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发表于 2011-9-26 11:47 AM
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本帖最后由 Diver 于 2011-9-26 14:18 编辑
Masktear 发表于 2011-9-24 09:10 
Why do you think month-end Window-dressing mean market up?
Last year, majority of the month ended ...
I guess Sept 30 Quarterly options expiry pegs should be close to Sept 16 Monthly options expiry pegs. So this week MM's need to kill puts.
As my understanding, window dressing means two things:
1. The fund managers want to show their clients that the funds preformed well in the last period.
2. The fund managers want to convince their clients that the funds are doing right things, and although the funds performed not well, it is because the general market is not good, i.e. indices all lost in last period.
For the No.1, fund managers need to sell profitable positions and fulfil the profits. So far, only those managers who short sold stocks or bought puts are profitable. That means, they need to cover their shorts or sell their puts. Thus such actions will push up indices.
For the No. 2, fund managers need to sell loser individual stocks and buy blue chips. That will push up indices. |
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