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GabrielS
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GabrielS
2021-11-05
hhhh
@小虎活动:[Halloween Game] Trade or Treat!
GabrielS
2021-11-04
nnjkk
@小虎活动:[Halloween Game] Trade or Treat!
GabrielS
2021-11-04
hhff
@小虎活动:[Halloween Game] Trade or Treat!
GabrielS
2021-11-01
jdjsieke
@小虎活动:[Halloween Game] Trade or Treat!
GabrielS
2021-10-29
HALLOWEEN
@小虎活动:[Halloween Game] Trade or Treat!
GabrielS
2021-09-09
$Apple(AAPL)$
ndjdjejdjdj
GabrielS
2021-09-09
jfjfjrjejdje
GabrielS
2021-09-04
fhdjeheheh
GabrielS
2021-09-04
$Apple(AAPL)$
hdhdjsjd
GabrielS
2021-09-03
jfkrirjrj
GabrielS
2021-09-03
$Apple(AAPL)$
jeiriei
GabrielS
2021-09-01
$Starbucks(SBUX)$
dhejejdhdh
GabrielS
2021-09-01
dkekeiieidjd
GabrielS
2021-08-31
hdhhddhdhdh
GabrielS
2021-08-31
$Apple(AAPL)$
nehehehehehh
GabrielS
2021-08-30
jdjrjejdj
GabrielS
2021-08-30
$Apple(AAPL)$
LETS GO
GabrielS
2021-08-28
$Apple(AAPL)$
nhygfhh
GabrielS
2021-08-27
$Starbucks(SBUX)$
JEJDJEHE
GabrielS
2021-08-27
jririefufj
去老虎APP查看更多动态
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Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? 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Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2510,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":848922338,"gmtCreate":1635955329787,"gmtModify":1635955373007,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576079681958199","idStr":"3576079681958199"},"themes":[],"htmlText":"hhff","listText":"hhff","text":"hhff","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/848922338","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers! 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Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":2910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":849697824,"gmtCreate":1635749260618,"gmtModify":1635749260690,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576079681958199","idStr":"3576079681958199"},"themes":[],"htmlText":"jdjsieke","listText":"jdjsieke","text":"jdjsieke","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/849697824","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","images":[],"top":1,"highlighted":2,"essential":1,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/850756569","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":1994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":857161980,"gmtCreate":1635514573087,"gmtModify":1635514573087,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3576079681958199","idStr":"3576079681958199"},"themes":[],"htmlText":"HALLOWEEN","listText":"HALLOWEEN","text":"HALLOWEEN","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/857161980","repostId":"850756569","repostType":1,"repost":{"id":850756569,"gmtCreate":1634631211448,"gmtModify":1635853120757,"author":{"id":"36984908995200","authorId":"36984908995200","name":"小虎活动","avatar":"https://static.tigerbbs.com/9e396d03155923b283948d2dec9191f8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"36984908995200","idStr":"36984908995200"},"themes":[],"title":"[Halloween Game] Trade or Treat!","htmlText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","listText":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 <a href=\"https://www.tigerbrokers.com.sg/activity/market/2021/halloween/?lang=en_US#/\" target=\"_blank\">Tap here to play the Halloween game, and you stand a chance to win various rewards! </a> Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? Each player has 30 seconds to catch falling candies while av","text":"Hello, dear Tigers! Happy Halloween! 🎃🎃🎃 Tap here to play the Halloween game, and you stand a chance to win various rewards! Promotion Period: October 27, 2021 18:00 - November 9, 2021 18:00 (SGT) 1. How to Participate? All Tiger clients may collect points which can be used to redeem rewards by taking part in the Trade or Treating Game. All existing Tiger clients will have 2 game attempts. Clients can get more game attempts by completing different tasks, such as 'Invite a friend' or 'Share Halloween Game'. 2. How to collect points? 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like","listText":"help like","text":"help like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/895854939","repostId":"1115545302","repostType":4,"repost":{"id":"1115545302","kind":"news","pubTimestamp":1628734190,"share":"https://www.laohu8.com/m/news/1115545302?lang=zh_CN&edition=full","pubTime":"2021-08-12 10:09","market":"hk","language":"en","title":"Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115545302","media":"Reuters","summary":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer pric","content":"<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透8月12日-中国电动汽车制造商理想汽车周四在港交所首次上市,股价较118港元的发行价下跌2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在香港的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三,在纽约上市的理想汽车股价上涨1.1%,首次开盘走软。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>每股118港元,较8月3日香港交易启动前纽约股票交易价格折价3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车原本打算筹集更多资金,但该股上周四在美国股价最终确定之前下跌了4%,这降低了投资者愿意支付的金额。</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>Li Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</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{ 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}\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\">\nLi Auto shares fall 2.1% in Hong Kong debut<blockquote>理想汽车股价在港首日下跌2.1%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Reuters</strong><span class=\"h-time small\">2021-08-12 10:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.</p><p><blockquote>路透8月12日-中国电动汽车制造商理想汽车周四在港交所首次上市,股价较118港元的发行价下跌2.1%。</blockquote></p><p> The company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.</p><p><blockquote>该公司在香港的双重主要上市中以每股118港元的价格筹集了15.2亿美元。</blockquote></p><p> Hong Kong's Hang Seng Index(.HSI)was flat in early trade.</p><p><blockquote>恒生指数(.HSI)早盘持平。</blockquote></p><p> The weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.</p><p><blockquote>周三,在纽约上市的理想汽车股价上涨1.1%,首次开盘走软。</blockquote></p><p> At HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.</p><p><blockquote>每股118港元,较8月3日香港交易启动前纽约股票交易价格折价3.2%。</blockquote></p><p> Li Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.</p><p><blockquote>理想汽车原本打算筹集更多资金,但该股上周四在美国股价最终确定之前下跌了4%,这降低了投资者愿意支付的金额。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/\">Reuters</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":{"02015":"理想汽车-W","LI":"理想汽车"},"source_url":"https://www.reuters.com/business/autos-transportation/li-auto-shares-fall-21-hong-kong-debut-2021-08-12/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115545302","content_text":"Aug 12 (Reuters) - Chinese electric vehicle maker Li Auto shares slipped 2.1% below their offer price of HK$118 in the company's trading debut at the Hong Kong Stock Exchange on Thursday.\nThe company raised $1.52 billion by pricing its stock at HK$118 each in its dual primary listing in the city.\nHong Kong's Hang Seng Index(.HSI)was flat in early trade.\nThe weaker debut followed a 1.1% rise in New York-listed Li Auto shares on Wednesday.\nAt HK$118 each, the price represented a 3.2% discount to the level where the New York stock was trading at before the Hong Kong deal was launched on Aug. 3.\nLi Auto had aimed to raise more but the stock dropped 4% in the United States last Thursday before the price was finalised which reduced the amount investors were willing to pay.","news_type":1,"symbols_score_info":{"02015":0.9,"LI":0.9}},"isVote":1,"tweetType":1,"viewCount":377,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":803151480,"gmtCreate":1627429306240,"gmtModify":1631885592979,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576079681958199","authorIdStr":"3576079681958199"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>HAHAHSUSAHSY","listText":"<a href=\"https://laohu8.com/S/C6L.SI\">$SINGAPORE AIRLINES LTD(C6L.SI)$</a>HAHAHSUSAHSY","text":"$SINGAPORE AIRLINES LTD(C6L.SI)$HAHAHSUSAHSY","images":[{"img":"https://static.tigerbbs.com/d094813d9acd67326582e0a4db5a9ab0","width":"1242","height":"1767"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/803151480","isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":160664353,"gmtCreate":1623796403272,"gmtModify":1634028226321,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576079681958199","authorIdStr":"3576079681958199"},"themes":[],"htmlText":"wowww","listText":"wowww","text":"wowww","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/160664353","repostId":"1187337744","repostType":4,"repost":{"id":"1187337744","kind":"news","pubTimestamp":1623770439,"share":"https://www.laohu8.com/m/news/1187337744?lang=zh_CN&edition=full","pubTime":"2021-06-15 23:20","market":"us","language":"en","title":"FOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻:“就像泰坦尼克号全速行驶。在雾中。在夜晚”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1187337744","media":"zerohedge","summary":"Perhaps it's prudent to ease up on the throttle.","content":"<p>There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.</p><p><blockquote>本周有一个FOMC会议,我们预计周三下午2:00会有一份政策声明。许多评论人士称这次FOMC会议是近年来“最重要的”会议。</blockquote></p><p> <u><i><b>Big picture … did the Fed move the goal posts?</b></i></u></p><p><blockquote><u><i><b>大局…美联储移动了球门柱吗?</b></i></u></blockquote></p><p> Let's look at some numbers.</p><p><blockquote>我们来看一些数字。</blockquote></p><p> Monthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -<b>these are real scary when they're annualized</b>.</p><p><blockquote>月度通胀:工资增长+.5%,PCE+.7%,PPI+.6%,CPI+.7%-<b>当它们按年计算时,真的很可怕</b>.</blockquote></p><p> GDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.</p><p><blockquote>在下一次报告中,国内生产总值预计为6.4%,失业率预计为5.5%。</blockquote></p><p> With these numbers, U.S. monetary is still \"<b>all in.\"</b></p><p><blockquote>有了这些数字,美国货币仍然“<b>全押。”</b></blockquote></p><p> Overnight rates are at 0% and QE running at $120 billion a month.</p><p><blockquote>隔夜利率为0%,量化宽松每月投入1200亿美元。</blockquote></p><p> <b>On top of that, there will be more stimulus as the economy continues to reopen.</b></p><p><blockquote><b>最重要的是,随着经济继续重新开放,将会有更多刺激措施。</b></blockquote></p><p> In my book, this economic situation calls for attention.</p><p><blockquote>在我的书中,这种经济形势引起了评级的关注。</blockquote></p><p> <u><i><b>It's like the Titanic running at full speed. In fog. At night.</b></i></u></p><p><blockquote><u><i><b>就像全速行驶的泰坦尼克号。在雾中。在晚上。</b></i></u></blockquote></p><p> Perhaps it's prudent to ease up on the throttle.</p><p><blockquote>也许放松油门是谨慎的做法。</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>FOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻:“就像泰坦尼克号全速行驶。在雾中。在夜晚”</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\">\nFOMC Preview: \"It's Like The Titanic Running At Full Speed. In Fog. At Night\"<blockquote>FOMC前瞻:“就像泰坦尼克号全速行驶。在雾中。在夜晚”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 23:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p>There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.</p><p><blockquote>本周有一个FOMC会议,我们预计周三下午2:00会有一份政策声明。许多评论人士称这次FOMC会议是近年来“最重要的”会议。</blockquote></p><p> <u><i><b>Big picture … did the Fed move the goal posts?</b></i></u></p><p><blockquote><u><i><b>大局…美联储移动了球门柱吗?</b></i></u></blockquote></p><p> Let's look at some numbers.</p><p><blockquote>我们来看一些数字。</blockquote></p><p> Monthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -<b>these are real scary when they're annualized</b>.</p><p><blockquote>月度通胀:工资增长+.5%,PCE+.7%,PPI+.6%,CPI+.7%-<b>当它们按年计算时,真的很可怕</b>.</blockquote></p><p> GDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.</p><p><blockquote>在下一次报告中,国内生产总值预计为6.4%,失业率预计为5.5%。</blockquote></p><p> With these numbers, U.S. monetary is still \"<b>all in.\"</b></p><p><blockquote>有了这些数字,美国货币仍然“<b>全押。”</b></blockquote></p><p> Overnight rates are at 0% and QE running at $120 billion a month.</p><p><blockquote>隔夜利率为0%,量化宽松每月投入1200亿美元。</blockquote></p><p> <b>On top of that, there will be more stimulus as the economy continues to reopen.</b></p><p><blockquote><b>最重要的是,随着经济继续重新开放,将会有更多刺激措施。</b></blockquote></p><p> In my book, this economic situation calls for attention.</p><p><blockquote>在我的书中,这种经济形势引起了评级的关注。</blockquote></p><p> <u><i><b>It's like the Titanic running at full speed. In fog. At night.</b></i></u></p><p><blockquote><u><i><b>就像全速行驶的泰坦尼克号。在雾中。在晚上。</b></i></u></blockquote></p><p> Perhaps it's prudent to ease up on the throttle.</p><p><blockquote>也许放松油门是谨慎的做法。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.zerohedge.com/markets/fomc-preview-its-titanic-running-full-speed-fog-night\">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":{"SPY":"标普500ETF",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.zerohedge.com/markets/fomc-preview-its-titanic-running-full-speed-fog-night","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187337744","content_text":"There's an FOMC meeting this week and we are expecting a policy statement at 2:00 PM on Wednesday. Many commentators are calling this FOMC meeting the \"most important\" in recent years.\nBig picture … did the Fed move the goal posts?\nLet's look at some numbers.\nMonthly inflation: wage growth +.5%, PCE +.7%, PPI +.6%, CPI +.7% -these are real scary when they're annualized.\nGDP is projected to be 6.4% and the unemployment rate is projected to be 5.5% at the next report.\nWith these numbers, U.S. monetary is still \"all in.\"\nOvernight rates are at 0% and QE running at $120 billion a month.\nOn top of that, there will be more stimulus as the economy continues to reopen.\nIn my book, this economic situation calls for attention.\nIt's like the Titanic running at full speed. In fog. At night.\nPerhaps it's prudent to ease up on the throttle.","news_type":1,"symbols_score_info":{".IXIC":0.9,".SPX":0.9,".DJI":0.9,"SPY":0.9}},"isVote":1,"tweetType":1,"viewCount":357,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164263963,"gmtCreate":1624208473752,"gmtModify":1634009456753,"author":{"id":"3576079681958199","authorId":"3576079681958199","name":"GabrielS","avatar":"https://static.tigerbbs.com/db2b1d5dba73d167a691afddd6986348","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3576079681958199","authorIdStr":"3576079681958199"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>FOR COKNS","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>FOR COKNS","text":"$Apple(AAPL)$FOR 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21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境:周五2万亿美元伽马到期将如何影响市场</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周,在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时,我们表示,这段异常的市场平静期可能会持续到本周五的“四女巫”,届时大量的gamma和delta到期并去风险,在此过程中消除了股票的自然下行缓冲之一(请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”)。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此,高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时,预览了即将到来的6月份到期,他称之为“规模很大——与典型的季度相当”。具体而言,<b>周五有1.8万亿美元的SPX期权到期,此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而,尽管这些总数很大,<b>根据指数规模进行调整后,当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是,根据高盛的估计,combos账户<b>对于15-20%的SPX期权,</b>因此,调整后的未平仓合约总额将达到1.5万亿美元,仍远高于即将到期的单一股票未平仓合约总额(7750亿美元)。此外,由于股市处于历史高位,预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示,双峰在3900和4150。这意味着周五之后,在伽马被重新填充之前,这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况,并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%,为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比;AMC上周是个股中合约量最高的(但名义交易量为70亿美元/天,远低于AMZN领先的1200亿美元/天),同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后,正如野村证券的Charlie McElligott上周首次指出的那样,高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的,在这种情况下,Fishman呼应了我们上周所说的,即“一旦头寸变得更加干净,已实现波动性可能会回升。”</b>与此同时,VIX期货相对于SPX的贝塔值上升表明,投资者预计,如果市场抛售,空头伽马动态将会回升。翻译:<u><b>在抛售中,市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时,与最新的备忘录股票挤压保持一致,高盛还指出,虽然单一股票期权交易量仍然很高,但远低于第一季度的峰值。最近几周,由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上,导致过去两周合约交易量大幅上涨,但名义交易量并未与之匹配。在根据股市规模调整名义成交量时,高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点,这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察,即短期SPX期权(每周)和远离季度的趋势仍在继续,这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一,也是为什么随着到期时间的临近,其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样,投资者越来越多地采用SPX到期的完整日历,包括每周一和周三的到期,因为他们围绕事件调整了自己的观点。事实上,<b>第三个周五到期的SPX期权交易量百分比处于历史最低点,</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量:高盛提出了一个兴趣——“在某种程度上,做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马,他们可能会积极交易超短期SPX指数期权的多头头寸,以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要?因为如果这种趋势足够大,它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是,通过增加单一名称“最受做空的名称”,散户投资者正在市场的其他部分迎来一段非正统的平静时期!</b></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>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境:周五2万亿美元伽马到期将如何影响市场</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; 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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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets<blockquote>四女巫困境:周五2万亿美元伽马到期将如何影响市场</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">zerohedge</strong><span class=\"h-time small\">2021-06-15 21:02</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p><p><blockquote>上周,在讨论将VIX推至新冠大流行爆发以来的最低水平的市场夏季低迷时,我们表示,这段异常的市场平静期可能会持续到本周五的“四女巫”,届时大量的gamma和delta到期并去风险,在此过程中消除了股票的自然下行缓冲之一(请参阅“市场低迷随着下周五的Op-Ex而结束的4个原因”)。</blockquote></p><p> So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p><p><blockquote>因此,高盛内部衍生品专家洛基·菲什曼(Rocky Fishman)在谈到周五“可能影响市场的运营支出”的话题时,预览了即将到来的6月份到期,他称之为“规模很大——与典型的季度相当”。具体而言,<b>周五有1.8万亿美元的SPX期权到期,此外还有2400亿美元的SPDR标普500指数ETF期权以及2000亿美元的SPX和SPX E-mini期货期权。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p><p><blockquote>然而,尽管这些总数很大,<b>根据指数规模进行调整后,当前现货10%以内的到期期权数量比过去十年中的任何一个季度都要少。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p><p><blockquote>值得注意的是,根据高盛的估计,combos账户<b>对于15-20%的SPX期权,</b>因此,调整后的未平仓合约总额将达到1.5万亿美元,仍远高于即将到期的单一股票未平仓合约总额(7750亿美元)。此外,由于股市处于历史高位,预计6月份大部分未平仓合约均低于当前SPX现货价格。如下图所示,双峰在3900和4150。这意味着周五之后,在伽马被重新填充之前,这些点周围可能会有一定的“反”重力。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p><p><blockquote>这位高盛策略师随后解释了他认为低于已实现市场波动率的异常低水平的情况,并指出——正如我们上周讨论的——这与多头伽马头寸一致。考虑一下SPX<b>过去13个交易日的已实现波动率仅为5.1%,为2019年以来最低的13天已实现波动率。</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p><p><blockquote>这与单一股票市场部分地区的极端波动形成鲜明对比;AMC上周是个股中合约量最高的(但名义交易量为70亿美元/天,远低于AMZN领先的1200亿美元/天),同期已实现成交量接近400%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p><p><blockquote>然后,正如野村证券的Charlie McElligott上周首次指出的那样,高盛的衍生品团队同意<b>极低的SPX已实现波动性与6月18日离开“华尔街”多头指数gamma的可能性是一致的,在这种情况下,Fishman呼应了我们上周所说的,即“一旦头寸变得更加干净,已实现波动性可能会回升。”</b>与此同时,VIX期货相对于SPX的贝塔值上升表明,投资者预计,如果市场抛售,空头伽马动态将会回升。翻译:<u><b>在抛售中,市场将变得更加波动。</b></u></blockquote></p><p> <img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p><p><blockquote>与此同时,与最新的备忘录股票挤压保持一致,高盛还指出,虽然单一股票期权交易量仍然很高,但远低于第一季度的峰值。最近几周,由散户驱动的所有单一股票期权活动的很大比例以及散户活动的预测价值都提高了对单一股票期权市场的关注。近期单一股票期权活动的增长主要集中在低股价股票上,导致过去两周合约交易量大幅上涨,但名义交易量并未与之匹配。在根据股市规模调整名义成交量时,高盛发现过去两周单只股票成交量实际上一直处于2021年区间的低点,这意味着最新的上涨几乎没有伽马挤压成分。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p><p> One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p><p><blockquote>我们最近讨论的最后一点是高盛的观察,即短期SPX期权(每周)和远离季度的趋势仍在继续,这与散户参与交易的不断增加相一致。这也是周五SPX到期时间小于最近许多季度的原因之一,也是为什么随着到期时间的临近,其交易量一直在下降的原因之一。</blockquote></p><p> As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p><p><blockquote>正如高盛所解释的那样,投资者越来越多地采用SPX到期的完整日历,包括每周一和周三的到期,因为他们围绕事件调整了自己的观点。事实上,<b>第三个周五到期的SPX期权交易量百分比处于历史最低点,</b>现在低于周一和周三到期的百分比。超短期交易量增加的一个解释是强劲的单一股票交易量:高盛提出了一个兴趣——“在某种程度上,做市商无法弥补散户投资者看涨期权买入产生的单一股票空头伽马,他们可能会积极交易超短期SPX指数期权的多头头寸,以抵消这种伽马。”</blockquote></p><p> <img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></p><p><blockquote>为什么这很重要?因为如果这种趋势足够大,它会直接导致低隐含和实现的相关性。<b>具有讽刺意味的是,通过增加单一名称“最受做空的名称”,散户投资者正在市场的其他部分迎来一段非正统的平静时期!</b></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">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",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the 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