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：伊萊，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.
有趣的一週，我們目睹了密碼泡沫終於破裂，這帶來了股市的一些疲軟。到週中，良好的人氣會擠壓股市，尤其是已成為最令人討厭的指數的納斯達克。個人名字一直是非常難讀的，上週隨着大量五月職位被替換，這一點也沒有變得更容易。
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.
上週五，一些看起來不錯的機構清道夫買入了一些精選的公司，比如$Unity Software Inc.(美國)$, $Expedia Group Inc.(EXPE.US)$, $美國航空集團(AAL.US)$, $Cardinal Health Inc.(CAH.US)$在過去一週的前一週，所有人都看到了一些堅實的資金流動，但就像最近的大多數買入一樣，它旁邊有一個星號，是“新買入”，還是僅僅是球員取代了5月份的敞口。兩者之間有很大的不同，當我們接近5月的最後一個星期五時，我們終於看到了一些令人印象深刻的訂單流，這似乎有點可疑，本週我們會有一個更好的想法，因為購買將會乾淨得多。
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.
隨着風險資產中的許多泡沫完全平倉，加密是最後一個泡沫，市場情緒一直在良好地降温。現在，雖然從長遠來看，這都是好消息，但在短期內可能會對市場造成負面拖累。
On the Fed front
在美聯儲方面
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.
我們現在可以看到，美聯儲開始讓我們更適應“縮減”這個詞，市場會對此作何反應？鮑威爾主席本週將在國會作證，更不用説本週將與利率一起再次受到廣泛關注的一系列經濟數據。在這種氛圍下，當機構投資者開始買入時，我們仍然可以為情緒而戰，並在盤中尋找機會進入弱勢，唯一真正的影響是對搖擺交易，對於我們中那些開始對尋找新名稱建立頭寸感到興奮的人來説，本週這一點將被擱置，我們不需要看到這裏的市場崩盤，但機構幫派只是暗示，目前的風險/回報是不值得的。
Notable bettings toward broader market indices ETF on 5/21
5/21大盤指數ETF值得注意的押注
Individuals breakdown by sectors (5/21 notable bets)
按行業細分的個人(5/21值得注意的賭注)
Tech
高科技
Industrial
工業
Consumer Cyclical
消費週期
Financial
金融
Communication Services
通信服務
Healthcare
醫療保健
Energy
能量
Basic materials
基礎材料
Consumer Defensive
消費者防禦性
Utilities
公用事業
