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2021-10-13
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What Is A Short Squeeze And What Is Going On In GameStop, AMC<blockquote>什么是空头挤压以及游戏驿站、AMC 正在发生什么</blockquote>
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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>是什么让一只股票暴涨？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空头挤压。</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>虽然今天市场上有一些新的因素在起作用，但只要做空股票，挤空就一直存在。</blockquote></p><p> What Is A Short Squeeze</p><p><blockquote>什么是挤空</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>以下是空头挤压的工作原理。如果交易者认为一只股票的价格正在走低，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>考虑到风险和所需的保证金，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>而且有很大的风险。股票理论上可以无限上涨。因此，理论上做空的交易者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，或者已经发行了多少可供交易的股票。</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，他们就会购买股票来平仓。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被“挤出”出来。</blockquote></p><p> Short Squeeze Stocks: GME</p><p><blockquote>挤空股票：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<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>在一些大牌投资者入股该公司的推动下，2020 年股价稳步攀升，收盘时略低于 20。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，该股在巨大的成交量下跃升至近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 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 点。</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。然后在 1 月 27 日，该股再次翻了一番，交易价格达到 380 点。1月28日的最高点是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>虽然挤空并不是什么新鲜事，但这一行动是前所未有的。这一行动在一定程度上肯定是 Reddit 群组 wallstreetbets 的股票购买。</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零售商正在击败大型机构空头，但很明显，其他机构也参与了这次购买。有关迈克尔·伯里 (Michael Burry) 上涨 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>这种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，Melvin 2021 年股价下跌 30%。它向Point72 Capital和芝加哥Citadel的史蒂文·科恩求助。</blockquote></p><p> The short squeeze is usually something inflicted by one hedge fund on another.</p><p><blockquote>挤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交易员煽动的这种交易。</blockquote></p><p> Options Trading Is Also A Big Factor</p><p><blockquote>期权交易也是一个重要因素</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）实际上发生在期权市场。</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>看涨的看涨期权买入而不是购买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>最多可能损失的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>当零售商购买评级时，是做市商出售。</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>做市商不希望承担做空评级的风险，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>什么是三角洲对冲，以及为什么它在空头挤压中很重要</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。而且由于评级的性质，当标的股票价格上涨时，做市商不得不购买更多的股票来保持对冲。</blockquote></p><p> We might call this the call option squeeze.</p><p><blockquote>我们可能会挤压看涨期权这个看涨期权选项。</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，这些走势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>GME 股票自 4 美元以来没有太大变化，当然自 16 美元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举措的波动性，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职位。</blockquote></p><p> That news came on Jan. 28, which saw GameStop stock price range from over 500 to below 115.</p><p><blockquote>该消息于 1 月 28 日传出，游戏驿站股价从 500 多点涨至 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>这是你要小心的交易。尽管一些对冲基金受到伤害，一些散户交易员发了财——至少在纸面上是这样——但这仍可能以糟糕的结局收场。</blockquote></p><p> The helium holding these stocks up would not last forever.</p><p><blockquote>持有这些股票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>什么是空头挤压以及游戏驿站、AMC 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>什么是空头挤压以及游戏驿站、AMC 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>是什么让一只股票暴涨？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空头挤压。</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>虽然今天市场上有一些新的因素在起作用，但只要做空股票，挤空就一直存在。</blockquote></p><p> What Is A Short Squeeze</p><p><blockquote>什么是挤空</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>以下是空头挤压的工作原理。如果交易者认为一只股票的价格正在走低，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>考虑到风险和所需的保证金，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>而且有很大的风险。股票理论上可以无限上涨。因此，理论上做空的交易者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，或者已经发行了多少可供交易的股票。</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，他们就会购买股票来平仓。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被“挤出”出来。</blockquote></p><p> Short Squeeze Stocks: GME</p><p><blockquote>挤空股票：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<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>在一些大牌投资者入股该公司的推动下，2020 年股价稳步攀升，收盘时略低于 20。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，该股在巨大的成交量下跃升至近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 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 点。</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。然后在 1 月 27 日，该股再次翻了一番，交易价格达到 380 点。1月28日的最高点是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>虽然挤空并不是什么新鲜事，但这一行动是前所未有的。这一行动在一定程度上肯定是 Reddit 群组 wallstreetbets 的股票购买。</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零售商正在击败大型机构空头，但很明显，其他机构也参与了这次购买。有关迈克尔·伯里 (Michael Burry) 上涨 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>这种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，Melvin 2021 年股价下跌 30%。它向Point72 Capital和芝加哥Citadel的史蒂文·科恩求助。</blockquote></p><p> The short squeeze is usually something inflicted by one hedge fund on another.</p><p><blockquote>挤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交易员煽动的这种交易。</blockquote></p><p> Options Trading Is Also A Big Factor</p><p><blockquote>期权交易也是一个重要因素</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）实际上发生在期权市场。</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>看涨的看涨期权买入而不是购买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>最多可能损失的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>当零售商购买评级时，是做市商出售。</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>做市商不希望承担做空评级的风险，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>什么是三角洲对冲，以及为什么它在空头挤压中很重要</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。而且由于评级的性质，当标的股票价格上涨时，做市商不得不购买更多的股票来保持对冲。</blockquote></p><p> We might call this the call option squeeze.</p><p><blockquote>我们可能会挤压看涨期权这个看涨期权选项。</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，这些走势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>GME 股票自 4 美元以来没有太大变化，当然自 16 美元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举措的波动性，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职位。</blockquote></p><p> That news came on Jan. 28, which saw GameStop stock price range from over 500 to below 115.</p><p><blockquote>该消息于 1 月 28 日传出，游戏驿站股价从 500 多点涨至 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>这是你要小心的交易。尽管一些对冲基金受到伤害，一些散户交易员发了财——至少在纸面上是这样——但这仍可能以糟糕的结局收场。</blockquote></p><p> The helium holding these stocks up would not last forever.</p><p><blockquote>持有这些股票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":{"GME":0.9,"AMC":0.9}},"isVote":1,"tweetType":1,"viewCount":1288,"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":10,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/822696230"}
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