Geopolitical worries have added another layer of volatility to an already-jumpy market as investors priced in the possibility of escalating conflict between Russia and Ukraine, though some doubted the issue would weigh on U.S. asset prices over the longer term. Reports of rising tensions between the two countries slammed stocks on Friday and lifted prices for Treasuries, the dollar and other safe-haven assets. Investors were already rattled by a hawkish turn from the Federal Reserve.The market is reacting because an actual invasion has not yet been priced in," said Michael Farr of Farr, Miller and Washington LLC. "The severity of an invasion, if one occurs, will correlate to the severity of the market’s reaction." The United States and Europe stepped up their warnings of an imminent attack
从过去两周的财报表现可以很清晰的看到这个财报季个股产生剧烈的单日波动,这种时候,跨式期权成为最适合的策略,无论财报后方向是涨是跌,交易者可以从暴涨暴跌中获益。跨式期权非常普遍被运用于赌财报,因为这是一个无方向性策略,同时买call和put,无论股价涨跌,只幅度足够大,就可以用一边的收益覆盖两边的成本并赚额外的收益,本次财报季的极端波动就特别适合做跨式期权。 我在 如何用期权玩转财报季(5):跨式期权还可以这么做? 中介绍过跨式的两种Straddle 和 Strangle: Straddle通常被称为马鞍式,指的是买行权价和到期日都相同的call 和 put的组合,行权价通常取接近现价(ATM)。这种策略最大优势是不判断方向只赌波动大,也就是需要正股波动足够大使得一边的收益大于两边的成本,风险是正股价格波动不大,无法抵消购买两份期权的成本。 Strangle是异价跨式期权,也是宽跨式。跟Straddle的区别是,它是买行权价不同,但到期日一样的的call和put的组合,行权价通常是价外(OTM)。在价格突破(不管涨破还是跌破)某一区间时可以获利,也是赌波动率,适用于正股价格波动非常大的股票,典型的是成长股、科技股。 小型成长股财报后的大波动往往是意料之中的事,但上周大型科技股如亚马逊FB谷歌的波动冲击非常让人意外,这使得很多人开始押注跨式,我看高盛的衍生品研究员Vishal Vivek上周的报告称: "The higher-than-normal moves have driven up the profitability of buying straddles around earnings. Buying the closest to at