Morning Briefing on Merry Christmas!
It's a half trading session today, and SPX has remained mostly unchanged in this holiday week of trade. This is not saying that the market can't move, $标普500指数(.SPX.US$ is still pricing in an 18.27 points move higher or lower by the end of this week. And $VVIX Index(.VVIX.US$ which is the volatility of the volatility index once again is edging up to a hundred level. The indicative of this is that some of the traders are starting to jump specifically into the $标普500波动率指数(.VIX.US$ options, which options would make the volatility of the volatility index go up.
Besides, in the indicator session. What we have observed from yesterday's trading session is the Equity Hedging index.
Besides, in the indicator session. What we have observed from yesterday's trading session is the Equity Hedging index.
In terms of hedging, there are many ways in which an investor can hedge against a stock market drop. You can raise the cash positions, buy put options or an inverse mutual fund (including ETFs). The Equity Hedging Index can be undetermined by those factors mentioned above and compares the current level to its historical average. The more hedging activities being placed in the marketplace, the higher the Equity Hedging Index will be.
This is a contrary indicator, which means the higher the Equity Hedging Index is, the more likely markets will rally moving forward; the lower the index, the less likely markets will rally later. Now the index itself is reaching its lowest level as the chart shown above. When it hit a very low point, the investors would feel need to reduce their potential returns by hedging themselves against a potential top blow off scenario. Therefore, such an index below 20 is a warning sign for stocks.
Economic Calendar
This is a contrary indicator, which means the higher the Equity Hedging Index is, the more likely markets will rally moving forward; the lower the index, the less likely markets will rally later. Now the index itself is reaching its lowest level as the chart shown above. When it hit a very low point, the investors would feel need to reduce their potential returns by hedging themselves against a potential top blow off scenario. Therefore, such an index below 20 is a warning sign for stocks.
Economic Calendar
Besides, here are the big bets detected from the options chain on 12/23.
$苹果(AAPL.US$ seems got a quite bullish view within the Christmas holiday trading session and afterward while $新兴市场ETF-iShares(EEM.US$ the emerging markets also attract many investors' attention as easing trade tension between two major economies and outlook 2020 for the Copper which is tightly linked to emerging markets economic performance.
$特斯拉(TSLA.US$ after Musk's notable 'funding secured' tweet one year ago, now finally hit a $420 level in the last trading session, which seems also triggered some short interest in the marketplace according to the chart above.
$特斯拉(TSLA.US$ after Musk's notable 'funding secured' tweet one year ago, now finally hit a $420 level in the last trading session, which seems also triggered some short interest in the marketplace according to the chart above.
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