As Stocks Soar, Demand For Downside Risk Hedges Reaches Highest Since 2018

zerohedge2021-07-16

While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even ...

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精彩评论

33d54320
2021-07-16
33d54320
nice
leyvancs
2021-07-16
leyvancs
Like and comment and I'll do the same !
- Ck38:
  Ok pls like
- leyvancs:
  cheers
Jimmy365
2021-07-16
Jimmy365
Okokok
- Jimmy365:
  Okok
- 3a659396:
  Like
TemplarDon
2021-07-16
TemplarDon
Like and comment pls
- Jimmy365:
  Okok
Soksok
2021-07-16
Soksok
Like
- nicholastsj:
  like
- DirtyGreen:
  nice
JLSE
2021-07-16
JLSE
Like

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href=https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SPY","symbol_name":"标普500ETF","start_time":0,"source_url":"https://www.zerohedge.com/markets/stocks-soar-demand-downside-risk-hedges-reachest-highest-2018","article_id":"1108771561","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1108771561","pubTimestamp":1626400504,"sourceInfo":null,"weMediaInfo":null,"summary":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-li","collect":0,"end_time":0,"defaultTopTitle":"zerohedge.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"translate_title":"随着股市飙升，对下行风险对冲的需求达到2018年以来的最高水平","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{".DJI":0.9,".IXIC":0.9,".SPX":0.9,"SPY":0.9},"content_text":"While Small Caps have taken a kickin' recently, the broad stock market continues to ascend Icarus-like to ever higher highs on a bed of global liquidity and hope-filled dreams of a return to an even more utopian (and profitable) normal.\nThere's just one thing (well two actually, but more on that later)...\nAs stocks have hit record-er and record-er highs recently, options traders have been buying puts (downside protection) with both hands and feet...\n\nSource: Bloomberg\nAs a result,implied volatility in S&P 500 puts that look three months out reached the highest level since 2018 relative to similar call contracts.\n\nSource: Bloomberg\nSimply put, despite the appearance of price, investor anxiety is on the rise.\nAs Susquehanna International Group’s Chris Murphy pointed out in a recent note, the worry is that, should the sentiment sour, correlation between shares that recently hit fresh lows will skyrocket, making stocks drop together at the same time.\n\n“Correlation is currently so low, but if that changes, then everything starts moving together and volatility could move up quickly and the S&P could move to the downside,”Murphy said.\"They’re pricing in that shift of correlation increasing.”\n\nAnd implied correlation is starting to pick up off those near-record lows...\n\nSource: Bloomberg\nOf course, one could argue that with downside risk so well hedged, the chances of a big plunge are reduced (or the magnitude of the drop), but we suspect that doesn't apply given the retail exposure in this rally, who have never experienced anything more than a 5% drop in their long and successful 12 month trading careers.\nAnd the other group that \"ain't buying it\" is bond investorsas yields have dramatically decoupled from equity markets' exuberance in recent months...\n\nSource: Bloomberg\nIt didn't end well for stocks last time...\nSource: Bloomberg\nAnd with Powell admitting that The Fed is talking about the taper today, are options traders and bond traders sensing a catch down to reality for 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