Newsletter summary
April 23 weak consolidation of the two citiesLotto658jackpotprizetodayThe Shanghai Composite Index fell 0.Lotto658jackpotprizetoday.74%, with a turnover of 775.3 billion and a net sale of 29% by foreign investors.Lotto658jackpotprizetoday.9.7 billion. The central bank carried out a reverse repurchase operation of 2 billion yuan and won the bid interest rate of 1.8%. The activity of the options market declined and the hidden waves fell back. The stock market is expected to fluctuate in the future, so it is recommended to do long volatility and pay attention to the maturity risk. The valuation of the medium-and long-term index is low, the policy is good, and the upward pressure is greater, so it is suggested that the covering strategy should reduce the cost.
Text of news flash
[stock market fluctuates, options market activity declines]
On April 23, Shanghai and Shenzhen stock markets continued the trend of weak consolidation, which was obviously affected by the pre-festival effect. At the close, the Shanghai Composite Index fell 0.74 per cent, the Shenzhen Composite Index fell 0.61 per cent, and the gem index rose slightly by 0.15 per cent. The Kochuang 50 index fell 0.54%. The activity of trading in the market declined, with a turnover of 775.3 billion yuan in Shanghai and Shenzhen, and a net sale of 2.99652 billion yuan by foreign investors.
The people's Bank of China carried out a reverse repurchase operation of 2 billion yuan over a seven-day period on the same day to maintain the reasonable and abundant liquidity of the banking system. The winning interest rate is 1.80%. It is reported that there were 2 billion yuan of reverse repurchase and 70 billion yuan of treasury cash due on that day.
In the options market, the major indexes continued to shrink the pullback trend, activity has decreased. In the aspect of option hidden wave, the implied volatility of all kinds of options generally fell, among which the implied volatility of 50 and 300 options was close to the historical low.Lotto658jackpotprizetodayThe implied volatility of other options is relatively high. In addition, the composite target of each option is nearly flat, indicating that the overall mood of the market is cautious.
In view of the future trend of the stock market, it is expected that the market may continue to fluctuate, the intraday volatility of small and medium-sized options may remain high, and the implied volatility is negatively correlated with the underlying trend. In the short-term operation, investors are advised to do more about the volatility of options such as gem, Kechuang 50 and CSC 1000, but they should be on guard against the falling risk of implied volatility of deep virtual options when they rebound and rise. Meanwhile, investors need to keep an eye on the risk that the ETF option will expire on Wednesday.
In the medium to long term, due to historically low valuations of major indices and supported by favorable policies, there is limited space under the market. But for investors who hold spot or futures bulls, the upward pressure on the market should not be underestimated. Therefore, it is recommended to continue to hold the covered strategy in order to reduce the cost of positions.
Trading strategy, for Science and Technology Innovation Board 50, China Securities 1000, China Securities 500, gem, it is recommended to do multi-volatility. As for the Shanghai 50, Shanghai and Shenzhen 300, Shenzhen 100 and other indices, it is recommended to take bearish, covered, synthetic long strategy.