Nice_老虎社区_美港股上老虎

2021-09-30

Nice

Energy Is Rallying. How to Play It With Options.<blockquote>能量正在聚集。如何玩期权？</blockquote>

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":865508759,"tweetId":"865508759","gmtCreate":1632995121580,"gmtModify":1632995121684,"author":{"id":4094442182175710,"idStr":"4094442182175710","authorId":4094442182175710,"authorIdStr":"4094442182175710","name":"T0000025138","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body>Nice</body></html>","htmlText":"<html><head></head><body>Nice</body></html>","text":"Nice","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/865508759","repostId":1130990623,"repostType":4,"repost":{"id":"1130990623","kind":"news","pubTimestamp":1632993577,"share":"https://www.laohunote.com/m/news/1130990623?lang=zh_CN&edition=full","pubTime":"2021-09-30 17:19","market":"us","language":"en","title":"Energy Is Rallying. How to Play It With Options.<blockquote>能量正在聚集。如何玩期权？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1130990623","media":"Barrons","summary":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what","content":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.<blockquote>能源市场可能很快就会给这个已经习惯于随时随地得到想要的东西的世界带来惨痛的教训，而且几乎是即时的。</blockquote> Demand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to&nbsp;the front of the market’s narrative. <blockquote>需求似乎超过了供应，这造成了石油和天然气市场的失衡。几个月来，大宗商品分析师一直在担心稀缺问题，而过去一周的事态发展则将这些担忧推到了市场的风口浪尖。</blockquote> Oil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The&nbsp;Energy Select SPDR&nbsp;exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the&nbsp;S&amp;P 500 index’s&nbsp;more than 2% decline.<blockquote>油价正在飙升。它们处于多年来的高点。周二，当股价暴跌、债券收益率飙升时，能源行业表现出了非凡的实力。能源精选 SPDR 交易所交易基金（股票代码：XLE）上涨了 0.32%，与标普500指数 2% 以上的跌幅相比，涨幅似乎很小。</blockquote> Many of the ETF’s components surged sharply higher—&nbsp;Schlumberger&nbsp;(SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.<blockquote>ETF 的许多成分股大幅走高，例如斯伦贝谢 (SLB) 的涨幅超过 2%。在股市一段时间以来最弱的时候，该行业的虚张声势并没有被忽视。许多投资者可能会试图挑选赢家，因为他们相信最好的股票将跑赢整个行业。</blockquote> The thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.<blockquote>这种想法总体上是合理的，但能源投资是一项微妙的、往往不稳定和周期性的追求。可以说，最好借鉴机构交易员的策略--购买 ETF 或 ETF 期权，以获得对投资主题的广泛投资。</blockquote> An ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.<blockquote>ETF交易提供了对可投资主题的即时投资。它为投资者提供了时间进行必要的研究来挑选顶级股票，或者他们只是拥有 ETF 并乘着出现的任何潮流。</blockquote> The Energy Select SPDR ETF’s top 10 holdings include&nbsp;Exxon Mobil&nbsp;(XOM),Chevron&nbsp;(CVX),EOG Resources&nbsp;(EOG),ConocoPhillips&nbsp;(COP), Schlumberger,Marathon Petroleum&nbsp;(MPC),Pioneer Natural Resources&nbsp;(PXD),Kinder Morgan&nbsp;(KMI),Williams&nbsp;(WMB), and&nbsp;Phillips 66&nbsp;(PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.<blockquote>Energy Select SPDR ETF 的前 10 大持股包括埃克森美孚 (XOM)、雪佛龙 (CVX)、EOG Resources (EOG)、康菲石油公司 (COP)、斯伦贝谢、马拉松石油公司 (MPC)、先锋自然资源公司 (PXD)、金德摩根 (KMI)、威廉姆斯 (WMB) 和菲利普斯 66 (PSX)。这些股票是能源行业的名人录，对能源价格上涨提供了广泛的风险敞口。</blockquote> The ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.<blockquote>该 ETF 的交易价格处于去年交易区间的顶端，这也是激进、有风险意识的投资者可能会考虑使用期权策略而不是购买该基金的原因之一。期权的成本低于标的股票，这意味着如果能源市场动态突然发生变化，面临的风险就会更少。</blockquote> With the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&amp;P 500.<blockquote>ETF 价格为 52.89 美元，您可以以约 2.31 美元的价格购买 12 月 55 美元的看涨期权期权。如果 XLE 到期时处于或高于 57.31 美元（执行价格加上溢价），则交易是有利可图的。例如，看涨期权售价 60 美元，价值 5 美元。在过去 52 周内，该 ETF 的价格范围为 26.98 美元至 56.65 美元。今年上涨了 40%，而标普500的涨幅为 16%。</blockquote> The trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.<blockquote>该交易的盈利能力取决于 ETF 达到更高的交易区间，如果有关油价和供应的悲观预测成真，这可能会成为现实。</blockquote> Investors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.<blockquote>希望以较低价格买入 XLE 的投资者可能会考虑 “风险逆转 ”交易--卖出下跌看跌期权，买入上涨看涨期权。这种策略是本专栏最喜欢的，它通常使投资者能够免费从反弹中获利，以换取同意以较低价格购买证券。</blockquote> Where this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.<blockquote>谁也说不准。期权提供了一种在未来三个月内租赁该主题敞口的方式，为投资者提供了宝贵的时间来评估市场转折，这对一些人来说是旧闻，对另一些人来说则是威胁和机遇。</blockquote>","source":"lsy1601382232898","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>Energy Is Rallying. How to Play It With Options.<blockquote>能量正在聚集。如何玩期权？</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\">\nEnergy Is Rallying. How to Play It With Options.<blockquote>能量正在聚集。如何玩期权？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-09-30 17:19\n\n</h4>\n</header>\n<article>\nThe energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.<blockquote>能源市场可能很快就会给这个已经习惯于随时随地得到想要的东西的世界带来惨痛的教训，而且几乎是即时的。</blockquote> Demand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to&nbsp;the front of the market’s narrative. <blockquote>需求似乎超过了供应，这造成了石油和天然气市场的失衡。几个月来，大宗商品分析师一直在担心稀缺问题，而过去一周的事态发展则将这些担忧推到了市场的风口浪尖。</blockquote> Oil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The&nbsp;Energy Select SPDR&nbsp;exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the&nbsp;S&amp;P 500 index’s&nbsp;more than 2% decline.<blockquote>油价正在飙升。它们处于多年来的高点。周二，当股价暴跌、债券收益率飙升时，能源行业表现出了非凡的实力。能源精选 SPDR 交易所交易基金（股票代码：XLE）上涨了 0.32%，与标普500指数 2% 以上的跌幅相比，涨幅似乎很小。</blockquote> Many of the ETF’s components surged sharply higher—&nbsp;Schlumberger&nbsp;(SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.<blockquote>ETF 的许多成分股大幅走高，例如斯伦贝谢 (SLB) 的涨幅超过 2%。在股市一段时间以来最弱的时候，该行业的虚张声势并没有被忽视。许多投资者可能会试图挑选赢家，因为他们相信最好的股票将跑赢整个行业。</blockquote> The thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.<blockquote>这种想法总体上是合理的，但能源投资是一项微妙的、往往不稳定和周期性的追求。可以说，最好借鉴机构交易员的策略--购买 ETF 或 ETF 期权，以获得对投资主题的广泛投资。</blockquote> An ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.<blockquote>ETF交易提供了对可投资主题的即时投资。它为投资者提供了时间进行必要的研究来挑选顶级股票，或者他们只是拥有 ETF 并乘着出现的任何潮流。</blockquote> The Energy Select SPDR ETF’s top 10 holdings include&nbsp;Exxon Mobil&nbsp;(XOM),Chevron&nbsp;(CVX),EOG Resources&nbsp;(EOG),ConocoPhillips&nbsp;(COP), Schlumberger,Marathon Petroleum&nbsp;(MPC),Pioneer Natural Resources&nbsp;(PXD),Kinder Morgan&nbsp;(KMI),Williams&nbsp;(WMB), and&nbsp;Phillips 66&nbsp;(PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.<blockquote>Energy Select SPDR ETF 的前 10 大持股包括埃克森美孚 (XOM)、雪佛龙 (CVX)、EOG Resources (EOG)、康菲石油公司 (COP)、斯伦贝谢、马拉松石油公司 (MPC)、先锋自然资源公司 (PXD)、金德摩根 (KMI)、威廉姆斯 (WMB) 和菲利普斯 66 (PSX)。这些股票是能源行业的名人录，对能源价格上涨提供了广泛的风险敞口。</blockquote> The ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.<blockquote>该 ETF 的交易价格处于去年交易区间的顶端，这也是激进、有风险意识的投资者可能会考虑使用期权策略而不是购买该基金的原因之一。期权的成本低于标的股票，这意味着如果能源市场动态突然发生变化，面临的风险就会更少。</blockquote> With the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&amp;P 500.<blockquote>ETF 价格为 52.89 美元，您可以以约 2.31 美元的价格购买 12 月 55 美元的看涨期权期权。如果 XLE 到期时处于或高于 57.31 美元（执行价格加上溢价），则交易是有利可图的。例如，看涨期权售价 60 美元，价值 5 美元。在过去 52 周内，该 ETF 的价格范围为 26.98 美元至 56.65 美元。今年上涨了 40%，而标普500的涨幅为 16%。</blockquote> The trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.<blockquote>该交易的盈利能力取决于 ETF 达到更高的交易区间，如果有关油价和供应的悲观预测成真，这可能会成为现实。</blockquote> Investors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.<blockquote>希望以较低价格买入 XLE 的投资者可能会考虑 “风险逆转 ”交易--卖出下跌看跌期权，买入上涨看涨期权。这种策略是本专栏最喜欢的，它通常使投资者能够免费从反弹中获利，以换取同意以较低价格购买证券。</blockquote> Where this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.<blockquote>谁也说不准。期权提供了一种在未来三个月内租赁该主题敞口的方式，为投资者提供了宝贵的时间来评估市场转折，这对一些人来说是旧闻，对另一些人来说则是威胁和机遇。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"EOG":"依欧格资源","WMB":"威廉姆斯","COP":"康菲石油","XOM":"埃克森美孚","PSX":"Phillips 66","MPC":"马拉松原油","CVX":"雪佛龙","XLE":"SPDR能源指数ETF","PXD":"先锋自然资源","KMI":"金德尔摩根","SLB":"斯伦贝谢"},"source_url":"https://www.barrons.com/articles/energy-is-rallying-how-to-play-it-with-options-51632990601?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130990623","content_text":"The energy market may soon deliver a hard lesson to a world that has grown accustomed to having what it wants whenever it wants it, and almost instantaneously.\nDemand seems to be exceeding supply, and that is creating imbalances in the oil and natural-gas markets. Commodities analysts have fretted about scarcity for months, and developments this past week have brought those concerns to the front of the market’s narrative. \n\nOil prices are surging. They are at multiyear highs. On Tuesday, when stock prices tumbled, and bond yields spiked, the energy sector demonstrated extraordinary strength. The Energy Select SPDR exchange-traded fund (ticker: XLE) rose 0.32%, which seems tiny until you compare it with the S&P 500 index’s more than 2% decline.\nMany of the ETF’s components surged sharply higher— Schlumberger (SLB), for instance, rose more than 2%. The sector’s bravado performance when the stock market was the weakest it has been in some time hasn’t gone unnoticed. Many investors will likely try to pick winners on the belief that a best-of-breed stock will outperform the entire sector.\n\nThe thinking is generally sound, but energy investing is a nuanced, often volatile and cyclical pursuit. It is arguably better to borrow a trick from the institutional trader’s playbook—buy an ETF, or options on an ETF, to get broad exposure to an investment theme.\nAn ETF trade offers immediate exposure to an investible theme. It provides investors time to do the necessary research to pick top stocks, or they simply own the ETF and ride whatever currents emerge.\nThe Energy Select SPDR ETF’s top 10 holdings include Exxon Mobil (XOM),Chevron (CVX),EOG Resources (EOG),ConocoPhillips (COP), Schlumberger,Marathon Petroleum (MPC),Pioneer Natural Resources (PXD),Kinder Morgan (KMI),Williams (WMB), and Phillips 66 (PSX). The stocks are a who’s who of the energy sector and provide broad exposure to rising energy prices.\nThe ETF is trading toward the top of the past year’s trading range, which is one reason why aggressive, risk-minded investors might want to consider using an options strategy in lieu of buying the fund. Options cost less money than the underlying equity, which means less money is at risk should something suddenly change the energy market’s dynamics.\nWith the ETF at $52.89, you could buy the December $55 call option for about $2.31. If XLE is at or above $57.31 at expiration—the strike price plus the premium—the trade is profitable. At $60, for instance, the call is worth $5. During the past 52 weeks, the ETF has ranged from $26.98 to $56.65. It is up 40% this year, compared with a 16% gain for the S&P 500.\nThe trade’s profitability is predicated on the ETF reaching a higher trading range, which could become a reality if the gloomy predictions about oil prices and supply prove true.\nInvestors who would buy XLE at a lower price might consider a “risk reversal” trade—selling a downside put option and buying an upside call. The strategy, a favorite of this column, often enables investors to profit from rallies for free in return for agreeing to buy a security at a lower price.\nWhere this will end is anyone’s guess. Options offer a way to rent exposure to the theme through the next three months, providing investors precious time to evaluate a market twist that is old news to some, and a threat and opportunity to others.","news_type":1,"symbols_score_info":{"COP":0.9,"MPC":0.9,"SLB":0.9,"CVX":0.9,"WMB":0.9,"PXD":0.9,"XOM":0.9,"XLE":0.9,"PSX":0.9,"KMI":0.9,"EOG":0.9}},"isVote":1,"tweetType":1,"viewCount":2529,"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":4,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/865508759"}