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Options

Vol. 411: Volume and Open Interest


CBOETV - Kevin Davitt, Senior Instructor, CBOE Options Institute, discusses realized volatility and expiration tomorrow.

Options involve risk and are not suitable for all investors. Prior to buying or selling an option, a person must receive a copy of Characteristics and Risks of Standardized Options. Copies are available from your broker, or at www.theocc.com. The information in this program is provided solely for general education and information purposes. No statement within the program should be construed as a recommendation to buy or sell a security or to provide investment advice. The opinions expressed in this program are solely the opinions of the participants, and do not necessarily reflect the opinions of CBOE or any of its subsidiaries or affiliates. You agree that under no circumstances will CBOE or its affiliates, or their respective directors, officers, trading permit holders, employees, and agents, be liable for any loss or damage caused by your reliance on information obtained from the program.

Copyright © 2016 Chicago Board Options Exchange, Incorporated.   All rights reserved.

This video is from CBOE and is being posted with CBOE’s permission. The views expressed in this article are solely those of the author and/or CBOE and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


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Securities Lending

SLB Update: Largest Short Value


These were the 15 securities with largest short value on 9/29/17.
 

 

The analysis in this article is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Securities Lending

Shorts in Action: AAOI Shorts Paying High Fees But Making Big Gains


Applied Optoelectronics Inc. (AAOI)

Moving up to the top pick from the number two slot last week, Applied Optoelectronics, the US-based fiber-optic networking provider, has seen short interest volume of over 90 percent of the available shares since the start of August, closing last week at over 95 percent. This level of demand not only pushes up borrowing costs, but also risks a painful short squeeze should the share price start to rise. However, the opposite happened last week: As short interest volume grew by a further 2 percent, the share price collapsed $11.16 or 19 percent to close the week at $47.01, the lowest price since May and a long way from the August peak of over $103. The drop followed the company announcing estimated third quarter revenues and profits below analysts’ expectations, leading to further downgrades and lowering of target prices. The short sellers, who had been building substantial positions since March are paying high borrowing fees, but chalking up strong gains along the way.

 

1.       Snap Inc. (SNAP) – Retaining the number one slot this week, investors in Snap have seen two new reports on the company that have broken the trend. Two analyst reports were published in the last week that were positive towards Snap, potentially the first since the company IPO. Strength in its key teenage market was cited as a strong positive for the company, especially when combined with the relatively low impact its competitors appear to be making in this space. The reports helped the shares gain some ground over the past week, rising $1.71 or 12 percent to close the week at $16.50. Over the same period, short interest grew by some 6 percent, but as a proportion of the shares available, it fell, albeit by less than 1 percent, suggesting that new supply was coming to the market. Despite the positive news, over 93 percent of the shares available are being borrowed, suggesting that the negative sentiment remains.

2.       MannKind Corp. (MNKD) – MannKind, the US biotechnology firm, is promoted to the number two slot this week, up two places, as the shares continue their steep rise. Last week saw the shares rise from $5.03 to $6.71 by midweek, a rise of some 33 percent or $1.68. However, these gains had been pared back to just $0.25 or 5 percent by the end of the week, as the company took advantage of the rising share price to make a direct stock offering at a discount to the market. Short sellers added just 1 percent to their open positions by volume, but as a percentage of the available supply, short interest fell by more than 8 percent as new supply became available, potentially attracted by the huge borrowing fees being paid by borrowers, rather than necessarily new buying in the market. With over 70 percent of the available shares being borrowed, supply is not tight enough to cause a short squeeze, but the negative sentiment levels remain significant.

3.       Flexion Therapeutics Inc. (FLXN) – Flexion, another US-based specialist pharmaceutical company, makes its debut this week as short interest rises steeply. Over the past 12 months, short interest has risen from a low level of around 20 percent in May, before beginning its ascent to hit 100 percent utilization by the latter part of July. Since then, as new supply became available, further borrowing was transacted. As at the end of last week, volume had risen 41 percent since August but utilization has moved down slightly to 95 percent as new supply became available. Over the same period, the share price has risen over $3 or 14 percent to close last week at $25.53. Short sellers have not been deterred, however, and appear to remain committed to their positions in the expectation of a downward correction.

4.       Caesars Entertainment Corp. (CZR) – Having made its debut last week, Caesars, the casino and gaming company is back this week as short sellers run for cover. Having hit a new 12-month peak of $13.60 two weeks ago, the shares have fallen back slightly, closing last week at $12.15, down 11 percent. However, it wasn’t enough to stop the short sellers from closing their bets and potentially crystallizing their losses. Over the week, more than 66 percent of the open positions were closed, bringing utilization down, in line, from 91 percent to just 32 percent. Borrowing costs collapsed with the drop in demand following the trade that may well have hurt some short sellers who had been banking on a significant correction of the elevated share price.

5.       Helios and Matheson Analytics Inc. (HMNY) – Making its debut this week is Helios & Matheson, a relatively unknown company, which announced its acquisition of MoviePass on September 15. The company shares leapt 950 percent on the news, from $3.67 to $38.58 in the middle of last week, before falling back to close the week at $20.40. Investors are expecting significant losses from the company over the next few years as it pays movie theatres more for their clients to access the venues than what it earns from them. The expectation is that the significant membership, which has risen from 20,000 to over 400,000 since the announcement, will become a lucrative client base in the future. Short sellers were quick to jump in, adding 56 percent to their positions as the share price jumped, closing 23 percent of their positions once the shares had fallen back to $20. While the last few weeks have seen significant short-term gains and losses for both long and short investors, this may well be a story that will run for a long time.

 

DISCLAIMER: This document has been prepared by FIS Securities Finance LLC’s Astec Analytics business (“FIS”). The content of this document is intended for informational purposes only. FIS and its affiliates make no representation as to the accuracy or completeness of the information contained herein. In no event shall FIS and its affiliates be liable to you or anyone else for any decision made or action taken by you or anyone else in reliance on or in connection with the information contained herein. FIS is not in any manner providing any type of brokerage or investment advisory services nor is it acting in any capacity as a broker-dealer or investment advisor and the document should not be a basis for making any investment or financial decision. You should seek the assistance of a financial or other professional advisor for advice before taking any action or making any decision based on the information contained herein.
 

This article is from FIS' Astec Analytics and is being posted with FIS' Astec Analytics' permission. The views expressed in this article are solely those of the author and/or FIS' Astec Analytics and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Securities Lending

SLB Update: Hardest to Borrow


The following table shows the 15 hardest to borrow securities during the week of 10/10/17 - 10/16/17.

 

 

 

The analysis in this article is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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Technical Analysis

Nasdaq Technical Take: Russell Continues to Lag?


After one of the strongest short-term rallies in the past few years, the Russell 2000 ran out of steam during the first couple days of October. Since October 3rd, the small-cap index is back on pace to the theme we’ve seen for most of 2017, lagging the large indices. The S&P 500 and Nasdaq 100 have finished higher during 75% and 83%, respectively, of the trading days in October, while the Russell is only higher 50% of the time. The small-cap rally we witnessed in September (+6.1%) might have been slightly overdone, as evidenced by the Relative Strength Index (RSI) inflating to its highest level since 2003.  The current 72 RSI suggests the small cap index is still in an “overbought” condition.  
 
Here’s a look at the 60min (normalized) chart since 10/4, comparing the R2000 (white) to N100 (orange) and S&P 500 (Blue) 
 

Nasdaq's Market Intelligence Desk (MID) Team includes: 

Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.

Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading.

Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.

Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.

Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

This article is from Nasdaq and is being posted with Nasdaq’s permission. The views expressed in this article are solely those of the author and/or Nasdaq and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

 


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Informative

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