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2021-06-11

Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>

In the'old normal'- when dinosaurs roamed the earth - history suggested thatwhen retail investors pi

Anatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>

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This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.Volatile stocks then attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades. This is the point where institutional investors position for a (partial) mean reversion.In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline. Translation:<blockquote>当散户关注一只股票时，他们一般会在“买入”或“不买入”这只股票之间做出选择（散户一般不是做空者）。这导致散户投资者暂时的净买入流，并暂时推高该股。那么波动的股票吸引机构投资者的注意，因为他们看到了利用他们对期权市场定位的理解的机会、做市商的delta对冲要求和基本面估值来定位超额利润。在某些时候，散户交易者在总交易量中所占的比例变小，这种“关注”信号固有的顺风会消退。这是机构投资者定位（部分）均值回归的点。事实上，许多备受瞩目的零售交易名称显示，在最终峰值和随后下降之前的几天里，零售交易占总交易量的百分比显着下降。翻译：</blockquote> 1) Retailinvestors ignite the momentum, squeezing shortsout;2) ...which grabs the attention of institutional/hedge funds, who then deploy leverage to spark the gamma squeezemeltup...3) ...which further squeezes the shorts out...4) ... enabling hedgies to implement shorts at much higher prices, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat. The charts below show the outsized retail investor participation in the past month...<blockquote>1)零售投资者点燃势头，挤压短裤出去；2）...这引起了机构/对冲基金，然后他们部署杠杆来引发伽马挤压熔化...3）...这进一步挤压了短裤...4）...使对冲者能够以更高的价格实施空头，使股票暴跌...5）...为下一次零售点燃的挤压奠定基础。冲洗...重复。下图显示了过去一个月散户投资者的大量参与...</blockquote> Here is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...<blockquote>这是随着股票爆炸式走高（对冲基金接管），散户投资者逐渐消失...</blockquote> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> And here are retail option investors doing the same...<blockquote>散户期权投资者也在做同样的事情...</blockquote> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> So, with all that said, the question is will it end badly...<blockquote>所以，说了这么多，问题是结局会很糟糕吗...</blockquote> ...again?<blockquote>又来了？</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnatomy Of A Short Squeeze: This Is How Hedge Funds Pounce On Retail Meme Stocks<blockquote>空头挤压剖析：对冲基金就是这样扑向零售模因股票的</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nzerohedge2021-06-10 15:20\n\n</h4>\n</header>\n<article>\nIn the'old normal'- when dinosaurs roamed the earth - history suggested thatwhen retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.<blockquote>在“老常态”-当恐龙在地球上漫游时-历史表明当散户投资者双手双脚涌入股票时，价格的主要顶部通常就在不远处。</blockquote> But, in the'new normal'of Reddit Rebels and Meme Stock Manias, it is the 'little guy' that is making the \"Smart\" money look \"Dumb\" as stock after stock is lifted out of obscurity - or from the brink of bankruptcy - by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as 'worthless' stonks go to the moon.<blockquote>但是，在“新常态”在Reddit反叛者和Meme股票狂热者中，正是这个“小人物”让“聪明”的钱看起来“愚蠢”，因为一波又一波的股票被WSB买家从默默无闻或濒临破产，粉碎了各地资产收集者和佣金接受者的合理论点，因为“一文不值”的巨石登上了月球。</blockquote> Retail piling in...<blockquote>零售业涌入...</blockquote> <img src=\"https://static.tigerbbs.com/c5fefaf3bdbf1f8e7f94ea5f11803cc4\" tg-width=\"716\" tg-height=\"529\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> ...and hedgies hammered...<blockquote>...和hedgies锤....</blockquote> <img src=\"https://static.tigerbbs.com/a00ae5ad66575fb8a77c1c4f48795398\" tg-width=\"766\" tg-height=\"673\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> In fact, what has been only anecdotally observed, is now confirmed by Goldman Sachs' latest research note that suggestsretail trading activity continues to be a leading indicator (rather than contrarian).<blockquote>事实上，高盛最新的研究报告证实了这一点，该报告表明零售交易活动仍然是领先指标（而不是逆势）.</blockquote> Specifically Goldman's Derivatives Research group believeretail trading activity is an indication of a large number of traders “paying attention” to a stock.<blockquote>特别是高盛衍生品研究小组认为散户交易活动表明大量交易者“关注”一只股票。</blockquote> When a retail investor pays attention to a stock, they generally choose between “buying” or “not-buying” the stock (retail investors are generally not short sellers). This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.Volatile stocks then attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades. This is the point where institutional investors position for a (partial) mean reversion.In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline. Translation:<blockquote>当散户关注一只股票时，他们一般会在“买入”或“不买入”这只股票之间做出选择（散户一般不是做空者）。这导致散户投资者暂时的净买入流，并暂时推高该股。那么波动的股票吸引机构投资者的注意，因为他们看到了利用他们对期权市场定位的理解的机会、做市商的delta对冲要求和基本面估值来定位超额利润。在某些时候，散户交易者在总交易量中所占的比例变小，这种“关注”信号固有的顺风会消退。这是机构投资者定位（部分）均值回归的点。事实上，许多备受瞩目的零售交易名称显示，在最终峰值和随后下降之前的几天里，零售交易占总交易量的百分比显着下降。翻译：</blockquote> 1) Retailinvestors ignite the momentum, squeezing shortsout;2) ...which grabs the attention of institutional/hedge funds, who then deploy leverage to spark the gamma squeezemeltup...3) ...which further squeezes the shorts out...4) ... enabling hedgies to implement shorts at much higher prices, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat. The charts below show the outsized retail investor participation in the past month...<blockquote>1)零售投资者点燃势头，挤压短裤出去；2）...这引起了机构/对冲基金，然后他们部署杠杆来引发伽马挤压熔化...3）...这进一步挤压了短裤...4）...使对冲者能够以更高的价格实施空头，使股票暴跌...5）...为下一次零售点燃的挤压奠定基础。冲洗...重复。下图显示了过去一个月散户投资者的大量参与...</blockquote> Here is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...<blockquote>这是随着股票爆炸式走高（对冲基金接管），散户投资者逐渐消失...</blockquote> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> And here are retail option investors doing the same...<blockquote>散户期权投资者也在做同样的事情...</blockquote> <img src=\"https://static.tigerbbs.com/01774fde06782ae44de978c7f9dec342\" tg-width=\"804\" tg-height=\"590\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> So, with all that said, the question is will it end badly...<blockquote>所以，说了这么多，问题是结局会很糟糕吗...</blockquote> ...again?<blockquote>又来了？</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.zerohedge.com/markets/anatomy-short-squeeze-how-hedge-funds-pounce-retail-meme-stonks\">zerohedge</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".SPX":"S&P 500 Index","SPY":"标普500ETF",".IXIC":"NASDAQ Composite"},"source_url":"https://www.zerohedge.com/markets/anatomy-short-squeeze-how-hedge-funds-pounce-retail-meme-stonks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161159131","content_text":"In the'old normal'- when dinosaurs roamed the earth - history suggested thatwhen retail investors piled into stocks with both hands and feet, a major top in prices was usually not far behind.\nBut, in the'new normal'of Reddit Rebels and Meme Stock Manias, it is the 'little guy' that is making the \"Smart\" money look \"Dumb\" as stock after stock is lifted out of obscurity - or from the brink of bankruptcy - by a wave of WSB-buyers, crushing the well-reasoned theses of asset-gatherers and commission-takers everywhere as 'worthless' stonks go to the moon.\nRetail piling in...\n\n...and hedgies hammered...\n\nIn fact, what has been only anecdotally observed, is now confirmed by Goldman Sachs' latest research note that suggestsretail trading activity continues to be a leading indicator (rather than contrarian).\nSpecifically Goldman's Derivatives Research group believeretail trading activity is an indication of a large number of traders “paying attention” to a stock.\n\n When a retail investor pays attention to a stock, they generally choose between “buying” or “not-buying” the stock (retail investors are generally not short sellers). \n This results in temporary net-buying flow from retail investors and pushes the stock up temporarily.Volatile stocks then \n attract the attention of institutional investors as they see opportunities to use their understanding of option market positioning, delta hedging requirements of market makers and fundamental valuation to position for outsized profits.At some point, retail traders become a smaller percentage of overall volume and the tailwind inherent in this “attention” signal fades. \n This is the point where institutional investors position for a (partial) mean reversion.In fact, many of the high profile retail trading names show a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.\n\nTranslation:\n\n 1) \n Retailinvestors ignite the momentum, \n squeezing shortsout;2) ...which grabs the attention of \n institutional/hedge funds, who then deploy leverage to spark the \n gamma squeezemeltup...3) ...which further squeezes the shorts out...4) ... \n enabling hedgies to implement shorts at much higher prices, slamming the stock lower...5) ...setting the stage for the next retail-ignited squeeze.Rinse... Repeat.\n\nThe charts below show the outsized retail investor participation in the past month...\nHere is the retail stock investor fading as the stock explodes higher (and hedge funds take over)...\n\nAnd here are retail option investors doing the same...\n\nSo, with all that said, the question is will it end badly...\n...again?","news_type":1,"symbols_score_info":{"SPY":0.9,".DJI":0.9,".IXIC":0.9,".SPX":0.9}},"isVote":1,"tweetType":1,"viewCount":1329,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}