The Hong Kong stock market is stagnant, and the Hang Seng Index has no clear direction.

Hong Kong stocks had no highlights in April, with turnover falling back to HKD 250 billion. The Hang Seng Index currently has a monthly fluctuation of 2000 points. Overseas markets like the S&P and Nikkei hit record highs, with the latter surprisingly reaching 60,000 points. Although Hong Kong stocks are supported by northbound capital, the previous pattern of chasing laggards is no longer evident. The Hang Seng Index is neither pushing higher nor correcting, showing a lack of strength even to "lead a cow up a tree". As mentioned on Monday - if conflict resumes, 25900/25500 are the support levels below. The former fell to 25629 this morning after yesterday afternoon, hitting the low for the week from Friday. Weekly option holders sighed on expiration day, as weekly options are not an advantageous strategy. Next week, the Hang Seng Index will depend on the Middle East situation. If stable, it could charge above 26200 to benefit the Wednesday April derivatives settlement day. The lower support depends on the strength of northbound capital. The Hang Seng Index is unpredictable, and veteran market commentators also say less to avoid mistakes. If the 25400 support is tested, it could also fall back to 25000. Range-bound trading with no trend is suitable for short-term speculation. Long positions in Hang Seng Index options control low costs, but a few days of time value is not enough to consume quickly if volatility is insufficient. This week's Hang Seng Index weekly straddle, by Thursday afternoon at 25850, only reached half of the 22-point cost. During night trading and this morning, it fell below 25700, and the 25600PUT was closed at 30 points, roughly breaking even. No volatility or delayed volatility is unfavorable for long options, especially straddles. At this time, the advantage of low cost becomes apparent. A 22-point cost of a thousand dollars is low pressure and can be held. If it were multiple positions with costs of several dozen points, it would be difficult to withstand the erosion of option premium in the final period. There are only four trading days next week. The straddle will continue to be entered in the afternoon. From the second half of 2025 to now, it has been 39 consecutive weeks with 29 wins, 5 draws, and 5 losses. Not doubling doesn't count as a win. Straddles require accumulated experience, and exchanging and sharing can help avoid detours. We can share experiences together.$Hang Seng Index(00HSI.HK)