下次“逢低买入”时，有更聪明的方法

金十数据08-07

一些投资者对股市大幅震荡下跌的反应方式发生了重大变化。投资者不再急于购买标准普尔500指数看跌期权来对冲股票投资组合，而是越来越多地在其看好的股票下跌时卖出看跌期权。(卖出看跌期权意味着卖方有义务在规定期限内以规定价格买入股票）。看跌期权的卖出在经济下滑时总是会增加，但在最近的下跌过程中，看跌期权的卖出量如此之大，以至于在每天数以千万计的期权交易中显得格外突出。在最近的主要下跌中，尤其是在...

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Financial(CFG.N)、雪佛龙(CVX.N)、哈利伯顿(HAL.N)和Paypal(PYPL.O)等股票的看跌交易。\n最近在股票大跌时卖出看跌期权的热潮表明，期权市场在股市表面之下存在着一条强有力的支撑带。\n卖出看跌期权是看涨，因为这意味着投资者同意以较低的价格买入股票。这也表明，投资者在股票下跌时“逢低买入”的方式越来越精明。\n传统的“逢低买入”方式是当股票下跌时买入股票。而通过卖出看跌期权，投资者则可以通过期权市场获得买入股票的低价资金。\n如果股票在下跌后反弹走高，并在到期时高于看跌期权的行权价，投资者就可以保留卖出看跌期权所获得的资金。\n例如，如果某只股票的交易价格为50美元，而投资者以1美元的价格卖出了9月份45美元的看涨期权，那么投资者就有义务以44美元的有效价格（45美元的行使价减去卖出看跌期权所得的1美元）买入该只股票。如果到期时股价高于45美元，投资者将保留看跌期权溢价。\n几十年来，投资者的做法大多与此相反。大跌激发了大批恐慌的投资者，他们主要买入标普500指数的看跌期权来对冲风险。在大跌期间，恐慌的投资者通常对“价格不敏感”，期权市场速记表示悲观情绪如此极端，以至于看涨股票，因为投资者愿意付出任何代价来对冲股票风险。\n投资者仍然买入了大量防御性指数看跌期权，以对冲周一的下跌，但个股看跌期权卖出量如此之大，表明投资者的行为发生了重大变化。\n几十年来，一些投资者在高价指数看跌期权上浪费了大量资金，因为股票一般都会反弹，他们似乎已经明白，将其他投资者的恐惧货币化会更好。\n巨大的风险取决于投资者如何为卖出看跌期权融资。如果他们以保证金方式融资，即向经纪公司借钱，那么如果没有反弹，就会引发混乱。投资者会收到追加保证金的通知，需要筹集资金来补仓看跌期权。否则，看跌期权头寸将被经纪公司关闭，这可能会加剧股市的疲软。\n如果看跌期权销售是现金担保的，即投资者在出售看跌期权前将资金存入经纪账户购买股票，那么风险可能会减弱，因为杠杆作用会降到最低。\n对看跌期权卖出的广泛接受可能反映了一代人的变化。在许多投资者的记忆中，下跌时买入股票是毫无意义的。\n在某些时候，看跌期权卖出策略会遇到决定性的时刻。股票不会像许多投资者长期以来所经历的那样，迅速收复失地，一飞冲天。当这种情况发生时，它将是可怕的，这将决定看跌期权卖出是稳定市场的力量，还是股市表面下的“地雷”。","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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