<p>作者：Joseph Adinolfi</p>
<p>“FOMO” 可能驅使投資者湧入 “虛值” 看漲期權</p>
<p>投資者對股票持樂觀態度。</p>
<p>根據一種衡量標準，自 2021 年原始 meme 股票狂潮的輝煌時期以來，投資者對股票的樂觀情緒達到了前所未有的高度。</p>
<p>週一，Cboe Global Markets 的策略師向 MarketWatch 分享了一張圖表，顯示投資者正在積極湧入 “虛值” 看漲期權。根據 Citadel Securities 的數據，這一激增與散户投資者的期權交易激增相吻合。</p>
<p>看漲期權賦予持有者在規定價格（稱為行權價）購買特定股票的機會，但並無義務。“虛值” 看漲期權的行權價高於當前標的股票的交易價格。與 “平值” 期權相比，它們通常更便宜，但如果賭注成功，投資者有機會獲得更高的回報。“平值” 期權的行權價正好在當前標的股票的交易價格附近。</p>
<p>因此，標普 500 指數中行權價倒掛的前 100 只股票的比例已飆升至 20% 以上，達到自 2021 年初以來的最高水平，當時像 GameStop 和 AMC 這樣的原始 meme 股票的崛起激發了在 COVID-19 大流行期間仍然被困在家中的投資者的期權交易狂潮。</p>
<p>什麼是 skew？</p>
<p>期權市場是為希望保護其投資組合免受下跌的投資者而創建的工具。因此，幫助抵消損失的看跌期權通常以高於類似看漲期權的溢價交易。“平值期權” 也是如此。它們通常以高於 “虛值期權” 的溢價交易，因為期權距離行權價越遠，支付回報的可能性就越小。</p>
<p>當對 “虛值” 看漲期權的需求遠遠強於對 “平值” 看漲期權的需求時，所謂的 “看漲期權 skew” 往往會倒掛。期權市場專家表示，這表明 “FOMO” 可能驅使投資者湧入最近表現良好的交易。根據 SpotGamma 的數據，這種擁擠主要發生在與熱門半導體公司相關的期權中。</p>
<p>參見：期權市場對 Nvidia 即將發佈的財報發出不祥信號</p>
<p>當市場情緒達到極端時，有時會發出市場可能達到臨界點的信號。擁擠的交易可能即將逆轉。</p>
<p>美國股市週二看起來將低開。如果標普 500 指數收盤下跌，這將標誌着連續第三天下跌——自 3 月以來最長的連跌記錄。</p>
<p>-Joseph Adinolfi</p>
<p>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞社和《華爾街日報》發佈。</p>
<p>（完）道瓊斯新聞社</p>
<p>05-19-26 0859ET</p>

標普 500 指數

芝加哥期權交易所

標普 500 ETF - iShares

標普 500 指數股票型基金

標普 500 ETF - Vanguard

<p>投資者表現出顯著的看漲情緒，令人想起 2021 年的迷因股票狂潮，因為他們越來越多地購買 “虛值” 看漲期權。來自芝加哥期權交易所的最新圖表顯示，超過 20% 的前 100 只標普 500 股票具有倒置的三個月看漲期權偏斜，表明對這些期權的需求加大。這一趨勢受到 “錯失恐懼症”（FOMO）的驅動，可能預示着市場的潛在轉折點，尤其是在美國股票有可能低開，標誌着可能連續第三天的虧損</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” 可能驅使投資者湧入 “虛值” 看漲期權</p>
</div><p>Investors are bullish on stocks.</p>
<div class="lb-trans"><p>投資者對股票持樂觀態度。</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>根據一種衡量標準，自 2021 年原始 meme 股票狂潮的輝煌時期以來，投資者對股票的樂觀情緒達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>週一，Cboe Global Markets 的策略師向 MarketWatch 分享了一張圖表，顯示投資者正在積極湧入 “虛值” 看漲期權。根據 Citadel Securities 的數據，這一激增與散户投資者的期權交易激增相吻合。</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>看漲期權賦予持有者在規定價格（稱為行權價）購買特定股票的機會，但並無義務。“虛值” 看漲期權的行權價高於當前標的股票的交易價格。與 “平值” 期權相比，它們通常更便宜，但如果賭注成功，投資者有機會獲得更高的回報。“平值” 期權的行權價正好在當前標的股票的交易價格附近。</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，標普 500 指數中行權價倒掛的前 100 只股票的比例已飆升至 20% 以上，達到自 2021 年初以來的最高水平，當時像 GameStop 和 AMC 這樣的原始 meme 股票的崛起激發了在 COVID-19 大流行期間仍然被困在家中的投資者的期權交易狂潮。</p>
</div><p>What's skew?</p>
<div class="lb-trans"><p>什麼是 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>期權市場是為希望保護其投資組合免受下跌的投資者而創建的工具。因此，幫助抵消損失的看跌期權通常以高於類似看漲期權的溢價交易。“平值期權” 也是如此。它們通常以高於 “虛值期權” 的溢價交易，因為期權距離行權價越遠，支付回報的可能性就越小。</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>當對 “虛值” 看漲期權的需求遠遠強於對 “平值” 看漲期權的需求時，所謂的 “看漲期權 skew” 往往會倒掛。期權市場專家表示，這表明 “FOMO” 可能驅使投資者湧入最近表現良好的交易。根據 SpotGamma 的數據，這種擁擠主要發生在與熱門半導體公司相關的期權中。</p>
</div><p>See: The options market is flashing an ominous sign about Nvidia's looming earnings</p>
<div class="lb-trans"><p>參見：期權市場對 Nvidia 即將發佈的財報發出不祥信號</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>當市場情緒達到極端時，有時會發出市場可能達到臨界點的信號。擁擠的交易可能即將逆轉。</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>美國股市週二看起來將低開。如果標普 500 指數收盤下跌，這將標誌着連續第三天下跌——自 3 月以來最長的連跌記錄。</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>此內容由 MarketWatch 創建，MarketWatch 由道瓊斯公司運營。MarketWatch 獨立於道瓊斯新聞社和《華爾街日報》發佈。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞社</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

- 投資者對股票的樂觀情緒高漲，類似於 2021 年的迷因股熱潮。  
- 數據顯示，投資者正大量購買 “超出價” 看漲期權，推動期權交易激增。  
- 市場情緒極端可能預示着交易的反轉，標誌着風險增加。

根據這張圖表，自 2021 年迷因股狂潮達到頂峯以來，投資者的看漲情緒從未如此高漲