You Could Have Turned $500 Into More Than $50,000 In One Day As Market Got Clobbered: Here's How
You Could Have Turned $500 Into More Than $50,000 In One Day As Market Got Clobbered: Here's How
Wednesday was the worst day for the overall market in 2024, with the SPDR S&P 500 Index (NYSE:SPY) trading down more than 2% and the Invesco QQQ Trust Series 1 (NYSE:QQQ) trading down more than 3.5% late in the session.
Many mega-cap tech names that have driven much of the last year's rally sold off significantly on the day, with NVIDIA Corp (NASDAQ:NVDA), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) and Tesla Inc (NASDAQ:TSLA) each trading down more than 5%.
But, even when the market gets hammered, there are ways to make money. Short-dated options contracts are a risky way to play the market, but when they go right, they can be a vehicle to make large gains very quickly.
週三是2024年整個市場最糟糕的一天，SPDR S&P 500指數（紐交所：SPY）下跌超過2％，Invesco QQQ Trust Series 1（紐交所：QQQ）在交易會議後期下跌超過3.5％。
但是，即使市場遭到重創，也有賺錢的方法。許多驅動去年行情的大型科技股名字在當天大幅拋售，NVIDIA Corp（納斯達克：NVDA）、Alphabet Inc（納斯達克：GOOG）（納斯達克：GOOGL）和Tesla Inc（納斯達克：TSLA）各自下跌超過5％。
不過，即使在市場遭受打擊時，也有賺錢的方法。短期期權合約是一種冒險的投資方式，但是當它們表現良好時，它們可以成爲快速獲得大量利潤的投資工具。
On Tuesday, put contracts on the QQQs with a strike price of $469 that expired Wednesday afternoon closed at $.05 a contract, according to Robinhood Markets (NASDAQ:HOOD). At the time, the QQQs were trading at more than $480 a share, making it very unlikely that the index would trade below the strike price.
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根據Robinhood Markets（納斯達克：HOOD）的數據，週二到期的QQQ看跌期權在週三下午行權價格爲469美元，合同價格爲0.05美元。當時，QQQ的交易價格超過480美元，這使得該指數在行權價格以下交易的可能性非常小。
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At their highs on Wednesday, those same contracts that would have cost $5 on Tuesday, were worth more than $510 a pop. This means that 100 contracts of those specific puts could have been purchased for $500 on Tuesday, and sold for more than $50,000 on Wednesday, good for a gain of more than 9,900%.
在週三的高點，這些相同的合同在週二的成本爲5美元，現價爲每張超過510美元。這意味着在週二，這些特定的看跌期權合約可以以500美元的價格購買100份，而在週三賣出則可獲得超過5萬美元的收益，收益率超過9900％。
Put contracts give the buyer the right to sell the underlying equity (in this case 100 shares of the QQQs) at the predetermined strike price, regardless of where the stock is trading, up until the expiration date. With Wednesday's wicked red day, well outside the standard deviation move of the overall market, those put contracts exploded in price.
看跌期權合約賦予買方權利，在到期日前以預定行權價格出售標的股票（在此情況下爲100份QQQ股票），無論股票交易價格在哪裏。在週三的波動極大的紅色市場之外，這些看跌期權合約價格飆升。
Typically, the $SPY or $QQQs don't move more than 2% in a single day. But, because Tuesday afternoon featured earnings reports from two of the biggest holdings in each index (Tesla and Google) there was an extra catalyst, making the market prime for a larger-than-expected move.
通常，$ SPY或$ QQQs不會在單個交易日內上下波動超過2％。但是，由於週二下午最大的指數成分股持有者之一（特斯拉和谷歌）的業績公佈，市場有了額外的催化劑，使市場成爲一個預期之外的下跌風險。
Not to mention the fact that the rapid rise of volatility on Wednesday also increased the value of the contracts. When the VIX (an indicator of market volatility) goes higher, so does the underlying value of options contracts. This is because the increased volatility makes it more likely that a stock could hit the strike price associated with the options contract.
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更不用說週三的飛速波動還增加了合同的價值。當VIX（市場波動率指標）上升時，期權合約的基礎價值也會上升。這是因爲增加的波動性使得股票更有可能到達與期權合約相關的行權價格。
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