Elroyy personal page - To The Moon

Elroyy

Elroyy

No personal profile

10Follow

3Followers

0Topic

0Badge

2021-04-09

$Credit Suisse Group AG(CS)$Huat ah

2022-09-17

$HAITONG SEC(06837)$https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF Page 12 P/E compression 🫣

2021-06-15

Down if Vix up?

Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets

2021-05-10

$Alibaba(09988)$Huat ah!!

2021-06-22

Leggo!

2021-06-22

Please correct the translation

2021-05-10

$BIDU-SW(09888)$huatah!

2021-05-03

$BYD(01211)$anyone see a heads & shoulder forming on the daily chart? Searching for agood price entry point

2021-04-27

One year ago..

Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed

2022-09-19

Bar chart name is inaccurate - off by 1 quarter?[Surprised]

2021-06-15

Cash flow intensive business..

Royal Caribbean is issuing $650 million of five-year junk bonds

2021-06-15

2.68 next?

2021-06-15

$BANK OF CHINA(03988)$Mayo dip

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":3575592296175204,"uuid":"3575592296175204","gmtCreate":1612748832863,"gmtModify":1619487500936,"name":"Elroyy","pinyin":"elroyy","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":3,"headSize":10,"tweetSize":15,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":2,"name":"无畏虎","nameTw":"無畏虎","represent":"初生牛犊","factor":"发布3条非转发主帖,1条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":1,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.11.06","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.28","exceedPercentage":"80.21%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.06%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":5,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":1,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":9910393781,"gmtCreate":1663553177543,"gmtModify":1676537288995,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Bar chart name is inaccurate -&nbsp;off by 1 quarter?[Surprised]&nbsp;","listText":"Bar chart name is inaccurate -&nbsp;off by 1 quarter?[Surprised]&nbsp;","text":"Bar chart name is inaccurate - off by 1 quarter?[Surprised]","images":[{"img":"https://community-static.tradeup.com/news/19262e0ab27ac0d9ebc1c102cec479c9","width":"1125","height":"1818"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910393781","isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9937877337,"gmtCreate":1663406010329,"gmtModify":1676537266820,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/06837\">$HAITONG SEC(06837)$</a>https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF&nbsp;Page 12 P/E compression 🫣","listText":"<a href=\"https://ttm.financial/S/06837\">$HAITONG SEC(06837)$</a>https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF&nbsp;Page 12 P/E compression 🫣","text":"$HAITONG SEC(06837)$https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF Page 12 P/E compression 🫣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9937877337","isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":129239285,"gmtCreate":1624373233147,"gmtModify":1703834843449,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Leggo!","listText":"Leggo!","text":"Leggo!","images":[{"img":"https://static.tigerbbs.com/1fe5c4de59c67ae51fdd194c24379984","width":"1125","height":"3090"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129239285","isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129296452,"gmtCreate":1624373080376,"gmtModify":1703834835347,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Please correct the translation","listText":"Please correct the translation","text":"Please correct the translation","images":[{"img":"https://static.tigerbbs.com/84a527b2baad326521d0621bff499e48","width":"1125","height":"2436"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129296452","isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":187474018,"gmtCreate":1623763580534,"gmtModify":1703818556481,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Cash flow intensive business..&nbsp;","listText":"Cash flow intensive business..&nbsp;","text":"Cash flow intensive business..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187474018","repostId":"1129954811","repostType":4,"repost":{"id":"1129954811","pubTimestamp":1623757841,"share":"https://ttm.financial/m/news/1129954811?lang=&edition=fundamental","pubTime":"2021-06-15 19:50","market":"us","language":"en","title":"Royal Caribbean is issuing $650 million of five-year junk bonds","url":"https://stock-news.laohu8.com/highlight/detail?id=1129954811","media":"MarketWatch","summary":"Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million o","content":"<p>Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. </p>\n<p>Proceeds of the deal will be used to fund the redemption of about $619.8 million of 7.25% notes that mature in 2025 that were issued by Silversea Cruise Finance Ltd., the cruise operator said in a statement. The remaining funds will be used for general corporate purposes. </p>\n<p>Shares were up 0.51% premarket and have gained 18% in the year to date, while the S&amp;P 500 SPX, +0.18% has gained 13%.</p>\n<p><img src=\"https://static.tigerbbs.com/e7be375c5b14bd0e88066699dea19c74\" tg-width=\"663\" tg-height=\"440\"></p>","source":"market_watch","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>Royal Caribbean is issuing $650 million of five-year junk bonds</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\">\nRoyal Caribbean is issuing $650 million of five-year junk bonds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 19:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. \nProceeds of the deal will be used to fund the redemption of about $...</p>\n\n<a href=\"https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RCL":"皇家加勒比邮轮"},"source_url":"https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1129954811","content_text":"Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. \nProceeds of the deal will be used to fund the redemption of about $619.8 million of 7.25% notes that mature in 2025 that were issued by Silversea Cruise Finance Ltd., the cruise operator said in a statement. The remaining funds will be used for general corporate purposes. \nShares were up 0.51% premarket and have gained 18% in the year to date, while the S&P 500 SPX, +0.18% has gained 13%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187473580,"gmtCreate":1623763457640,"gmtModify":1703818548448,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Down if Vix up?&nbsp;","listText":"Down if Vix up?&nbsp;","text":"Down if Vix up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187473580","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></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>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187479894,"gmtCreate":1623763416718,"gmtModify":1703818547146,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"2.68 next?","listText":"2.68 next?","text":"2.68 next?","images":[{"img":"https://static.tigerbbs.com/68457d15b71d188dbc46fba60e070a1f","width":"1125","height":"3054"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187479894","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":187445898,"gmtCreate":1623763305314,"gmtModify":1703818541943,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03988\">$BANK OF CHINA(03988)$</a>Mayo dip","listText":"<a href=\"https://laohu8.com/S/03988\">$BANK OF CHINA(03988)$</a>Mayo dip","text":"$BANK OF CHINA(03988)$Mayo dip","images":[{"img":"https://static.tigerbbs.com/2c1300aa80ea67019b6567e0c90d8c51","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187445898","isVote":1,"tweetType":1,"viewCount":120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190267492,"gmtCreate":1620624969816,"gmtModify":1704345754775,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Huat ah!!","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Huat ah!!","text":"$Alibaba(09988)$Huat ah!!","images":[{"img":"https://static.tigerbbs.com/a59b1e47f2347f013241ab798fa4b0ad","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190267492","isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190267383,"gmtCreate":1620624945942,"gmtModify":1704345754450,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09888\">$BIDU-SW(09888)$</a>huatah!","listText":"<a href=\"https://laohu8.com/S/09888\">$BIDU-SW(09888)$</a>huatah!","text":"$BIDU-SW(09888)$huatah!","images":[{"img":"https://static.tigerbbs.com/3b8e97e7d76477692e9a7483a1cd37fd","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190267383","isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108845014,"gmtCreate":1620014067938,"gmtModify":1704337387788,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01211\">$BYD(01211)$</a>anyone see a heads &amp; shoulder forming on the daily chart? Searching for agood price&nbsp;entry point","listText":"<a href=\"https://laohu8.com/S/01211\">$BYD(01211)$</a>anyone see a heads &amp; shoulder forming on the daily chart? Searching for agood price&nbsp;entry point","text":"$BYD(01211)$anyone see a heads & shoulder forming on the daily chart? Searching for agood price entry point","images":[{"img":"https://static.tigerbbs.com/a0f37439895555d32e2fa2dfcc3caf24","width":"2436","height":"1125"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108845014","isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374767284,"gmtCreate":1619481738248,"gmtModify":1704724541679,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"One year ago..","listText":"One year ago..","text":"One year ago..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374767284","repostId":"2029099554","repostType":2,"repost":{"id":"2029099554","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1587587160,"share":"https://ttm.financial/m/news/2029099554?lang=&edition=fundamental","pubTime":"2020-04-23 04:26","market":"us","language":"en","title":"Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed","url":"https://stock-news.laohu8.com/highlight/detail?id=2029099554","media":"Dow Jones","summary":"MW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors ","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n</p>\n<p>\n  By Sunny Oh \n</p>\n<p>\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n</p>\n<p>\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n</p>\n<p>\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n</p>\n<p>\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n</p>\n<p>\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n</p>\n<p>\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n</p>\n<p>\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n</p>\n<p>\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n</p>\n<p>\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n</p>\n<p>\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n</p>\n<p>\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n</p>\n<p>\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n</p>\n<p>\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a>  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n</p>\n<p>\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n</p>\n<p>\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n</p>\n<p>\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n</p>\n<p>\n  That drama in Asia comes as the United States Oil Fund <a href=\"https://laohu8.com/S/USO\">$(USO)$</a>  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n</p>\n<p>\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&amp;P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n</p>\n<p>\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n</p>\n<p>\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 22, 2020 16:26 ET (20:26 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed</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\">\nBank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2020-04-23 04:26</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n</p>\n<p>\n  By Sunny Oh \n</p>\n<p>\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n</p>\n<p>\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n</p>\n<p>\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n</p>\n<p>\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n</p>\n<p>\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n</p>\n<p>\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n</p>\n<p>\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n</p>\n<p>\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n</p>\n<p>\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n</p>\n<p>\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n</p>\n<p>\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n</p>\n<p>\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n</p>\n<p>\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a>  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n</p>\n<p>\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n</p>\n<p>\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n</p>\n<p>\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n</p>\n<p>\n  That drama in Asia comes as the United States Oil Fund <a href=\"https://laohu8.com/S/USO\">$(USO)$</a>  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n</p>\n<p>\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&amp;P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n</p>\n<p>\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n</p>\n<p>\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 22, 2020 16:26 ET (20:26 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601988":"中国银行","BACHY":"中国银行ADR","03143":"华夏香港银行股","03988":"中国银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2029099554","content_text":"MW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n\n\n  By Sunny Oh \n\n\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n\n\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n\n\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n\n\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n\n\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n\n\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n\n\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n\n\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n\n\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n\n\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n\n\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n\n\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n\n\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group $(CME)$  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n\n\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n\n\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n\n\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n\n\n  That drama in Asia comes as the United States Oil Fund $(USO)$  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n\n\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n\n\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n\n\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 22, 2020 16:26 ET (20:26 GMT)\n\n\n  Copyright (c) 2020 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":348546440,"gmtCreate":1617945652280,"gmtModify":1704705156782,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>Huat ah","listText":"<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>Huat ah","text":"$Credit Suisse Group AG(CS)$Huat ah","images":[{"img":"https://static.tigerbbs.com/f8b275265d8306dff91a1963e865bbd4","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348546440","isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":348546440,"gmtCreate":1617945652280,"gmtModify":1704705156782,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>Huat ah","listText":"<a href=\"https://laohu8.com/S/CS\">$Credit Suisse Group AG(CS)$</a>Huat ah","text":"$Credit Suisse Group AG(CS)$Huat ah","images":[{"img":"https://static.tigerbbs.com/f8b275265d8306dff91a1963e865bbd4","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/348546440","isVote":1,"tweetType":1,"viewCount":176,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9937877337,"gmtCreate":1663406010329,"gmtModify":1676537266820,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/06837\">$HAITONG SEC(06837)$</a>https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF&nbsp;Page 12 P/E compression 🫣","listText":"<a href=\"https://ttm.financial/S/06837\">$HAITONG SEC(06837)$</a>https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF&nbsp;Page 12 P/E compression 🫣","text":"$HAITONG SEC(06837)$https://newsfile.futunn.com/notice/2022/09/16/10433192-0.PDF Page 12 P/E compression 🫣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9937877337","isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187473580,"gmtCreate":1623763457640,"gmtModify":1703818548448,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Down if Vix up?&nbsp;","listText":"Down if Vix up?&nbsp;","text":"Down if Vix up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187473580","repostId":"1191245053","repostType":4,"repost":{"id":"1191245053","pubTimestamp":1623762167,"share":"https://ttm.financial/m/news/1191245053?lang=&edition=fundamental","pubTime":"2021-06-15 21:02","market":"us","language":"en","title":"Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets","url":"https://stock-news.laohu8.com/highlight/detail?id=1191245053","media":"zerohedge","summary":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers .So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fis","content":"<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").</p>\n<p>So picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,<b>there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.</b></p>\n<p><img src=\"https://static.tigerbbs.com/0d1ece116794c7f6523250fd682450e3\" tg-width=\"959\" tg-height=\"765\" referrerpolicy=\"no-referrer\"></p>\n<p>Yet while these totals are massive,<b>when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.</b></p>\n<p><img src=\"https://static.tigerbbs.com/534b677774a92a59d4fe08f09359932b\" tg-width=\"500\" tg-height=\"298\" referrerpolicy=\"no-referrer\"></p>\n<p>It's worth noting that according to Goldman estimates that combos account<b>for 15-20% of SPX options,</b>so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.</p>\n<p><img src=\"https://static.tigerbbs.com/adfcada2b0ef3f2ebbd684649a613043\" tg-width=\"936\" tg-height=\"541\" referrerpolicy=\"no-referrer\"></p>\n<p>The Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPX<b>realized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.</b></p>\n<p><img src=\"https://static.tigerbbs.com/afffda1e07736784ad695d95a9936421\" tg-width=\"952\" tg-height=\"558\" referrerpolicy=\"no-referrer\"></p>\n<p>This contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.</p>\n<p><img src=\"https://static.tigerbbs.com/df2b7aeaadb37160a7eaf0ac08ba31de\" tg-width=\"1236\" tg-height=\"561\" referrerpolicy=\"no-referrer\"></p>\n<p>Then, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees that<b>the extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"</b>Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:<u><b>the market will become much more volatile in a selloff.</b></u></p>\n<p><img src=\"https://static.tigerbbs.com/76b01b8a05b70ec4f343626b1fad491b\" tg-width=\"931\" tg-height=\"560\" referrerpolicy=\"no-referrer\"></p>\n<p>Meanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.</p>\n<p><img src=\"https://static.tigerbbs.com/9c6c3df49e3e5d1e4a7a0d9c24696e6a\" tg-width=\"1212\" tg-height=\"608\" referrerpolicy=\"no-referrer\"></p>\n<p>One final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.</p>\n<p>As Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,<b>the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,</b>and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"</p>\n<p><img src=\"https://static.tigerbbs.com/bd0e886a62a61c70b0f299bd6c032a24\" tg-width=\"954\" tg-height=\"1128\" referrerpolicy=\"no-referrer\"></p>\n<p>Why is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.<b>Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!</b></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>Quad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets</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\">\nQuad-Witch Quandary: How Will Friday's $2 Trillion Gamma Expiration Impact Markets\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 21:02 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.zerohedge.com/markets/quad-witch-quandary-how-will-fridays-2-trillion-gamma-expiration-impact-markets","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191245053","content_text":"Last week, when discussing thebizarre summer doldrumsin the market which pushed the VIX to the lowest level since the onset of the covid pandemic, we said that this period of abnormal market quiet is likely to last until this Friday' quad-witch, when a massive amount of gamma and delta expire and are de-risked, in the process eliminating one of the natural downside stock buffers (see \"4 Reasons Why The Market Doldrums End With Next Friday's Op-Ex\").\nSo picking up on the topic of Friday' potentially market-moving opex, Goldman' in-house derivatives expert, Rocky Fishman, previews June’s upcoming expiration which he dubs as \"large - comparable to a typical quarterly.\" Specifically,there are $1.8 trillion of SPX options expiring on Friday, in addition to $240 billion of SPY options and $200 billion of options on SPX and SPX E-mini futures.\n\nYet while these totals are massive,when adjusted for the index’s size the amount of expiring options within 10% of current spot is smaller than just about any quarterly over the past decade.\n\nIt's worth noting that according to Goldman estimates that combos accountfor 15-20% of SPX options,so an adjusted open interest total would add up to $1.5tln, still much larger than total expiring single stock open interest ($775bln). Furthermore, with stocks at all time highs, it is to be expected that most of the June open interest is below the current SPX spot price. As shown in the chart below, the dual peaks are at 3,900 and 4,150. This means that after Friday, there may be a certain \"anti\"-gravity around those spots until gamma is refilled.\n\nThe Goldman strategist then explains what he believes is below the abnormally low level of realized market vol, noting that - as we discussed last week - it is consistent with long gamma positioning. Consider that SPXrealized volatility over the past 13 trading days has been just 5.1% - the lowest 13-day realized vol since 2019.\n\nThis contrasts with extreme volatility in pockets of the single stock market; AMC, which had the highest contract volume among single stocks last week (but far less notional volume at$7bln/day than AMZN’s leading $120bln/day), has had close to 400% realized vol over the same period.\n\nThen, as Nomura's Charlie McElligott first noted last week, Goldman's derivatives team agrees thatthe extremely low SPX realized volatility is consistent with the possibility that 18-Jun has left “the street” long index gamma, in which case Fishman echoeswhat we said last week, namely that \"realized volatility could pick up once positions are cleaner. \"Meanwhile, the rising beta of VIX futures to the SPX indicates that investors expect short gamma dynamics to pick up should markets sell off. Translation:the market will become much more volatile in a selloff.\n\nMeanwhile, and in keeping with the latest memo stock squeeze, Goldman also notes that while single stock option volumes continue to be high, it is well short of Q1 peaks. The large percentage of all single stock option activity driven by retail, and the predictive value of retail activity, have both heightened the attention on the single stock option market in recent weeks. Recent growth in single stock option activity has been concentrated in low-share-price stocks, leaving a shar prise in contract-volume over the past two weeks that has not been matched by notional volume. When adjusting notional volume for the size of the equity market, Goldman finds that single stock volume has actually been on the low of its 2021 range over the past two weeks which means that the latest ramps had little to no gamma squeeze components to them.\n\nOne final point which we discussed recently and which is in keeping with the growing retail participation in trading, is Goldman's observation that the trend toward shorter-dated SPX options (weeklies) and away from quarterlies, continues. That also is one of the reasons why Friday’s SPX expiration is smaller than many recent quarterlies, and why as it as approached expiration, its trading volume has been falling.\nAs Goldman explains, investors have been increasingly adopting the full calendar of SPX expirations, including expirations every Monday and Wednesday, as they tailor their views around events. In fact,the percentage of SPX option volume happening in 3rd Friday expirations is at an all-time low,and is now smaller than the percentage happening in Monday and Wednesday expirations. One explanation for heightened ultra-short-dated volumes is the strong single stock volumes: and here an interest suggesting from Goldman - \"to the extent market makers are unable to cover the short single stock gamma generated by retail investors’ call buying, they may be actively trading long positions in strips of ultra-short-dated SPX index options to offset this gamma.\"\n\nWhy is this important? because if this trend is large enough, it directly contributes to low implied and realized correlation.Ironically, by ramping single name, \"most-shorted names\", retail investors are ushering a period of unorthodox calm across the rest of the market!","news_type":1},"isVote":1,"tweetType":1,"viewCount":132,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":190267492,"gmtCreate":1620624969816,"gmtModify":1704345754775,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Huat ah!!","listText":"<a href=\"https://laohu8.com/S/09988\">$Alibaba(09988)$</a>Huat ah!!","text":"$Alibaba(09988)$Huat ah!!","images":[{"img":"https://static.tigerbbs.com/a59b1e47f2347f013241ab798fa4b0ad","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190267492","isVote":1,"tweetType":1,"viewCount":353,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129239285,"gmtCreate":1624373233147,"gmtModify":1703834843449,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Leggo!","listText":"Leggo!","text":"Leggo!","images":[{"img":"https://static.tigerbbs.com/1fe5c4de59c67ae51fdd194c24379984","width":"1125","height":"3090"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129239285","isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":129296452,"gmtCreate":1624373080376,"gmtModify":1703834835347,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Please correct the translation","listText":"Please correct the translation","text":"Please correct the translation","images":[{"img":"https://static.tigerbbs.com/84a527b2baad326521d0621bff499e48","width":"1125","height":"2436"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/129296452","isVote":1,"tweetType":1,"viewCount":271,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":190267383,"gmtCreate":1620624945942,"gmtModify":1704345754450,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/09888\">$BIDU-SW(09888)$</a>huatah!","listText":"<a href=\"https://laohu8.com/S/09888\">$BIDU-SW(09888)$</a>huatah!","text":"$BIDU-SW(09888)$huatah!","images":[{"img":"https://static.tigerbbs.com/3b8e97e7d76477692e9a7483a1cd37fd","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/190267383","isVote":1,"tweetType":1,"viewCount":231,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":108845014,"gmtCreate":1620014067938,"gmtModify":1704337387788,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/01211\">$BYD(01211)$</a>anyone see a heads &amp; shoulder forming on the daily chart? Searching for agood price&nbsp;entry point","listText":"<a href=\"https://laohu8.com/S/01211\">$BYD(01211)$</a>anyone see a heads &amp; shoulder forming on the daily chart? Searching for agood price&nbsp;entry point","text":"$BYD(01211)$anyone see a heads & shoulder forming on the daily chart? Searching for agood price entry point","images":[{"img":"https://static.tigerbbs.com/a0f37439895555d32e2fa2dfcc3caf24","width":"2436","height":"1125"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/108845014","isVote":1,"tweetType":1,"viewCount":389,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":374767284,"gmtCreate":1619481738248,"gmtModify":1704724541679,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"One year ago..","listText":"One year ago..","text":"One year ago..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/374767284","repostId":"2029099554","repostType":2,"repost":{"id":"2029099554","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1587587160,"share":"https://ttm.financial/m/news/2029099554?lang=&edition=fundamental","pubTime":"2020-04-23 04:26","market":"us","language":"en","title":"Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed","url":"https://stock-news.laohu8.com/highlight/detail?id=2029099554","media":"Dow Jones","summary":"MW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors ","content":"<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n</p>\n<p>\n  By Sunny Oh \n</p>\n<p>\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n</p>\n<p>\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n</p>\n<p>\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n</p>\n<p>\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n</p>\n<p>\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n</p>\n<p>\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n</p>\n<p>\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n</p>\n<p>\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n</p>\n<p>\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n</p>\n<p>\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n</p>\n<p>\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n</p>\n<p>\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n</p>\n<p>\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a>  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n</p>\n<p>\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n</p>\n<p>\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n</p>\n<p>\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n</p>\n<p>\n  That drama in Asia comes as the United States Oil Fund <a href=\"https://laohu8.com/S/USO\">$(USO)$</a>  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n</p>\n<p>\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&amp;P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n</p>\n<p>\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n</p>\n<p>\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 22, 2020 16:26 ET (20:26 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>","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>Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed</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\">\nBank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\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/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2020-04-23 04:26</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><font class=\"NormalMinus1\" face=\"Arial\">\n<p>\nMW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n</p>\n<p>\n  By Sunny Oh \n</p>\n<p>\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n</p>\n<p>\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n</p>\n<p>\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n</p>\n<p>\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n</p>\n<p>\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n</p>\n<p>\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n</p>\n<p>\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n</p>\n<p>\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n</p>\n<p>\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n</p>\n<p>\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n</p>\n<p>\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n</p>\n<p>\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n</p>\n<p>\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group <a href=\"https://laohu8.com/S/CME\">$(CME)$</a>  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n</p>\n<p>\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n</p>\n<p>\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n</p>\n<p>\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n</p>\n<p>\n  That drama in Asia comes as the United States Oil Fund <a href=\"https://laohu8.com/S/USO\">$(USO)$</a>  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n</p>\n<p>\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&amp;P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n</p>\n<p>\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n</p>\n<p>\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 22, 2020 16:26 ET (20:26 GMT)\n</p>\n<p>\n  Copyright (c) 2020 Dow Jones &amp; Company, Inc.\n</p>\n</font></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"601988":"中国银行","BACHY":"中国银行ADR","03143":"华夏香港银行股","03988":"中国银行"},"source_url":"http://dowjonesnews.com/newdjn/logon.aspx?AL=N","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2029099554","content_text":"MW Bank of China sold oil's May contract into a historic implosion in crude -- and retail investors may haven gotten crushed\n\n\n  By Sunny Oh \n\n\n  Bank of China was trying to roll over their May futures contracts on Monday, based on news reports \n\n\n  As the dust settles from a record-breaking crude selloff, it's turning out that retail investors in China may have been on the hook. \n\n\n  Chinese banks hawked wealth-management products tracking U.S. oil futures, marketed with flashy names like \"crude oil treasure\" to ordinary Chinese looking to find ways to invest their cash. \n\n\n  Local news reports say these oil-related funds were slammed by the strained liquidity in energy trading this week as banks offering these products needed to sell their soon-to-expire futures for the most recent contract and buy the following month's futures to maintain exposure to crude values. \n\n\n  But the combination of an oil surplus and winnowing demand saw prices for U.S. benchmark crude futures trade below $0 a barrel for the first time in history as traders and other speculative investors attempted to avoid taking delivery of physical oil shipments. \n\n\n  See: Why oil prices just crashed into negative territory -- 4 things investors need to know  \n\n\n  Bank of China (601988.SH)  was rolling over West Texas Intermediate U.S. futures for May delivery  on Monday, only a day before they were set to expire, unlike other Chinese banks who rolled over their oil futures at earlier dates, reported Caixin, citing traders familiar with the matter . It's unclear how many May contracts they needed to sell on Monday. \n\n\n  The date of the rollover had been pre-arranged, said Caixin, citing sources at the Bank of China. \n\n\n  Faced with a glut of oil swirling around the world, Bank of China sold the May contract into a maelstrom of selling, with the now-defunct contract eventually settling at negative-$37.63 a barrel on Monday. Trading was suspended for these Chinese oil funds the following day, the bank said. \n\n\n  Although trading in Bank of China's products were theoretically scheduled to end at 10 a.m. Eastern time Monday, when May crude futures were still trading above $0, the absence of demand and liquidity may have led to these oil funds taking losses when the prices of the crude contracts fell and then slid deeper into negative territory. \n\n\n  Angry retail investors reported they had lost all their principal, while some even said they now owed money to Bank of China, even though investors are prohibited from borrowing money to buy the funds, according to Chinese social-media posts . \n\n\n  The historic collapse in prices had investors scratching their heads and consulting experts to determine how to react to a unprecedented decline in crude prices that ultimately meant traders were willing to pay to have oil taken off their hands a day before contract expiration. \n\n\n  Bank of China issued a statement saying it had consulted with exchange operator CME Group $(CME)$  on settlement arrangements when crude prices traversed into subzero territory earlier this week, and confirmed that its oil funds would settle roughly where WTI settled on Monday. \n\n\n  Officials at the CME, one of the biggest exchanges for oil futures trading, didn't immediately respond to a request for comment. \n\n\n  \"At present, all the main investors will settle their trades based on the exchange prices. We've also completed the May contract expiry process according to earlier agreements,\" Bank of China said in its statement. \n\n\n  Going forward, the bank also said it would restrict subscriptions to its oil-related funds due to \"market and settlement risks,\" following similar moves by other competitors like China Construction Bank. \n\n\n  That drama in Asia comes as the United States Oil Fund $(USO)$  came under pressure this week.The biggest exchange-traded fund tracking the performance of oil, it is now down more than 80% year-to-date. \n\n\n  After Monday, energy prices started to stabilize. June futures for WTI crude   were trading at around $14 a barrel. In stocks, the S&P 500   and Dow Jones Industrial Average   posted roughly 2% gains on Wednesday. \n\n\n  Read: About 150-years of oil-price history in one chart illustrates crude's spectacular plunge below $0 a barrel  \n\n\n  -Sunny Oh; 415-439-6400; AskNewswires@dowjones.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  April 22, 2020 16:26 ET (20:26 GMT)\n\n\n  Copyright (c) 2020 Dow Jones & Company, Inc.","news_type":1},"isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910393781,"gmtCreate":1663553177543,"gmtModify":1676537288995,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Bar chart name is inaccurate -&nbsp;off by 1 quarter?[Surprised]&nbsp;","listText":"Bar chart name is inaccurate -&nbsp;off by 1 quarter?[Surprised]&nbsp;","text":"Bar chart name is inaccurate - off by 1 quarter?[Surprised]","images":[{"img":"https://community-static.tradeup.com/news/19262e0ab27ac0d9ebc1c102cec479c9","width":"1125","height":"1818"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910393781","isVote":1,"tweetType":1,"viewCount":149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":187474018,"gmtCreate":1623763580534,"gmtModify":1703818556481,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"Cash flow intensive business..&nbsp;","listText":"Cash flow intensive business..&nbsp;","text":"Cash flow intensive business..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187474018","repostId":"1129954811","repostType":4,"repost":{"id":"1129954811","pubTimestamp":1623757841,"share":"https://ttm.financial/m/news/1129954811?lang=&edition=fundamental","pubTime":"2021-06-15 19:50","market":"us","language":"en","title":"Royal Caribbean is issuing $650 million of five-year junk bonds","url":"https://stock-news.laohu8.com/highlight/detail?id=1129954811","media":"MarketWatch","summary":"Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million o","content":"<p>Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. </p>\n<p>Proceeds of the deal will be used to fund the redemption of about $619.8 million of 7.25% notes that mature in 2025 that were issued by Silversea Cruise Finance Ltd., the cruise operator said in a statement. The remaining funds will be used for general corporate purposes. </p>\n<p>Shares were up 0.51% premarket and have gained 18% in the year to date, while the S&amp;P 500 SPX, +0.18% has gained 13%.</p>\n<p><img src=\"https://static.tigerbbs.com/e7be375c5b14bd0e88066699dea19c74\" tg-width=\"663\" tg-height=\"440\"></p>","source":"market_watch","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>Royal Caribbean is issuing $650 million of five-year junk bonds</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\">\nRoyal Caribbean is issuing $650 million of five-year junk bonds\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-15 19:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner><strong>MarketWatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. \nProceeds of the deal will be used to fund the redemption of about $...</p>\n\n<a href=\"https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RCL":"皇家加勒比邮轮"},"source_url":"https://www.marketwatch.com/story/royal-caribbean-is-issuing-650-million-of-five-year-junk-bonds-2021-06-15?siteid=rss&utm_campaign=Feed%3A+marketwatch%2Fmarketpulse+%28MarketWatch.com+-+MarketPulse%29&utm_medium=feed&utm_source=feedburner","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1129954811","content_text":"Royal Caribbean Group RCL, -2.38% said Tuesday it has commenced a private offering of $650 million of five-year, high-yield bonds. \nProceeds of the deal will be used to fund the redemption of about $619.8 million of 7.25% notes that mature in 2025 that were issued by Silversea Cruise Finance Ltd., the cruise operator said in a statement. The remaining funds will be used for general corporate purposes. \nShares were up 0.51% premarket and have gained 18% in the year to date, while the S&P 500 SPX, +0.18% has gained 13%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":81,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187479894,"gmtCreate":1623763416718,"gmtModify":1703818547146,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"2.68 next?","listText":"2.68 next?","text":"2.68 next?","images":[{"img":"https://static.tigerbbs.com/68457d15b71d188dbc46fba60e070a1f","width":"1125","height":"3054"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187479894","isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":187445898,"gmtCreate":1623763305314,"gmtModify":1703818541943,"author":{"id":"3575592296175204","authorId":"3575592296175204","authorIdStr":"3575592296175204","name":"Elroyy","avatar":"https://static.tigerbbs.com/925539d6ddedfcf352d4c594ce29aa99","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575592296175204"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/03988\">$BANK OF CHINA(03988)$</a>Mayo dip","listText":"<a href=\"https://laohu8.com/S/03988\">$BANK OF CHINA(03988)$</a>Mayo dip","text":"$BANK OF CHINA(03988)$Mayo dip","images":[{"img":"https://static.tigerbbs.com/2c1300aa80ea67019b6567e0c90d8c51","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/187445898","isVote":1,"tweetType":1,"viewCount":120,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}