Thursday, September 24, 2020

Understand UVXY And Its Present Upside Potential了解UVXY及其目前的上升潜力

UVXY (22.01) seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index for a single day. The index seeks to offer exposure to market volatility through publicly traded futures markets and is designed to measure the implied volatility of the S&P 500 over 30 days in the future. 

How is VIX calculated:

VIX index values are calculated using the CBOE-traded standard SPX options (that expire on the third Friday of each month) and using the weekly SPX options (that expire on all other Fridays). Only those SPX options are considered whose expiry period lies within 23 days and 37 days. While the formula is mathematically complex, theoretically it works as follows. It estimates the expected volatility of the S&P 500 index by aggregating the weighted prices of multiple SPX puts and calls over a wide range of strike prices. All such qualifying options should have valid non -zero bid and ask prices that represent the market perception of which options' strike prices will be hit by the underlying stocks during the remaining time to expiry. For how vix is calculated step by step go to: http://www.cboe.com/micro/vix/vixwhite.pdf

UVXY is used to participate in the stock market crash and the short-term sharp decline of the US stock market, and the trade must be fast and  is not good for long term hold. The long-term trend is always downward. The low on February 14 this year was 10.53, and it rose to 135 after 5 weeks, +1182%. It rose from 31.42 on May 12 to 49.63 on May 14, +58%. It rose from 27.04 on May 6 to 51, +88% on June 12. It rose from 18.75 on August 26 to 32.18 on September 4, +72%. The present market decline may have the potential to cause UVXY to soar and challenge its September high of 32.18.

Technically, the Dow, S&P 500 , Nasdaq Composite and Russell 2000 are all below their 50 day moving averages. This means the stock market trend is now on a down trend. Other fundamental negatives for stocks are:

.No 2nd pandemic economic stimulus package from congress is in sight.

.Pandemic getting worst in Europe and other part of the world.

.Continue worsening US/China cold/trade war.

.Presidential election uncertainty.

.Social unrest in the US.

. Goldman Sachs slashed 2020 Q4 GDP estimate from 5.5% to 3%.

.Tech stock valuations are still too high












UVXY (22.01)寻求不计费用和支出的每日投资结果,该结果相当于一天之内标普500 VIX短期期货指数的1.5倍。该指数旨在通过公开交易的期货市场提供市场波动的风险的参与,并旨在衡量标准普尔500指数在未来30天的隐含波动率。

VIX是如何计算的:

使用CBOE交易的标准SPX期权(在每个月的第三个星期五到期的期权)和每周SPX期权(在所有其他的星期五到期的期权)来计算VIX指数值。仅考虑那些有效期在23天和37天内的SPX期权。虽然该公式在数学上很复杂,但理论上它的工作原理如下:它通过汇总多个SPX看跌期权和看涨期权的加权价格(在广泛的行使价范围内)来估算标准普尔500指数的预期波幅。所有这些合格的期权应具有有效的非零买入和卖出价格,这些价格代表市场对在剩余到期时间内股票将达到哪些期权的行使价的看法。有关如何逐步计算vix的信息,请访问:http://www.cboe.com/micro/vix/vixwhite.pdf

UVXY是用作参与股灾及美股市短期急跌的,操作要快而不能久留。逻辑是美股跌UVXY升长期趋势总是向下。UVXY在今年2月14低位为10.53,5个星期后后升至135,+ 1182%。5月 12日从31.42升至5月14日的49.63,+ 58%。5月6日从27.04升至6月12日的51,+ 88%。8月26日从18.75升至9月4日的32.18 ,+ 72%。这波市场跌势有导致UVXY飚升而挑战九月高位水平32.18的潜力。

从技术上讲,道琼斯指数,标准普尔500指数,纳斯达克综合指数和罗素2000指数均低于其50天移动均线。 这意味着股市趋势目前处于下降趋势。 股市的其他基本负面因素包括:

。国会没有第二次大流行的经济刺激方案。

。新冠肺炎在欧洲和世界其他地方越来越严重。

。继续恶化中美冷战/贸易战。

。总统选举的不确定性。

。美国的社会动荡。

。 高盛(Goldman Sachs)将2020第四季度GDP预期从5.5%下调至3%。

。科技股估值仍然过高。











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