day the stock hit a high of almost 160 with similar action the next day. Then on Jan. 27 the stock doubled again, trading up to 380. The Jan. 28 high was 483.</p><p><blockquote>第二天，该股触及近160点的高点，第二天也出现了类似的走势。随后在1月27日，该股再次翻倍，交易价格高达380点。1月28日的高点是483。</blockquote></p><p> While short squeezes are nothing new, this action is unprecedented. The action is certainly partly stock buying by the Reddit group wallstreetbets.</p><p><blockquote>虽然轧空并不是什么新鲜事，但这一行动却是前所未有的。这一行动肯定部分是Reddit组织wallstreetbets购买股票的结果。</blockquote></p><p> And while many are cheering that the little retail traders are beating up the big institutional shorts, it is pretty clear that other institutions are also in on this buying. Stories have popped up about Michael Burry's gains on GME stock and Elon Musk was tweeting about it.</p><p><blockquote>虽然许多人欢呼小型散户交易者击败大型机构空头，但很明显，其他机构也参与了这一购买。有关迈克尔·伯里(Michael Burry)增持GME股票的故事不断涌现，埃隆·马斯克(Elon Musk)也在推特上发布了相关消息。</blockquote></p><p> Hedge Fund Losses</p><p><blockquote>对冲基金损失</blockquote></p><p> There are some big losses in this squeeze.</p><p><blockquote>这次挤压有一些很大的损失。</blockquote></p><p> Two funds in particular have been hard hit. Citron Research and Melvin Capital have reportedly suffered huge losses.</p><p><blockquote>两只基金尤其受到重创。据报道，Citron Research和Melvin Capital遭受了巨大损失。</blockquote></p><p> Melvin is down 30% in 2021 on the back of a GME stock short position. It turned to Steven Cohen of Point72 Capital and Chicago-based Citadel to bail it out.</p><p><blockquote>由于GME股票空头头寸，梅尔文在2021年下跌了30%。它向Point72 Capital的史蒂文·科恩(Steven Cohen)和芝加哥Citadel寻求救助。</blockquote></p><p> The short squeeze is usually something inflicted by one hedge fund on another.</p><p><blockquote>轧空通常是一家对冲基金对另一家对冲基金造成的。</blockquote></p><p> This is really the first time we have seen such trading instigated by a band of retail traders.</p><p><blockquote>这确实是我们第一次看到由一群散户煽动的此类交易。</blockquote></p><p> Options Trading Is Also A Big Factor</p><p><blockquote>期权交易也是一大因素</blockquote></p><p> Another piece of this story's plot is the fact that much of the trading in GME and other names like <b>AMC Entertainment</b>(AMC) and <b>BlackBerry</b>(BB) is actually taking place in the options market.</p><p><blockquote>这个故事的另一个情节是，GME和其他名称的大部分交易，例如<b>AMC院线</b>（AMC）和<b>黑莓</b>（BB）实际上正在期权市场中发生。</blockquote></p><p> Bullish call buying instead of buying the stock is attractive here because of the leverage it provides and the fact that the positions are limited risk.</p><p><blockquote>看涨看涨期权买入而不是买入股票在这里很有吸引力，因为它提供了杠杆，而且头寸风险有限。</blockquote></p><p> Calls are contracts that give the right to buy the underlying stock for a given price (strike price) until the expiration date.</p><p><blockquote>评级是赋予在到期日之前以给定价格（执行价格）购买标的股票的权利的合约。</blockquote></p><p> The most that can be lost is the premium paid for the calls.</p><p><blockquote>最多损失的就是为评级支付的保费。</blockquote></p><p> Buying calls requires much less capital, so bigger positions can be taken by small traders.</p><p><blockquote>购买评级所需的资金要少得多，因此小交易者可以持有更大的头寸。</blockquote></p><p> This actually adds to the short squeeze effect.</p><p><blockquote>这实际上增加了空头挤压效应。</blockquote></p><p> When retail traders buy calls, it is market makers that sell them.</p><p><blockquote>当散户交易者买入评级时，卖出它们的是做市商。</blockquote></p><p> The market makers don't want the risk of being short calls, so they do something called delta hedging.</p><p><blockquote>做市商不想冒做空评级的风险，所以他们做了一种叫做delta对冲的事情。</blockquote></p><p> What Is Delta Hedging, And Why It Matters In A Short Squeeze</p><p><blockquote>什么是Delta对冲，以及为什么它在轧空中很重要</blockquote></p><p> Delta hedging calls requires the market makers to buy stock. And because of the nature of calls, when the price of the underlying stock goes up, the market makers have to buy more stock to stay hedged.</p><p><blockquote>Delta对冲评级要求做市商购买股票。由于评级的性质，当标的股票价格上涨时，做市商必须购买更多股票以保持对冲。</blockquote></p><p> We might call this the call option squeeze.</p><p><blockquote>我们可能会看涨期权这是看涨期权期权挤压。</blockquote></p><p> The problem is that these moves are not based on any fundamental changes in the stocks.</p><p><blockquote>问题是，这些举措并不是基于股票的任何根本性变化。</blockquote></p><p> Not much has changed for GME stock since it was a $4 stock, and certainly not since it was a $16 stock.</p><p><blockquote>自从GME股票是4美元的股票以来，它没有太大变化，当然自从它是16美元的股票以来也没有太大变化。</blockquote></p><p></p><p> Brokerage firms are very concerned about the volatility of these moves, as they know they may face losses if customers can't cover positions. They started limiting the positions that can be taken in some of these names.</p><p><blockquote>经纪公司非常担心这些走势的波动性，因为他们知道，如果客户无法补仓，他们可能会面临损失。他们开始限制其中一些名字的位置。</blockquote></p><p> That news came on Jan. 28, which saw GameStop stock price range from over 500 to below 115.</p><p><blockquote>这一消息是在1月28日发布的，当时游戏驿站股价从500多点波动到115点以下。</blockquote></p><p> This is a trade you wanted to watch out for. While some hedge funds were hurt and some retail traders made fortunes — at least on paper — this still may end badly.</p><p><blockquote>这是你想要小心的交易。尽管一些对冲基金受到了伤害，一些散户交易者赚了钱——至少在纸面上——但这仍然可能以糟糕的结局告终。</blockquote></p><p> The helium holding these stocks up would not last forever.</p><p><blockquote>支撑这些库存的氦气不会永远持续下去。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/how-to-invest/investors-corner/short-squeeze/?src=A00220\">investors</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":{"AMC":"AMC院线","GME":"游戏驿站"},"source_url":"https://www.investors.com/how-to-invest/investors-corner/short-squeeze/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107758297","content_text":"What is it that can put a stock on a meteoric rise? This year, we have seen a number of stocks make truly staggering jumps, doubling in price on consecutive days. There are several factors that are contributing to these gargantuan moves, but one is surely the classic short squeeze.\nWhile there are some new factors at play in the markets today, the short squeeze has been around as long as shorting stock.\nWhat Is A Short Squeeze\nHere is how the short squeeze works. If traders think a stock's price is going lower, they canshort the stock. They borrow shares and sell them, with the intent of buying them back at lower prices.\nThis is mostly done by institutional investors, like hedge funds, given the risks and the margin required.\nAnd there are big risks. Stocks can theoretically go up infinitely. So a trader who is short can face theoretically infinite losses.\nSome stocks attract very high short interest, which can be viewed as the amount of shares sold short as a percentage of float, or how much stock has been issued that is available for trading.\nThe problem comes if the stock prices starts to rise quickly. Those that are short the stock will likely receive a margin call. They either have to put more money up to secure their position or close their positions.\nIf they choose to — or are forced to — close their position, they are buying the stock to close out their position. This can push the price higher and force other short sellers to do the same. This creates a reinforcing loop of buying and pushing the price higher. This is the short squeeze, as those short the market get \"squeezed\" out.\nShort Squeeze Stocks: GME\nThis is definitely part of what was happening in GameStop(GME) stock. In August of 2020, GME stock was trading for around 4.\nShares steadily climbed higher to close out 2020 just under 20 on the back of some big name investors taking stakes in the company. This attracted the short sellers, notably some big hedge funds. Then, on Jan. 13, the stock jumped to hit a high of almost 40 on huge volume.\nThat was surely the start of the short squeeze. That 40 level held for about a week. On Jan. 22, the stock jumped again, trading above 70 on the biggest volume day up to that point.\nThe next day the stock hit a high of almost 160 with similar action the next day. Then on Jan. 27 the stock doubled again, trading up to 380. The Jan. 28 high was 483.\nWhile short squeezes are nothing new, this action is unprecedented. The action is certainly partly stock buying by the Reddit group wallstreetbets.\nAnd while many are cheering that the little retail traders are beating up the big institutional shorts, it is pretty clear that other institutions are also in on this buying. Stories have popped up about Michael Burry's gains on GME stock and Elon Musk was tweeting about it.\nHedge Fund Losses\nThere are some big losses in this squeeze.\nTwo funds in particular have been hard hit. Citron Research and Melvin Capital have reportedly suffered huge losses.\nMelvin is down 30% in 2021 on the back of a GME stock short position. It turned to Steven Cohen of Point72 Capital and Chicago-based Citadel to bail it out.\nThe short squeeze is usually something inflicted by one hedge fund on another.\nThis is really the first time we have seen such trading instigated by a band of retail traders.\nOptions Trading Is Also A Big Factor\nAnother piece of this story's plot is the fact that much of the trading in GME and other names like AMC Entertainment(AMC) and BlackBerry(BB) is actually taking place in the options market.\nBullish call buying instead of buying the stock is attractive here because of the leverage it provides and the fact that the positions are limited risk.\nCalls are contracts that give the right to buy the underlying stock for a given price (strike price) until the expiration date.\nThe most that can be lost is the premium paid for the calls.\nBuying calls requires much less capital, so bigger positions can be taken by small traders.\nThis actually adds to the short squeeze effect.\nWhen retail traders buy calls, it is market makers that sell them.\nThe market makers don't want the risk of being short calls, so they do something called delta hedging.\nWhat Is Delta Hedging, And Why It Matters In A Short Squeeze\nDelta hedging calls requires the market makers to buy stock. And because of the nature of calls, when the price of the underlying stock goes up, the market makers have to buy more stock to stay hedged.\nWe might call this the call option squeeze.\nThe problem is that these moves are not based on any fundamental changes in the stocks.\nNot much has changed for GME stock since it was a $4 stock, and certainly not since it was a $16 stock.\nBrokerage firms are very concerned about the volatility of these moves, as they know they may face losses if customers can't cover positions. They started limiting the positions that can be taken in some of these names.\nThat news came on Jan. 28, which saw GameStop stock price range from over 500 to below 115.\nThis is a trade you wanted to watch out for. While some hedge funds were hurt and some retail traders made fortunes — at least on paper — this still may end badly.\nThe helium holding these stocks up would not last forever.","news_type":1,"symbols_score_info":{"AMC":0.9,"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":733,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":18,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/822139180"}
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