<p>作者：Joseph Adinolfi</p>
<p>“FOMO” 可能驱使投资者涌入 “虚值” 看涨期权</p>
<p>投资者对股票持乐观态度。</p>
<p>根据一种衡量标准，自 2021 年原始 meme 股票狂潮的辉煌时期以来，投资者对股票的乐观情绪达到了前所未有的高度。</p>
<p>周一，Cboe Global Markets 的策略师向 MarketWatch 分享了一张图表，显示投资者正在积极涌入 “虚值” 看涨期权。根据 Citadel Securities 的数据，这一激增与散户投资者的期权交易激增相吻合。</p>
<p>看涨期权赋予持有者在规定价格（称为行权价）购买特定股票的机会，但并无义务。“虚值” 看涨期权的行权价高于当前标的股票的交易价格。与 “平值” 期权相比，它们通常更便宜，但如果赌注成功，投资者有机会获得更高的回报。“平值” 期权的行权价正好在当前标的股票的交易价格附近。</p>
<p>因此，标普 500 指数中行权价倒挂的前 100 只股票的比例已飙升至 20% 以上，达到自 2021 年初以来的最高水平，当时像 GameStop 和 AMC 这样的原始 meme 股票的崛起激发了在 COVID-19 大流行期间仍然被困在家中的投资者的期权交易狂潮。</p>
<p>什么是 skew？</p>
<p>期权市场是为希望保护其投资组合免受下跌的投资者而创建的工具。因此，帮助抵消损失的看跌期权通常以高于类似看涨期权的溢价交易。“平值期权” 也是如此。它们通常以高于 “虚值期权” 的溢价交易，因为期权距离行权价越远，支付回报的可能性就越小。</p>
<p>当对 “虚值” 看涨期权的需求远远强于对 “平值” 看涨期权的需求时，所谓的 “看涨期权 skew” 往往会倒挂。期权市场专家表示，这表明 “FOMO” 可能驱使投资者涌入最近表现良好的交易。根据 SpotGamma 的数据，这种拥挤主要发生在与热门半导体公司相关的期权中。</p>
<p>参见：期权市场对 Nvidia 即将发布的财报发出不祥信号</p>
<p>当市场情绪达到极端时，有时会发出市场可能达到临界点的信号。拥挤的交易可能即将逆转。</p>
<p>美国股市周二看起来将低开。如果标普 500 指数收盘下跌，这将标志着连续第三天下跌——自 3 月以来最长的连跌记录。</p>
<p>-Joseph Adinolfi</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻社</p>
<p>05-19-26 0859ET</p>

标普 500 指数

芝加哥期权交易所

标普 500 ETF - iShares

标普 500 ETF - SPDR

标普 500 ETF - Vanguard

<p>投资者表现出显著的看涨情绪，令人想起 2021 年的迷因股票狂潮，因为他们越来越多地购买 “虚值” 看涨期权。来自芝加哥期权交易所的最新图表显示，超过 20% 的前 100 只标普 500 股票具有倒置的三个月看涨期权偏斜，表明对这些期权的需求加大。这一趋势受到 “错失恐惧症”（FOMO）的驱动，可能预示着市场的潜在转折点，尤其是在美国股票有可能低开，标志着可能连续第三天的亏损</p>

<p>By Joseph Adinolfi</p>
<div class="lb-trans"><p>作者：Joseph Adinolfi</p>
</div><p>'FOMO' may be driving investors to pile into 'out-of-the-money' call options</p>
<div class="lb-trans"><p>“FOMO” 可能驱使投资者涌入 “虚值” 看涨期权</p>
</div><p>Investors are bullish on stocks.</p>
<div class="lb-trans"><p>投资者对股票持乐观态度。</p>
</div><p>By one measure, investors haven't been this bulled up on stocks since the heady days of the original meme-stock frenzy back in 2021.</p>
<div class="lb-trans"><p>根据一种衡量标准，自 2021 年原始 meme 股票狂潮的辉煌时期以来，投资者对股票的乐观情绪达到了前所未有的高度。</p>
</div><p>On Monday, strategists from Cboe Global Markets shared a chart with MarketWatch showing that investors have been aggressively piling into &#34;out-of-the-money&#34; call options. The surge has coincided with a surge in options trading by retail investors, according to data from Citadel Securities.</p>
<div class="lb-trans"><p>周一，Cboe Global Markets 的策略师向 MarketWatch 分享了一张图表，显示投资者正在积极涌入 “虚值” 看涨期权。根据 Citadel Securities 的数据，这一激增与散户投资者的期权交易激增相吻合。</p>
</div><p>A call option gives the holder the opportunity, but not the obligation, to buy a given stock at a stated price - known as the strike price. An &#34;out of the money&#34; call option has a strike price higher than where the underlying stock is currently trading. They tend to be cheaper than &#34;at the money&#34; options, while offering investors the chance of a greater return if the bet pans out. An &#34;at the money&#34; option has a strike price right around where the underlying is currently trading.</p>
<div class="lb-trans"><p>看涨期权赋予持有者在规定价格（称为行权价）购买特定股票的机会，但并无义务。“虚值” 看涨期权的行权价高于当前标的股票的交易价格。与 “平值” 期权相比，它们通常更便宜，但如果赌注成功，投资者有机会获得更高的回报。“平值” 期权的行权价正好在当前标的股票的交易价格附近。</p>
</div><p>As a result, the share of the top 100 stocks on the S&amp;P 500 with an inverted three-month call skew has surged past 20%, reaching its highest level since early 2021, when the rise of original meme stocks like GameStop and AMC helped inspire a frenzy of options trading among investors still stuck at home during the COVID-19 pandemic.</p>
<div class="lb-trans"><p>因此，标普 500 指数中行权价倒挂的前 100 只股票的比例已飙升至 20% 以上，达到自 2021 年初以来的最高水平，当时像 GameStop 和 AMC 这样的原始 meme 股票的崛起激发了在 COVID-19 大流行期间仍然被困在家中的投资者的期权交易狂潮。</p>
</div><p>What's skew?</p>
<div class="lb-trans"><p>什么是 skew？</p>
</div><p>The options market was created as a tool for investors looking to protect their portfolios from drawdowns. As a result, put options, which help to offset losses, typically trade at a premium to similar call options. The same is true for so-called &#34;at the money options.&#34; They typically trade at a premium to &#34;out of the money&#34; options, since the further away from the money an option is, the less likely it is to deliver a payoff.</p>
<div class="lb-trans"><p>期权市场是为希望保护其投资组合免受下跌的投资者而创建的工具。因此，帮助抵消损失的看跌期权通常以高于类似看涨期权的溢价交易。“平值期权” 也是如此。它们通常以高于 “虚值期权” 的溢价交易，因为期权距离行权价越远，支付回报的可能性就越小。</p>
</div><p>When demand for &#34;out of the money&#34; calls is much stronger than demand for &#34;at the money&#34; calls, the so-called &#34;call skew&#34; tends to invert. Options-market experts have said this is a sign that &#34;FOMO&#34; might be driving investors to pile into trades that have recently performed well. According to SpotGamma, much of this crowding has occurred in options tied to hot semiconductor names.</p>
<div class="lb-trans"><p>当对 “虚值” 看涨期权的需求远远强于对 “平值” 看涨期权的需求时，所谓的 “看涨期权 skew” 往往会倒挂。期权市场专家表示，这表明 “FOMO” 可能驱使投资者涌入最近表现良好的交易。根据 SpotGamma 的数据，这种拥挤主要发生在与热门半导体公司相关的期权中。</p>
</div><p>See: The options market is flashing an ominous sign about Nvidia's looming earnings</p>
<div class="lb-trans"><p>参见：期权市场对 Nvidia 即将发布的财报发出不祥信号</p>
</div><p>When sentiment reaches extremes, it can sometimes signal that the market might be reaching a tipping point. A crowded trade could be about to slam into reverse.</p>
<div class="lb-trans"><p>当市场情绪达到极端时，有时会发出市场可能达到临界点的信号。拥挤的交易可能即将逆转。</p>
</div><p>U.S. stocks looked set to open lower on Tuesday. If the S&amp;P 500 SPX finishes lower, it will mark a third-straight day in the red - the longest losing streak since March.</p>
<div class="lb-trans"><p>美国股市周二看起来将低开。如果标普 500 指数收盘下跌，这将标志着连续第三天下跌——自 3 月以来最长的连跌记录。</p>
</div><p>-Joseph Adinolfi</p>
<div class="lb-trans"><p>-Joseph Adinolfi</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻社和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻社</p>
</div><p>05-19-26 0859ET</p>
<div class="lb-trans"><p>05-19-26 0859ET</p>
</div>

Investors haven't been this bullish since the peak of the 2021 meme-stock frenzy, according to this chart

- 投资者对股票的乐观情绪高涨，类似于 2021 年的迷因股热潮。  
- 数据显示，投资者正大量购买 “超出价” 看涨期权，推动期权交易激增。  
- 市场情绪极端可能预示着交易的反转，标志着风险增加。

根据这张图表，自 2021 年迷因股狂潮达到顶峰以来，投资者的看涨情绪从未如此高涨