期權大單 | 特斯拉遭“拋棄”,VIX看漲期權需求高漲
市場概覽
上週五,對美國經濟陷入衰退的擔憂打擊了投資者信心,三大指數集體收跌。當日美股期權市場總成交量39,081,778張合約,其中,看漲期權佔比55%,看跌期權佔比45%。
期權成交總量TOP10
特斯拉佔據榜單的第二位。消息面上,近日,“金融巨鱷”索羅斯旗下的基金管理公司(Soros Fund Management)向SEC提交了一季度的13F文件。文件顯示,索羅斯基金一季度大舉減持新能源汽車股,直接清倉拋售了1600萬美元的$特斯拉(TSLA)$股份,同時還清倉了蔚來和$通用汽車(GM)$,賣出了Rivian股票和看漲期權。
另一個關於特斯拉的焦點話題是“史上最大規模召回事件”。近日,國家市場監督管理總局宣佈,日前在其啓動缺陷調查情況下,特斯拉開啓召回計劃,合計約110.46萬輛。這是特斯拉在全球銷售汽車以來最大的一次召回。特斯拉罕見“認錯”表示,將會整改,爲召回範圍內的車輛推送新開發的功能。
特斯拉的股價自4月末開啓了一波小幅反彈,不過目前似乎遇到瓶頸,週五跌超2%。如今遭遇大佬清倉,對市場情緒會帶來多大影響,值得密切關注。
華爾街看到“大風暴苗頭” VIX看漲期權需求高漲
近期,美國兩黨在債務上限問題上的互不相讓令該國面臨債務違約風險。而在華爾街,交易員們已經開始爲這起黑天鵝事件厲兵秣馬。
在期權市場,對衝波動率大幅上升風險的需求達到五年來最高水平。對衝市場下跌約10%或一個標準差的成本創一年來最高。尾部風險對衝需求急劇升至3月銀行業動盪高峯期以來之最。
與此同時,市場表面卻相當平靜,Cboe波動率指數VIX低於一年平均水平,但是資深業內人士警告,這可能只是暴風雨來臨前的平靜,就像在2011年那樣,在美國逼近違約邊緣之前,很少有人注意到資金危機。
“防止市場低迷以及尾部風險的需求已經上升,”RBC Capital Markets的衍生品策略主管Amy Wu Silverman說。“想想VIX在2011年美國觸及債務上限前的表現,其實和今天的情況很像。我們會看到做多VIX的需求高漲,因爲以前就發生過這種事。”

美國財政部長耶倫此前敦促白宮與國會領導人儘快化解分歧,因爲到6月1日資金就可能用盡。
對衝波動率上升風險的需求高漲表明6月可能又是一個動盪期。VIX指數的看漲期權未平倉合約最近達到2018年以來的最高水平。從經濟衰退到銀行體系裂痕,再到轉向更寬鬆貨幣政策的期望落空,一系列其他風險正在令市場承壓。

“還有其他因素,例如糟糕的通脹數據,強勁的就業市場等,”Fulcrum Asset Management的合夥人Stephen Crewe表示。 “人們真的不明白爲什麼有這麼多壞消息在,股市卻還能漲,所以他們一直在買入保護性期權。”
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