Option Montage: End of the month positioning today
Option Montage: End of the month positioning today
By Eli, Jimmy
作者：伊莱，吉米
This week with a super dovish Fed plus incredible earnings were mostly already factored into prices. Most of the decent moves in select names have been over those earnings and you would've needed to take that added risk and juiced-up Implied volatility to benefit.
本周，随着超级鸽派的美联储，加上令人难以置信的收益，大部分已经被计入了价格。在精选的名字中，大多数像样的波动都是在这些收益之上，你需要承担额外的风险，并放大隐含波动率才能受益。
Full positioning, yet a lot of index hedging has created an environment where higher gaps will find sellers and any downside momentum will likely be difficult to sustain. But there still is that added risk of those "orderly" pullbacks based on overbought conditions.
全面定位，然而，许多指数对冲创造了一种环境，在这种环境中，更高的差距将找到卖家，任何下行势头可能都将难以维持。但这种基于超买状态的“有序”回调风险依然存在。
As we punch through next week after a big week of earnings in the books, we will start to see order flow clear up and make some sense again. Hopefully, as it leads to less hedging out there, we can get a read on how institutional sweepers may be positioning into what is known to be a poor seasonal period(Sell in May and Go away?)
在经历了一周的盈利之后，随着下周的打卡，我们将开始看到订单流变得清晰起来，并再次变得有意义。希望随着这导致对冲减少，我们可以读到机构清扫者可能正在如何定位于已知的季节性不佳时期(在5月份卖出，然后离开？)
End of the month positioning and a Friday expiration today, so price action can continue to be a little volatile. We likely see a little selling off the open that can hopefully free up a few tactical intraday opportunities to take advantage of.
月底头寸和今天周五到期，因此价格走势可能会继续略有波动。我们可能会看到一些公开抛售，希望能腾出一些战术盘中机会来利用。
Notable bettings toward broader market indices ETF on 4/23
4/23大盘指数ETF值得注意的押注
Individuals breakdown by sectors (4/26 notable bets)
按行业细分的个人(4/26值得注意的赌注)
Tech
高科技
Industrial
工业
Consumer Cyclical
消费周期
Financial
金融
Communication Services
通信通信服务
Healthcare
医疗保健
Energy
能量
Real Estate
房地产
Basic materials
基础材料
Consumer Defensive
消费者防御性
Utilities
公用事业
