美股接连创新高的背后，多空该如何选择？

金十数据2021-09-07

标普500指数在8月份已经有10天收盘创出纪录新高，但策略师们对于后市走势展望则产生分歧。难怪一些投资者正在增加防御性对冲。看看股票期权就明白了。标普500指数三个月看跌期权相对看涨期权的成本自6月底以来就一直在上升，并且已经高于五年平均水平。通常与经济周期更为密切相关的美国小盘股，相对于大盘股或将迎来自2011年以来的最长跑输局面。这些迹象表明，随着德尔塔毒株蔓延，并且美联储决策者在...

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kiore
2021-09-07
kiore
有只涨不跌的东西吗？

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“我们继续致力于风险资产，但对冲措施已经到位，因为虽然宏观经济状况仍然具有韧性，但一些问题可能会阻碍非常高的估值。我们认为这种环境非常脆弱。毫无疑问，货币环境正在影响经济增长。”\n\nSandrini青睐使用信贷来作为对冲股市中短期可能回调5%-7%风险的工具。他表示：\n\n “这不会是一个非常大的回调，但现在是我们进行一些对冲的时候了。”\n\n若美国银行技术分析师的预言是准确的，那么避险资产势将进一步上涨。在本周的一份报告中，他们预测美国国债正处于上升趋势的开始，同时表示看跌对经济增长敏感的股票以及石油和铜。\n但对于股市可能会下跌的观点，贝莱德全球固定收益首席投资官Rick Rieder周四表示，主要企业的强劲收益和现金流意味着美股应该能够维持创纪录的高位。\nRieder表示，在经历了过去一年半的戏剧性上涨之后，他并不担心股市的水平。他说：\n\n “\n 实际上，我认为股市根本不高。看看一些企业，自由现金流收益率非常高。”\n\nRieder指出，零售商强劲的财报和科技企业的利润率证明，即使股指创下历史新高，许多股票的回报率仍具有吸引力。他表示，有些股票确实太高了，但不是整个市场。\nRieder补充到：\n\n 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