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nuxezt
2021-09-26
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Better Gold Stock: Barrick Gold or Royal Gold
nuxezt
2021-09-24
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Friday's Market Minute: Takeaways From Another Volatile Earnings Season
nuxezt
2021-04-17
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$544 Billion In Options Expire Today: Here's What Will Move
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and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868838722","repostId":"2170614946","repostType":4,"repost":{"id":"2170614946","pubTimestamp":1632618867,"share":"https://www.laohu8.com/m/news/2170614946?lang=&edition=full","pubTime":"2021-09-26 09:14","market":"us","language":"en","title":"Better Gold Stock: Barrick Gold or Royal Gold","url":"https://stock-news.laohu8.com/highlight/detail?id=2170614946","media":"Motley Fool","summary":"If you're looking for a gold investment, should you go with a giant miner or a leading precious metals streamer?","content":"<p>The market is near all-time highs. Global debt levels are near all-time highs. Interest rates are near all-time lows. These are very good reasons why investors might want to diversify into investments that have historically been viewed as safe havens, like precious metals.</p>\n<p>There are different ways to do this, including buying a miner like <b>Barrick Gold</b> (NYSE:GOLD) or taking a bit of a different path and buying a streaming and royalty company like <b>Royal Gold</b> (NASDAQ:RGLD). Here's a rundown on why <a href=\"https://laohu8.com/S/AONE.U\">one</a> is probably a better option than the other.</p>\n<h2>Start by choosing growth</h2>\n<p>Barrick and Royal Gold share one thing in common that owning physical gold or an exchange-traded fund that invests in bullion doesn't offer -- growth. Simply put, the only upside potential for gold coins or bars is an increase in the price of gold.</p>\n<p>However, miners and streaming companies can invest in their businesses and expand. That's a key edge that makes them better long-term options for most investors looking for diversification via a gold or precious-metals investment. It's not a guarantee of success, of course, since there are risks that go along with capital-investment activity, but over time, the upside potential is probably worth the risk.</p>\n<p><img src=\"https://static.tigerbbs.com/8e880ad9fa61f7938568dde5abb78983\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>Image source: Getty Images.</p>\n<p>The interesting thing is that capital-investment risk is part of the symbiotic relationship between miners like Barrick and streamers like Royal Gold. Streaming, to simplify things, is when a company provides cash upfront to a miner for the right to buy gold (or other metals) at a future date and a reduced rate.</p>\n<p>For example, in a recent streaming deal, Royal Gold paid ERO Gold Corporation $100 million, with the potential for an additional $10 million, in exchange for the right to buy 25% of the gold from the NX Gold Mine in Brazil at 20% of the spot price. After certain production targets are hit, that rate rises to 40% of the spot price. ERO Gold, meanwhile, will use the cash to invest in the continued development of the mine.</p>\n<p>ERO Gold wins because it gets access to growth capital without having to tap the capital markets, which would increase debt levels or, if stock was issued, dilute current shareholders. Royal Gold wins because it gets to lock in low prices for gold. And both win because their businesses expand.</p>\n<p>However, for most investors, streamers will likely end up being the better way to add gold exposure to a portfolio. A look at Barrick and Royal Gold will help explain why.</p>\n<h2>Streamers have precious advantages</h2>\n<p>Barrick is one of the largest gold miners on the planet, with stakes in or complete ownership of 14 gold mines and three copper mines. Royal Gold has streaming and royalty deals with 41 producing properties. That gives Royal Gold a material edge on the diversification front, since it has more eggs spread across more baskets than Barrick.</p>\n<p>But it doesn't stop there. Royal Gold also has investments in 19 development projects and 127 investments that are in earlier stages of development and exploration. That's a total of 187 properties.</p>\n<p>Then investors need to consider costs. Building and operating mines is expensive, labor intensive, and risky. Barrick has to bear these burdens, which sometimes end up at higher levels than originally expected, but Royal Gold doesn't. Its cash investment is pre-set and known in advance.</p>\n<p>As for operating costs, Royal Gold only has around 30 employees. Barrick has more than 20,000 employees and 23,000 contractors on its payroll. They operate under totally different cost structures and work intensities. And given the dangerous nature of mining, Royal Gold's risk profile is materially lower.</p>\n<p>Yes, a mine accident will impact the amount of gold it can buy. However, the company doesn't have to deal with any of the other issues such a situation would create (like getting the mine back up and running and paying for any damage that was caused).</p>\n<p><img src=\"https://static.tigerbbs.com/63de9493698313d70b6cd398c5459cb6\" tg-width=\"720\" tg-height=\"545\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p>\n<p>RGLD Operating Margin (Annual) data by YCharts.</p>\n<p>Royal Gold has more diversification, locked in low prices for gold, and low operating costs. That leads to wide margins that tend to be resilient in both good gold markets and bad. The chart above comparing the margins of Royal Gold and Barrick bears this fact out.</p>\n<p>But take the above streaming example, in which Royal Gold's cost is set as a percentage of the spot price. That agreement locks in a generous profit margin. Barrick's costs tend to be stickier and take longer to adjust, so falling gold prices can lead to a material drop in margins.</p>\n<p>On the flip side, rising gold prices can lead to larger margin improvements for Barrick, but most investors shouldn't be trying to time moves in gold prices. Thus, Royal Gold's model, which is more resilient through the commodity cycle, stands out as a better option.</p>\n<h2>This is why you want a streamer</h2>\n<p>Streaming and royalty companies like Royal Gold are a little outside the normal path for many investors. However, if you're looking for a way to add precious metals to your portfolio, it pays to dig in and get to know Royal Gold and its peers, including <b>Franco-Nevada</b> and <b><a href=\"https://laohu8.com/S/WPM\">Wheaton Precious Metals</a></b>.</p>\n<p>Summing things up, the streaming business model has material benefits over gold mining and investing directly in gold. Royal Gold, however, is the cheapest option of this trio, looking at price-to-book value and price to earnings. It also has a number of catalysts that should help boost performance, including new investments that are coming online.</p>\n<p>All in all, Royal Gold looks like a better long-term option for investors than a miner like Barrick Gold.</p>","source":"fool_stock","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>Better Gold Stock: Barrick Gold or Royal Gold</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nBetter Gold Stock: Barrick Gold or Royal Gold\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-26 09:14 GMT+8 <a href=https://www.fool.com/investing/2021/09/25/better-gold-stock-barrick-gold-or-royal-gold/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The market is near all-time highs. Global debt levels are near all-time highs. Interest rates are near all-time lows. These are very good reasons why investors might want to diversify into investments...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/25/better-gold-stock-barrick-gold-or-royal-gold/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RGLD":"皇家黄金"},"source_url":"https://www.fool.com/investing/2021/09/25/better-gold-stock-barrick-gold-or-royal-gold/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2170614946","content_text":"The market is near all-time highs. Global debt levels are near all-time highs. Interest rates are near all-time lows. These are very good reasons why investors might want to diversify into investments that have historically been viewed as safe havens, like precious metals.\nThere are different ways to do this, including buying a miner like Barrick Gold (NYSE:GOLD) or taking a bit of a different path and buying a streaming and royalty company like Royal Gold (NASDAQ:RGLD). Here's a rundown on why one is probably a better option than the other.\nStart by choosing growth\nBarrick and Royal Gold share one thing in common that owning physical gold or an exchange-traded fund that invests in bullion doesn't offer -- growth. Simply put, the only upside potential for gold coins or bars is an increase in the price of gold.\nHowever, miners and streaming companies can invest in their businesses and expand. That's a key edge that makes them better long-term options for most investors looking for diversification via a gold or precious-metals investment. It's not a guarantee of success, of course, since there are risks that go along with capital-investment activity, but over time, the upside potential is probably worth the risk.\n\nImage source: Getty Images.\nThe interesting thing is that capital-investment risk is part of the symbiotic relationship between miners like Barrick and streamers like Royal Gold. Streaming, to simplify things, is when a company provides cash upfront to a miner for the right to buy gold (or other metals) at a future date and a reduced rate.\nFor example, in a recent streaming deal, Royal Gold paid ERO Gold Corporation $100 million, with the potential for an additional $10 million, in exchange for the right to buy 25% of the gold from the NX Gold Mine in Brazil at 20% of the spot price. After certain production targets are hit, that rate rises to 40% of the spot price. ERO Gold, meanwhile, will use the cash to invest in the continued development of the mine.\nERO Gold wins because it gets access to growth capital without having to tap the capital markets, which would increase debt levels or, if stock was issued, dilute current shareholders. Royal Gold wins because it gets to lock in low prices for gold. And both win because their businesses expand.\nHowever, for most investors, streamers will likely end up being the better way to add gold exposure to a portfolio. A look at Barrick and Royal Gold will help explain why.\nStreamers have precious advantages\nBarrick is one of the largest gold miners on the planet, with stakes in or complete ownership of 14 gold mines and three copper mines. Royal Gold has streaming and royalty deals with 41 producing properties. That gives Royal Gold a material edge on the diversification front, since it has more eggs spread across more baskets than Barrick.\nBut it doesn't stop there. Royal Gold also has investments in 19 development projects and 127 investments that are in earlier stages of development and exploration. That's a total of 187 properties.\nThen investors need to consider costs. Building and operating mines is expensive, labor intensive, and risky. Barrick has to bear these burdens, which sometimes end up at higher levels than originally expected, but Royal Gold doesn't. Its cash investment is pre-set and known in advance.\nAs for operating costs, Royal Gold only has around 30 employees. Barrick has more than 20,000 employees and 23,000 contractors on its payroll. They operate under totally different cost structures and work intensities. And given the dangerous nature of mining, Royal Gold's risk profile is materially lower.\nYes, a mine accident will impact the amount of gold it can buy. However, the company doesn't have to deal with any of the other issues such a situation would create (like getting the mine back up and running and paying for any damage that was caused).\n\nRGLD Operating Margin (Annual) data by YCharts.\nRoyal Gold has more diversification, locked in low prices for gold, and low operating costs. That leads to wide margins that tend to be resilient in both good gold markets and bad. The chart above comparing the margins of Royal Gold and Barrick bears this fact out.\nBut take the above streaming example, in which Royal Gold's cost is set as a percentage of the spot price. That agreement locks in a generous profit margin. Barrick's costs tend to be stickier and take longer to adjust, so falling gold prices can lead to a material drop in margins.\nOn the flip side, rising gold prices can lead to larger margin improvements for Barrick, but most investors shouldn't be trying to time moves in gold prices. Thus, Royal Gold's model, which is more resilient through the commodity cycle, stands out as a better option.\nThis is why you want a streamer\nStreaming and royalty companies like Royal Gold are a little outside the normal path for many investors. However, if you're looking for a way to add precious metals to your portfolio, it pays to dig in and get to know Royal Gold and its peers, including Franco-Nevada and Wheaton Precious Metals.\nSumming things up, the streaming business model has material benefits over gold mining and investing directly in gold. Royal Gold, however, is the cheapest option of this trio, looking at price-to-book value and price to earnings. It also has a number of catalysts that should help boost performance, including new investments that are coming online.\nAll in all, Royal Gold looks like a better long-term option for investors than a miner like Barrick Gold.","news_type":1},"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":861201579,"gmtCreate":1632495422291,"gmtModify":1632716416318,"author":{"id":"3581714447881138","authorId":"3581714447881138","name":"nuxezt","avatar":"https://static.tigerbbs.com/59377d9d4868bc55b936ae5d44ea9d14","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861201579","repostId":"2169153886","repostType":4,"repost":{"id":"2169153886","weMediaInfo":{"introduction":"Stock Market Quotes, Business News, Financial News, Trading Ideas, and Stock Research by Professionals","home_visible":0,"media_name":"Benzinga","id":"1052270027","head_image":"https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa"},"pubTimestamp":1632494459,"share":"https://www.laohu8.com/m/news/2169153886?lang=&edition=full","pubTime":"2021-09-24 22:40","market":"us","language":"en","title":"Friday's Market Minute: Takeaways From Another Volatile Earnings Season","url":"https://stock-news.laohu8.com/highlight/detail?id=2169153886","media":"Benzinga","summary":"For many, Nike’s (NYSE: NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting.","content":"<blockquote>\n <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>\n</blockquote>\n<p>For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p>\n<p>The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p>\n<p>Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p>\n<p>Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p>\n<p>While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p>\n<p>For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p>\n<p>Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p>\n<p>Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p>\n<p>While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</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>Friday's Market Minute: Takeaways From Another Volatile Earnings Season</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nFriday's Market Minute: Takeaways From Another Volatile Earnings Season\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d08bf7808052c0ca9deb4e944cae32aa);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Benzinga </p>\n<p class=\"h-time\">2021-09-24 22:40</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<blockquote>\n <b>Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...</b>\n</blockquote>\n<p>For many, <b>Nike’s </b>(NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was <a href=\"https://laohu8.com/S/AONE.U\">one</a> worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.</p>\n<p>The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p>\n<p>Plus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p>\n<p>Within the heavily traded and scrutinized FAANG stocks, <b>Amazon </b>(NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p>\n<p>While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p>\n<p>For many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.</p>\n<p>Plus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.</p>\n<p>Within the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.</p>\n<p>While it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NKE":"耐克","AMZN":"亚马逊"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2169153886","content_text":"Each quarter’s reports have brought on their own set of hills and valleys. Here is the Summary...\n\nFor many, Nike’s (NYSE:NKE) quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third-quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys.\nThe average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well above year-ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, but these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. The earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAANG stocks, Amazon (NASDAQ:AMZN) was the only company that reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on the top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.\nFor many, Nike’s quarterly report means the unofficial end to earnings season. While bank earnings are now only a few weeks away, marking the start to the third quarter reports, the second quarter was one worth noting. Since the pandemic sent the broader market into disarray roughly a year and a half ago, each quarter’s reports have brought on their own set of hills and valleys. The average earnings growth for the period was over 93%, which is the highest on record since 4Q of 2009. On a quarter-over-quarter basis, earnings grew over 6% on average from 1Q21 to 2Q21 and were well-above year ago levels (although facing relatively easy comps to last year’s economic backdrop). Revenue also grew substantially, posting the largest improvement compared to the last nine quarters.\nPlus, not only was there a record amount of companies beating earnings estimates, these companies also beat expectations by a much higher margin compared to historical levels. Over 87% of companies beat in 2Q, which tied for the highest percentage beat rate in history. Earnings beat was also 87% in 1Q21, 79% in 4Q20, 84% in 3Q20, and 82% in 2Q20 – showing the real strength of the last five quarters. For historical context, the average beat rate since 1994 stands at roughly 66%.\nWithin the heavily traded and scrutinized FAAMG stocks, Amazon was the only company who reported revenue that disappointed the Street. It was also the e-commerce giant’s first miss since 3Q of 2018, and the stock saw a good amount of selling following the miss (-7.5%). Nike also saw some pressure after reporting a bottom-line beat, but a miss on top line. The athletic apparel retailer highlighted one major theme that has been mentioned consistently throughout the quarter: supply chain disruptions. Nike’s management said its fiscal 1Q sales would have been higher than reported, if not for supply-chain issues.\nWhile it is unclear how to gauge when this headwind will be resolved, as several parts of the world continue in a reduced capacity or lockdown, this is a pressure that is extended into the upcoming quarter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":379025784,"gmtCreate":1618641402848,"gmtModify":1634291580813,"author":{"id":"3581714447881138","authorId":"3581714447881138","name":"nuxezt","avatar":"https://static.tigerbbs.com/59377d9d4868bc55b936ae5d44ea9d14","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379025784","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower. Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism. Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p>","source":"lsy1583725640930","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>$544 Billion In Options Expire Today: Here's What Will Move</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8 <a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower. Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism. Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":861201579,"gmtCreate":1632495422291,"gmtModify":1632716416318,"author":{"id":"3581714447881138","authorId":"3581714447881138","name":"nuxezt","avatar":"https://static.tigerbbs.com/59377d9d4868bc55b936ae5d44ea9d14","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/861201579","repostId":"2169153886","repostType":4,"isVote":1,"tweetType":1,"viewCount":368,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868838722,"gmtCreate":1632626976366,"gmtModify":1632649769333,"author":{"id":"3581714447881138","authorId":"3581714447881138","name":"nuxezt","avatar":"https://static.tigerbbs.com/59377d9d4868bc55b936ae5d44ea9d14","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Like and comment ","listText":"Like and comment ","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868838722","repostId":"2170614946","repostType":4,"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":379025784,"gmtCreate":1618641402848,"gmtModify":1634291580813,"author":{"id":"3581714447881138","authorId":"3581714447881138","name":"nuxezt","avatar":"https://static.tigerbbs.com/59377d9d4868bc55b936ae5d44ea9d14","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"[微笑] ","listText":"[微笑] ","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/379025784","repostId":"1175692875","repostType":4,"repost":{"id":"1175692875","pubTimestamp":1618582708,"share":"https://www.laohu8.com/m/news/1175692875?lang=&edition=full","pubTime":"2021-04-16 22:18","market":"us","language":"en","title":"$544 Billion In Options Expire Today: Here's What Will Move","url":"https://stock-news.laohu8.com/highlight/detail?id=1175692875","media":"zerohedge","summary":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire","content":"<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.</p><p><b>In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.</b>As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.</p><p>How to trade this?</p><p>As Goldman's Vishal Vivek writes, at major expirations, options traders track situations where<b>a large amount of open interest is set to expire.</b>In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.</p><p>What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.</p><p>So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"<i>expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"</i></p><p><img src=\"https://static.tigerbbs.com/0dac61cb87c2f2700d8a0e8e64324f81\" tg-width=\"500\" tg-height=\"638\" referrerpolicy=\"no-referrer\">Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"</p><p>According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).<b>These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX (i.e. implied volatility) reversed.</b></p><p><img src=\"https://static.tigerbbs.com/ae7a60d873792b825bdda669cafa0ed3\" tg-width=\"500\" tg-height=\"297\" referrerpolicy=\"no-referrer\">And one other curious observation from SpotGamma:</p><blockquote>When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. <b>We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.</b></blockquote><p>With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower. Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism. Additionally, gamma is higher when IV is lower so gamma flips may have more juice.</p>","source":"lsy1583725640930","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>$544 Billion In Options Expire Today: Here's What Will Move</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\n$544 Billion In Options Expire Today: Here's What Will Move\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-04-16 22:18 GMT+8 <a href=https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPY":"标普500ETF",".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/544-billion-options-expire-today-heres-what-will-move?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175692875","content_text":"While it's not quad (or even triple) witching day, today's a whole lot of weekly options will expire, may of which will be worthless, and others will be providing a supporting \"pin\" to underlying prices. It's why, even though we are enjoying a beautiful spring week, Goldman notes that single stock options trading activity is elevated relative to historical levels. To wit, daily options volumes are up 70% in April, up from YTD lows of $2.4bn on 30-Mar.In total, across single stocks, $544BN of options are set to expiry today, including $305BN calls.As such, today’s expiry could be important for stocks with large open interest in at-the-money(ATM) options, as market makers delta-hedging their unusually large options portfolios will be active. This flow is likely to dampen volatility in some names while exacerbating stock price moves in others.How to trade this?As Goldman's Vishal Vivek writes, at major expirations, options traders track situations wherea large amount of open interest is set to expire.In situations where there is a significant amount of expiring open interest in at-the-money strikes (strike prices at or very near the current stockprice), delta-hedging activity can impact the underlying stock’s trading that day. If market makers or other options traders who delta-hedge their positions are net long ATM options, expiration-related flow could have the effect of dampening stock price movements, causing the stock price to settle near the strike with large open interest. This situation is often referred to as a “pin” and can be an ideal situation fora large investor trying to enter/exit a stock position. Alternatively, if delta-hedgers are net short ATM options (have a “negative gamma” position), their hedging activity could exacerbate stock price moves.What that means it expiration-related trades may cause trading activity to aggressively pick up for stocks with a significant amount of ATM open interest.So to help traders looking to hop on for daytrading opportunities, here is a table identifying possible focus stocks with large ATM open interest expiring today, which is compared to the average daily volume of the underlying stocks. As Goldman puts it, \"expiration-related activity is likely to have more of an impact if the open interest represents a significant percentage of the stock’s volume.\"Finally, for what it's worth, this morning our friends at SpotGamma write that this has been a rather strange OPEX cycle, \"with a consistent almost mechanical bid pushing markets higher. We’ve not seen the Call Wall “breached” this many times before, but there are other aberrations that we’ve mentioned in previous notes – like net put sales. We’ve got some theories on this we are posting in a longer form piece.\"According to SG, because implied volatility has now compressed (ie VIX at new lows) there is now more potential for “long term” volatility. Recall how as of late any sharp, violent drop in markets was bought so quickly (see chart below).These bursts lower coincided with record VIX spikes, but a reflective snap-back bid would bring a market recovery of equal force as the VIX (i.e. implied volatility) reversed.And one other curious observation from SpotGamma:When implied volatility is very high, its very sensitive to market moves and also signaling that markets are expecting more large moves ahead. As soon as markets would pause or catch a support level, that implied volatility would quickly reverse lower. We often think of this analogy that if a shark stops swimming, it sinks ( partially true!). If the market stops dropping then Implied volatility sinks.With this, as we often talk about, lower implied volatility (ie lower VIX) signals market makers have to buy back short hedges which fuels rallies. SG's conclusion: this current level of lower implied volatility now gives the market more downside firepower. Starting with a lower implied volatility “slows down” that responsive “snap-back” buying mechanism. Additionally, gamma is higher when IV is lower so gamma flips may have more juice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
