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2021-07-24

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2021-07-13

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2021-07-13

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Hedge Funds Dump The Rally After Buying The Dip

2021-07-13

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Analysis: Wall Street charges ahead but some option traders hedge against sharp pullback

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23:12","market":"us","language":"en","title":"Hedge Funds Dump The Rally After Buying The Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=1124707956","media":"zerohedge","summary":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17 and t","content":"<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p>\n<p>As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&amp;P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p>\n<p>Some more observations from Goldman Prime on the post-bottom action:</p>\n<ul>\n <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li>\n <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li>\n <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li>\n <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li>\n</ul>\n<ol>\n <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li>\n <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li>\n</ol>\n<ul>\n <li><p><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p></li>\n <li><p><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p></li>\n</ul>\n<p>And visually:</p>\n<p><img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p>\n<p>What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p>\n<p><b>Yesterday (July 20th)</b></p>\n<ul>\n <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li>\n <li>Systematic LS -0.2%</li>\n</ul>\n<p><b>July MTD</b></p>\n<ul>\n <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li>\n <li>Systematic LS +1.5%</li>\n</ul>\n<p><b>2021 YTD</b></p>\n<ul>\n <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li>\n <li>Systematic LS +12.2%</li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p>\n<p><img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p>\n<p></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>Hedge Funds Dump The Rally After Buying The Dip</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\">\nHedge Funds Dump The Rally After Buying The Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 23:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124707956","content_text":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.\nSome more observations from Goldman Prime on the post-bottom action:\n\nSingle names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).\n8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.\nDespite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.\nBuying Stay at Home (GSXUSTAY) vs. Selling Go Outside (GSXUPAND) for a second straight day.\n\n\nConstituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.\nMembers of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.\n\n\nBuying Expensive Software (GSCBSF8X) again– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.\nRisk-off in FAAMG (GSTMTMEG) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).\n\nAnd visually:\n\nWhat does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD\nYesterday (July 20th)\n\nFundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.\nSystematic LS -0.2%\n\nJuly MTD\n\nFundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%\nSystematic LS +1.5%\n\n2021 YTD\n\nFundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%\nSystematic LS +12.2%\n\nFinally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142434909,"gmtCreate":1626166765801,"gmtModify":1703754677273,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142434909","repostId":"1180447513","repostType":4,"repost":{"id":"1180447513","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626153261,"share":"https://ttm.financial/m/news/1180447513?lang=&edition=fundamental","pubTime":"2021-07-13 13:14","market":"us","language":"en","title":"Analysis: Wall Street charges ahead but some option traders hedge against sharp pullback","url":"https://stock-news.laohu8.com/highlight/detail?id=1180447513","media":"Reuters","summary":"NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fea","content":"<p>NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.</p>\n<p>The Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.</p>\n<p>It is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&amp;P 500 than it is to buy options that would profit from a big gain.</p>\n<p>A put option hedging against a 10% drop in the S&amp;P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.</p>\n<p>Nations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&amp;P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.</p>\n<p>That type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.</p>\n<p>One explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.</p>\n<p>Joe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.</p>\n<p>“My view is that the market is not as hedged as it should be,” Tigay said.</p>\n<p>Some investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.</p>\n<p>Many investors have also grown uneasy due to the unusually long stretch of calm trading.</p>\n<p>Since World War Two, the S&amp;P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&amp;P 500.</p>\n<p>Seasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.</p>\n<p>“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”</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>Analysis: Wall Street charges ahead but some option traders hedge against sharp pullback</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\">\nAnalysis: Wall Street charges ahead but some option traders hedge against sharp pullback\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-13 13:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.</p>\n<p>The Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.</p>\n<p>It is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&amp;P 500 than it is to buy options that would profit from a big gain.</p>\n<p>A put option hedging against a 10% drop in the S&amp;P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.</p>\n<p>Nations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&amp;P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.</p>\n<p>That type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.</p>\n<p>One explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.</p>\n<p>Joe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.</p>\n<p>“My view is that the market is not as hedged as it should be,” Tigay said.</p>\n<p>Some investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.</p>\n<p>Many investors have also grown uneasy due to the unusually long stretch of calm trading.</p>\n<p>Since World War Two, the S&amp;P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&amp;P 500.</p>\n<p>Seasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.</p>\n<p>“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180447513","content_text":"NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.\nThe Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.\nIt is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&P 500 than it is to buy options that would profit from a big gain.\nA put option hedging against a 10% drop in the S&P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.\nNations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.\nThat type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.\nOne explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.\nJoe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.\n“My view is that the market is not as hedged as it should be,” Tigay said.\nSome investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.\nMany investors have also grown uneasy due to the unusually long stretch of calm trading.\nSince World War Two, the S&P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&P 500.\nSeasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.\n“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142432161,"gmtCreate":1626166586753,"gmtModify":1703754674823,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142432161","repostId":"1130335907","repostType":4,"repost":{"id":"1130335907","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626163326,"share":"https://ttm.financial/m/news/1130335907?lang=&edition=fundamental","pubTime":"2021-07-13 16:02","market":"us","language":"en","title":"Virgin Galactic shares tumbles 8% in premarket trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1130335907","media":"Tiger Newspress","summary":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last tradi","content":"<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p>\n<p>Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p>\n<p>After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p>\n<p>Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p>\n<p>“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</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>Virgin Galactic shares tumbles 8% in premarket trading.</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\">\nVirgin Galactic shares tumbles 8% in premarket trading.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-13 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p>\n<p>Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p>\n<p>After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p>\n<p>Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p>\n<p>“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130335907","content_text":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last trading day.\nWall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.\nAfter the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.\nCanaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.\n“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142436747,"gmtCreate":1626166560689,"gmtModify":1703754674985,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Yes good&nbsp;","listText":"Yes good&nbsp;","text":"Yes good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142436747","repostId":"2151552417","repostType":4,"repost":{"id":"2151552417","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626164946,"share":"https://ttm.financial/m/news/2151552417?lang=&edition=fundamental","pubTime":"2021-07-13 16:29","market":"hk","language":"en","title":"China c.bank says macro policy will depend on domestic conditions","url":"https://stock-news.laohu8.com/highlight/detail?id=2151552417","media":"Reuters","summary":"BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domest","content":"<p>BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.</p>\n<p>Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.</p>\n<p>\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.</p>\n<p>\"China's stance of prudent monetary policy has not been altered.\"</p>\n<p>The PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.</p>\n<p>Small firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.</p>\n<p>The producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.</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>China c.bank says macro policy will depend on domestic conditions</title>\n<style 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}\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\">\nChina c.bank says macro policy will depend on domestic conditions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-13 16:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.</p>\n<p>Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.</p>\n<p>\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.</p>\n<p>\"China's stance of prudent monetary policy has not been altered.\"</p>\n<p>The PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.</p>\n<p>Small firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.</p>\n<p>The producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151552417","content_text":"BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.\nSun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.\n\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.\n\"China's stance of prudent monetary policy has not been altered.\"\nThe PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.\nThe PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.\nSmall firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.\nThe producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":174834276,"gmtCreate":1627089906195,"gmtModify":1703484007483,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/174834276","repostId":"1103271267","repostType":4,"isVote":1,"tweetType":1,"viewCount":218,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142432161,"gmtCreate":1626166586753,"gmtModify":1703754674823,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142432161","repostId":"1130335907","repostType":4,"repost":{"id":"1130335907","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626163326,"share":"https://ttm.financial/m/news/1130335907?lang=&edition=fundamental","pubTime":"2021-07-13 16:02","market":"us","language":"en","title":"Virgin Galactic shares tumbles 8% in premarket trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1130335907","media":"Tiger Newspress","summary":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last tradi","content":"<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p>\n<p>Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p>\n<p>After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p>\n<p>Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p>\n<p>“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</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 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.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\">\nVirgin Galactic shares tumbles 8% in premarket trading.\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-07-13 16:02</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Virgin Galactic&nbsp;shares&nbsp;tumbles 8% in premarket&nbsp;trading.</p>\n<p><img src=\"https://static.tigerbbs.com/4a7a5c3e225116f91093402969958fe9\" tg-width=\"1275\" tg-height=\"641\" referrerpolicy=\"no-referrer\">Virgin Galactic&nbsp;was&nbsp;down 17.3%&nbsp;in&nbsp;last&nbsp;trading&nbsp;day.</p>\n<p>Wall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.</p>\n<p>After the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.</p>\n<p>Canaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.</p>\n<p>“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&amp;B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SPCE":"维珍银河"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1130335907","content_text":"Virgin Galactic shares tumbles 8% in premarket trading.\nVirgin Galactic was down 17.3% in last trading day.\nWall Street analysts viewed the flight as a positive for the stock, but it didn’t appear to be enough to change the minds of some of Virgin Galactic’s skeptics.\nAfter the flight returned to earth, Virgin Galactic announced that it would hold a sweepstakes for two tickets for upcoming voyages but did not open ticket sales.\nCanaccord Genuity’s Ken Herbert, which has a buy rating on the stock, said that was a sour note for the day.\n“While Branson did accompany his return to Earth with an extensive press conference and marketing blitz featuring a musical performance by R&B star Khalid and a pinning of astronaut wings by Canadian astronaut Chris Hadfield, his teased ‘major announcement’ was somewhat disappointing,” the note said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":100,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142436747,"gmtCreate":1626166560689,"gmtModify":1703754674985,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Yes good&nbsp;","listText":"Yes good&nbsp;","text":"Yes good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142436747","repostId":"2151552417","repostType":4,"repost":{"id":"2151552417","kind":"highlight","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626164946,"share":"https://ttm.financial/m/news/2151552417?lang=&edition=fundamental","pubTime":"2021-07-13 16:29","market":"hk","language":"en","title":"China c.bank says macro policy will depend on domestic conditions","url":"https://stock-news.laohu8.com/highlight/detail?id=2151552417","media":"Reuters","summary":"BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domest","content":"<p>BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.</p>\n<p>Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.</p>\n<p>\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.</p>\n<p>\"China's stance of prudent monetary policy has not been altered.\"</p>\n<p>The PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.</p>\n<p>Small firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.</p>\n<p>The producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.</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>China c.bank says macro policy will depend on domestic conditions</title>\n<style 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}\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\">\nChina c.bank says macro policy will depend on domestic conditions\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-13 16:29</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.</p>\n<p>Sun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.</p>\n<p>\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.</p>\n<p>\"China's stance of prudent monetary policy has not been altered.\"</p>\n<p>The PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.</p>\n<p>The PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.</p>\n<p>Small firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.</p>\n<p>The producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2151552417","content_text":"BEIJING, July 13 (Reuters) - China will base the pace and intensity of monetary policy on the domestic economy and inflation trends in the second half of the year, a central bank official said on Tuesday, following a surprise cut in bank reserves to bolster the economic recovery.\nSun Guofeng, head of the monetary policy department at the People's Bank of China (PBOC), said China's policy will prioritise stability and focus on domestic conditions, adding that possible tightening by the U.S. Federal Reserve would have a limited impact on China's monetary policy.\n\"It's normal for the United States and China to have different operations of their monetary policy,\" Sun said.\n\"China's stance of prudent monetary policy has not been altered.\"\nThe PBOC announced on Friday it would cut the amount of cash banks must hold as reserves, releasing around 1 trillion yuan ($154.67 billion) in long-term liquidity to underpin its post-COVID economic recovery that is starting to lose momentum.\nThe PBOC last cut the RRR in April last year, when the Chinese economy was still badly affected by the coronavirus crisis.\nSmall firms are bearing the brunt of a recent surge in raw material prices as they are unable to pass on the higher costs to consumers.\nThe producer price index (PPI), which is already near its highest in more than a decade, is likely to continue to hover at an elevated level in the third quarter, before falling back in the fourth quarter and next year, Sun said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":174831110,"gmtCreate":1627089666330,"gmtModify":1703483999898,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/174831110","repostId":"1124707956","repostType":4,"repost":{"id":"1124707956","kind":"news","pubTimestamp":1627053121,"share":"https://ttm.financial/m/news/1124707956?lang=&edition=fundamental","pubTime":"2021-07-23 23:12","market":"us","language":"en","title":"Hedge Funds Dump The Rally After Buying The Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=1124707956","media":"zerohedge","summary":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17 and t","content":"<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.</p>\n<p>As Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&amp;P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally and<b>on Tuesday the GS Prime book saw the largest 1-day net selling since June 17</b>(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.</p>\n<p>Some more observations from Goldman Prime on the post-bottom action:</p>\n<ul>\n <li>Single names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).</li>\n <li>8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.</li>\n <li>Despite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.</li>\n <li><b>Buying Stay at Home (GSXUSTAY</b>) vs. Selling Go Outside (GSXUPAND) for a second straight day.</li>\n</ul>\n<ol>\n <li>Constituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.</li>\n <li>Members of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.</li>\n</ol>\n<ul>\n <li><p><b>Buying Expensive Software (GSCBSF8X) again</b>– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.</p></li>\n <li><p><b>Risk-off in FAAMG (GSTMTMEG</b>) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).</p></li>\n</ul>\n<p>And visually:</p>\n<p><img src=\"https://static.tigerbbs.com/c10eb63e147e5e14ef3cb10e25db2523\" tg-width=\"1089\" tg-height=\"1006\" width=\"100%\" height=\"auto\"></p>\n<p>What does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD</p>\n<p><b>Yesterday (July 20th)</b></p>\n<ul>\n <li>Fundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.</li>\n <li>Systematic LS -0.2%</li>\n</ul>\n<p><b>July MTD</b></p>\n<ul>\n <li>Fundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%</li>\n <li>Systematic LS +1.5%</li>\n</ul>\n<p><b>2021 YTD</b></p>\n<ul>\n <li>Fundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%</li>\n <li>Systematic LS +12.2%</li>\n</ul>\n<p><img src=\"https://static.tigerbbs.com/3d794cb43ddc7266af19225539b4d607\" tg-width=\"1088\" tg-height=\"442\" width=\"100%\" height=\"auto\">Finally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.</p>\n<p><img src=\"https://static.tigerbbs.com/1d8fb3c9c67200b83051956e49b33e1c\" tg-width=\"1088\" tg-height=\"665\" width=\"100%\" height=\"auto\"></p>\n<p></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>Hedge Funds Dump The Rally After Buying The Dip</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\">\nHedge Funds Dump The Rally After Buying The Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 23:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29><strong>zerohedge</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on ...</p>\n\n<a href=\"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯","SPY":"标普500ETF",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.zerohedge.com/markets/hedge-funds-dump-rally-after-buying-dip?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124707956","content_text":"One can't say that Goldman's clients have too much faith in Goldman's trade recos.\nAs Goldman's flow trader John Flood was urging clients on Monday \"not to buy this dip\", they did just that and on Monday Goldman's Prime Brokerage service observed a surge in hedge fund dip buying as the S&P tumbled as low as 4,220. Those same hedge funds, however, clearly unsure what happens next, then proceeded to dump the rally andon Tuesday the GS Prime book saw the largest 1-day net selling since June 17(-2.2 SDs vs. the average daily net flow of the past year) and the biggest net selling in single names since Nov 2019, driven by long-and-short sales (1.6 to 1), as all regions were net sold led in $ terms by North America and DM Asia, and driven by long-and-short sales (2.5 to 1). This defensive positioning has continued through much of the post-Monday rally.\nSome more observations from Goldman Prime on the post-bottom action:\n\nSingle names saw the largest 1-day $ net selling since Nov ’19 (-4.0 SDs), which far outweighed net buying in Macro Products (Index and ETF combined).\n8 of 11 sectors were net sold led in $ terms by Health Care, Industrials, Consumer Disc, and Utilities, while Info Tech, Energy, and Financials were net bought.\nDespite the reversal in overall net trading activity, the underlying themes that stood out on Monday generally continued on Tuesday.\nBuying Stay at Home (GSXUSTAY) vs. Selling Go Outside (GSXUPAND) for a second straight day.\n\n\nConstituents of the GSXUSTAY collectively were net bought again and saw the largest 1-day $ net buying since 6/28, driven by long buys.\nMembers of GSXUPAND collectively were net sold for a second straight day, amid risk-off flows with long buys outpacing short covers. That said, the pace of net selling in the group significantly moderated vs. what we saw on Monday.\n\n\nBuying Expensive Software (GSCBSF8X) again– basket constituents collectively were net bought for a second straight day and saw the largest 1-day $ net buying YTD, driven entirely by long buys.\nRisk-off in FAAMG (GSTMTMEG) – the TMT mega caps collectively were modestly net sold, driven entirely by long sales, though net flows diverged by individual names. The group collectively has been net sold in 9 of the past 10 sessions (except 7/19).\n\nAnd visually:\n\nWhat does this mean for hedge fund performance? Despite the whipsaw, Goldman notes that fundamental LS managers experienced positive alpha for a third straight day and MTD\nYesterday (July 20th)\n\nFundamental LS +0.8% (alpha +0.2%) vs MSCI TR +1.0%.\nSystematic LS -0.2%\n\nJuly MTD\n\nFundamental LS -0.7% (alpha +0.9%) vs MSCI TR -0.3%\nSystematic LS +1.5%\n\n2021 YTD\n\nFundamental LS +2.6% (alpha -5.7%) vs MSCI TR +12.7%\nSystematic LS +12.2%\n\nFinally, in terms of positioning, Goldman observes that overall leverage has fallen MTD; while Fundamental LS grosses are now in just the 19th percentile one-year though Nets remain relatively high.","news_type":1},"isVote":1,"tweetType":1,"viewCount":278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":142434909,"gmtCreate":1626166765801,"gmtModify":1703754677273,"author":{"id":"3585171002056272","authorId":"3585171002056272","name":"Murugesan","avatar":"https://static.tigerbbs.com/5ead6821a177120a8ddc20117c9589bf","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585171002056272","authorIdStr":"3585171002056272"},"themes":[],"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142434909","repostId":"1180447513","repostType":4,"repost":{"id":"1180447513","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1626153261,"share":"https://ttm.financial/m/news/1180447513?lang=&edition=fundamental","pubTime":"2021-07-13 13:14","market":"us","language":"en","title":"Analysis: Wall Street charges ahead but some option traders hedge against sharp pullback","url":"https://stock-news.laohu8.com/highlight/detail?id=1180447513","media":"Reuters","summary":"NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fea","content":"<p>NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.</p>\n<p>The Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.</p>\n<p>It is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&amp;P 500 than it is to buy options that would profit from a big gain.</p>\n<p>A put option hedging against a 10% drop in the S&amp;P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.</p>\n<p>Nations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&amp;P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.</p>\n<p>That type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.</p>\n<p>One explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.</p>\n<p>Joe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.</p>\n<p>“My view is that the market is not as hedged as it should be,” Tigay said.</p>\n<p>Some investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.</p>\n<p>Many investors have also grown uneasy due to the unusually long stretch of calm trading.</p>\n<p>Since World War Two, the S&amp;P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&amp;P 500.</p>\n<p>Seasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.</p>\n<p>“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”</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>Analysis: Wall Street charges ahead but some option traders hedge against sharp pullback</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\">\nAnalysis: Wall Street charges ahead but some option traders hedge against sharp pullback\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-07-13 13:14</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.</p>\n<p>The Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.</p>\n<p>It is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&amp;P 500 than it is to buy options that would profit from a big gain.</p>\n<p>A put option hedging against a 10% drop in the S&amp;P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.</p>\n<p>Nations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&amp;P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.</p>\n<p>That type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.</p>\n<p>One explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.</p>\n<p>Joe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.</p>\n<p>“My view is that the market is not as hedged as it should be,” Tigay said.</p>\n<p>Some investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.</p>\n<p>Many investors have also grown uneasy due to the unusually long stretch of calm trading.</p>\n<p>Since World War Two, the S&amp;P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&amp;P 500.</p>\n<p>Seasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.</p>\n<p>“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1180447513","content_text":"NEW YORK (Reuters) - Even with U.S. stocks scaling record highs day after day and Wall Street’s “fear gauge” showing a low level of worry, some corners of the options market indicate investors are growing much more fearful of a sharp pullback than they have been in months.\nThe Cboe Volatility Index, known as Wall Street’s fear gauge, is back near its post-pandemic lows, showing little investor dread of near-term stock market weakness. But other, less obvious measures are flashing red, indicating concerns that the market could be in for a large drop.\nIt is unusually expensive, for instance, for investors to hedge their portfolios against a sharp decline in the S&P 500 than it is to buy options that would profit from a big gain.\nA put option hedging against a 10% drop in the S&P 500 by August is about 35 times as expensive as a call option that would profit from a 10% rise. At the height of the stock market panic in March 2020, that downside put option only traded as high as 11x the upside calls, said Amy Wu Silverman, equity derivatives strategist at RBC Capital Markets.\nNations TailDex, which measures the cost of hedging against a 3-standard deviation move in the SPDR S&P 500 ETF Trust, is higher than it has been about 90% of the time over the last five years.\nThat type of contrast between the VIX and other measures “is not terribly common,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab.\nOne explanation points to institutional investors -- who Frederick said are more likely to hedge against a big market decline -- moving to protect their downside, while retail investors keep betting on the market to grind higher.\nJoe Tigay, portfolio manager at Equity Armor Investments, believes the market’s mixed signals on volatility mean that investors may run for cover at the first sign of trouble.\n“My view is that the market is not as hedged as it should be,” Tigay said.\nSome investors are on edge about the economic impact of the spread of the Delta coronavirus variant and worries about how the Federal Reserve will react to inflation and economic growth data, making it prudent to guard against a 5% to 10% drop in stocks, said Arnim Holzer, macro and correlation defense strategist at EAB Investment Group.\nMany investors have also grown uneasy due to the unusually long stretch of calm trading.\nSince World War Two, the S&P 500 index has had a decline of at least 5% an average of every 178 calendar days, according to Sam Stovall, chief investment strategist at CFRA. The latest market advance has lasted 292 days without such a fall, the longest period since January 2018, when a 715-day advance was followed by a 10.8% drop for the S&P 500.\nSeasonality is also a factor. The period from mid-July through October has traditionally been the weakest time of the year for stocks, according to Jeffrey Hirsch, editor of the Stock Trader’s Almanac.\n“U.S. equities have been incredibly resilient,” said Chris Murphy, Co-Head of Derivatives Strategy at Susquehanna Investment Group in a recent note to investors. “But with a seasonably weak period approaching and expectations ahead of earnings sky high, it’s worth looking at macro hedges.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":198,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}