The first two months have been tough for Benjamin bowler of Bank of America. He is skeptical of the 35% increase in the S & P 500 over the past few years， stressing in recent articles that he urged clients to play down the rally or ignore it altogether. Because of the following aspects:
the higher the stock market rises， the weaker the market becomes;
the bear market is far from over unless we get rid of the sluggish situation; there are indicators indicating that another market crash is coming.It is not an example of
bowler's method of hope. According to the latest survey of Bank of America Fund managers， large area investors (68%) believe that they are still in a bear market， even though the S & P 500 index has broken through the main mood barrier and the peak of bear market rebound in history - 3000 points.After the International Monetary Fund's outlook for economic growth worsened in early May， Liuhe's treasure map is not like tezou 2020. Today， economists at the Bank of America lowered their global growth expectations again last week. In his latest comments， Bauer wrote that Liuhe treasure map is not like the tezou 2020. Today， the weak fundamentals make the business risk rise clearly. The Liuhe treasure map is not like the tezou 2020 today， which means that the risk will be greatly increased in the later stage of the bear market rebound.
the loose monetary policy has raised asset prices. The Liuhe treasure map is different from the tezou map 2020. Today， it makes the fundamentals and prices get rid of the Liuhe hidden treasure map. Unlike the tezou map， today， it forces investors to go deep into the risk area. High quality stocks are different from other stocks. If the market keeps going up， Liuhe treasure map 4 is not like tezou 2020. Today， the companies under pressure have a lot of room to rise.Today， the market can surpass the historical peak of the bear market rebound. Today， the market is not like the tezou 2020. Today， the market can surpass the historical peak of the bear market rebound. Today， it highlights that people in the post global financial crisis era have learned to look at the fundamentals， and the attitude of not confronting policy makers today. Today， because investors' attitude toward fundamentals is a real risk to the market， Liuhe's not like tezou 2020. Today， the market has shown such decoupling in the past 90 years. Today， the key to operating in such a market is how to reduce the risk. Today， the key to operating in such a market is how to reduce the risk. He showed that Liuhe treasure map is not like tezou 2020. Today， the most critical point is to find the lowest cost hedging means. He proposed that investors go through call options and focus on the stocks that have fallen most. From the perspective of business volume， Liuhe treasure map 4 is not like the tezou chart 2020. Today， the volatility rate of individual stocks remains high. So Liuhe treasure map 4 is not like tezou 2020. Today，六合藏宝图四不像特肖图2020 今天 we can choose stocks with relatively low turnover and relatively peaceful call option prices. How does
screen cheap call options after S & P's stock falls? In the S & P 500 stock index with fluctuating options market (i.e.， the average daily nominal option turnover in the previous month was more than $5 million)， the Liuhe treasure map is not like the tezou 2020. Today， it can further shorten the surrounding area according to the following conditions.Choose the laggard industry: among the 64 sectors of the S & P 500 index， Liuhe treasure map is not like the tezou chart 2020. Today， only the stocks with the worst performance since February 19 (the peak of the S & P 500 index) are selected， that is， the stocks with the actual turnover of 300 points as the benchmark， and those stocks whose business volume is less than or equal to a quarter of them after adjustment are selected.
stocks with steady turnover: select only stocks with 10 day actual turnover ratio less than 25%.After screening the stocks that meet the above conditions， they are ranked according to the degree of partiality and decline (selected from the stocks that have fallen most since February 19). The top five options he chose in this way were Delta， Wells Fargo， ual， MGM and AFL. Bauer focused on how to use the VIX look down structure to erect hedging， which has the advantage of lower early premium and limit the maximum loss. Since peaking in March 2020， VIX has been declining at an extraordinary rate， he said. As can be seen from the figure on the left of the figure below， the swaying rate has only increased in recent days. The volatility index is now between the fastest and the average of the five fastest rate corrections since 1986. The Bank of America argued that the decline of this rapid swaying range was another wall of the stock market's strong rebound， which exceeded that of the bear market in history. If VIX futures remain close to their current level， then other day trading will be better. The risk to the business is whether there will be a sharp drop in the volatility rate as it did in 1987， making the volatility index drop to 17 before it matures in July. Still， Bauer doubted whether， in major fundamental shocks like today， the wobble reduction could reach the speed of the 1987 crash. At the end of the day， he also chose to exercise the Nasdaq 100 ETF option to hedge. Two weeks ago， Bank of America proposed to buy the Nasdaq 100 Index ETF (qqq) call option when the yield of 10-year US bonds rose in other countries. Now the business is still effective， as the negative correlation between bonds and the stock market is still close to its maximum absolute value since 2012. More effective operation is to sell TLT call options to buy qqq call options for one-sided funds. [54}
(source: Jin Shi data)，