Options Montage: Fed starting to get us more acclimated with the word "taper"
Options Montage: Fed starting to get us more acclimated with the word "taper"
By Eli, Jimmy
作者：伊莱，吉米
An interesting week, we witnessed the crypto bubble finally pop, which brought with it some weakness in equities. Decent sentiment squeeze in equities by mid-week, especially in Nasdaq which has become the most hated of the indices. Individual names have been an extremely difficult read and that didn't get any easier last week with a ton of May positions being replaced.
有趣的一周，我们目睹了密码泡沫终于破裂，这带来了股市的一些疲软。到周中，良好的人气会挤压股市，尤其是已成为最令人讨厌的指数的纳斯达克。个人名字一直是非常难读的，上周随着大量五月职位被替换，这一点也没有变得更容易。
Last Friday, there was some good looking institutional sweeper buying into select names, such as $Unity Software Inc(U.US)$, $Expedia Group Inc(EXPE.US)$, $American Airlines Group Inc(AAL.US)$, $Cardinal Health Inc(CAH.US)$, all saw some solid flow the week before the past week but like most of the recent buying, it came with an asterisk next to it, was it "fresh buying" or just simply players replacing May exposure. There's a big difference between the two, it did seem a bit fishy that we finally saw some impressive order flow as we approached the last Friday of May and we will get a better idea this week as buying will be a lot cleaner.
上周五，一些看起来不错的机构清道夫买入了一些精选的公司，比如$Unity Software Inc.(美国)$, $Expedia Group Inc.(EXPE.US)$, $美国航空集团(AAL.US)$, $Cardinal Health Inc.(CAH.US)$在过去一周的前一周，所有人都看到了一些坚实的资金流动，但就像最近的大多数买入一样，它旁边有一个星号，是“新买入”，还是仅仅是球员取代了5月份的敞口。两者之间有很大的不同，当我们接近5月的最后一个星期五时，我们终于看到了一些令人印象深刻的订单流，这似乎有点可疑，本周我们会有一个更好的想法，因为购买将会干净得多。
Sentiment has been cooling off nicely as a lot of froth out there in risk assets has been totally unwound and crypto was the last of them. Now, while this is all good news longer term, it could be a negative drag on markets over the short term.
随着风险资产中的许多泡沫完全平仓，加密是最后一个泡沫，市场情绪一直在良好地降温。现在，虽然从长远来看，这都是好消息，但在短期内可能会对市场造成负面拖累。
On the Fed front
在美联储方面
We can now see the Fed starting to get us more acclimated with the word "taper", how will the markets react to that? Chairman Powell will testify in front of Congress this week, not to mention a bunch of economic numbers that will be widely watching again alongside interest rates this week. Under this atmosphere we can still play for sentiment when they set up and look for intraday opportunities into weakness when bands of institutional players start buying, the only real impact is for swing trading and for those of us who were starting to get excited about finding new names to build positions in with some time, as that goes on hold for this week, we don't need to see a market crash here, but institutional gangs are simply hinting the risk/reward from here is currently just not worth it.
我们现在可以看到，美联储开始让我们更适应“缩减”这个词，市场会对此作何反应？鲍威尔主席本周将在国会作证，更不用说本周将与利率一起再次受到广泛关注的一系列经济数据。在这种氛围下，当机构投资者开始买入时，我们仍然可以为情绪而战，并在盘中寻找机会进入弱势，唯一真正的影响是对摇摆交易，对于我们中那些开始对寻找新名称建立头寸感到兴奋的人来说，本周这一点将被搁置，我们不需要看到这里的市场崩盘，但机构帮派只是暗示，目前的风险/回报是不值得的。
Notable bettings toward broader market indices ETF on 5/21
5/21大盘指数ETF值得注意的押注
Individuals breakdown by sectors (5/21 notable bets)
按行业细分的个人(5/21值得注意的赌注)
Tech
高科技
Industrial
工业
Consumer Cyclical
消费周期
Financial
金融
Communication Services
通信服务
Healthcare
医疗保健
Energy
能量
Basic materials
基础材料
Consumer Defensive
消费者防御性
Utilities
公用事业
