Ultrashort?

lovelyguoguo

不是不让short了吗？为什么Ultrashort还存在？谁清楚的给解释解释。//bow

ILoveRice

我的理解：不准short是暂时的（financial stock 禁到 Oct2），是否要永久性的或很长时间的ban, 现在还在放风，试水，讨论阶段。

但目前起到威慑作用了，买SKF前起码要多个心眼。

happylux

I think his question is: how come SKF is still there if stocks are not allowed to short? How can the ETF company handle this if they can't short?

rosyrosy

many ultrashort ETFs use futures and derivatives, not direct shorts. JMHO

Cobra

原帖由 rosyrosy 于 2008-9-19 17:14 发表 many ultrashort ETFs use futures and derivatives, not direct shorts. JMHO

 

right。

windyboy

原帖由 Cobra 于 2008-9-19 17:16 发表 right。

蛇老大,还有各位,是否就是说skf之类还是可以存在,不被Freeze了?! 今天紧张啊

lovelyguoguo

谢谢rosyrosy的解释和阔八的背书。^_^ 看来还是可以hedge的嘛。吓得俺开盘前看着80多块的SKF楞是没敢买。

lovelyguoguo

这么重要的讨论应该加钻石

CoolMax

原帖由 lovelyguoguo 于 2008-9-19 06:32 PM 发表 谢谢rosyrosy的解释和阔八的背书。^_^ 看来还是可以hedge的嘛。吓得俺开盘前看着80多块的SKF楞是没敢买。

 

SKF还是不碰为好， 风暴中心啊！

昨天还在天上， 今天就下地下室了！

 

记得以前有邻居问起SKF， 我猜会到150， 希望都解套跑了！

[ 本帖最后由 CoolMax 于 2008-9-19 18:40 编辑 ]

lovelyguoguo

原帖由 CoolMax 于 2008-9-19 18:38 发表   SKF还是不碰为好， 风暴中心啊！ 昨天还在天上， 今天就下地下室了！   记得以前有邻居问起SKF， 我猜会到150， 希望都解套跑了！

赞酷马！记得昨天和大前天的最高就刚过150。可惜俺卖早了，只弄了根鸡毛。

kongkong10

We can trade already-issued SKF but ultraShort will not issue new shares. It means ultrashort will not short finacial stocks temporarily from now on.

lovelyguoguo

原帖由 kongkong10 于 2008-9-19 19:19 发表 We can trade already-issued SKF but ultraShort will not issue new shares. It means ultrashort will not short finacial stocks temporarily from now on.

你不同意rosyrosy和班长的看法吗？如果用的是future和derivatives，你的说法就不太正确了。

rosyrosy

Based on the announcement today by Proshares  http://www.proshares.com/resources/news/20662719.html, SKF will be traded like a close-end fund till when the short sell ban expires. It doesn't matter whether SKF use shorts or derivatives. The fund simply decides not to issue new shares.

Other ultrashorts such as SDS and QID are not affected and can be used as hedges as perfectly as they were. Again this is just my understanding and it may not be correct.

dimfox

那put option呢？会不会有同样的问题？

rosyrosy

So far puts are still ok but the bid-ask spread in options is much larger now simply because MM cannot hedge their positions by shorts.The SEC is considering an exemption to resolve this liquidity problem.

See http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ0LXWUmmLBg&refer=home

lovelyguoguo

谢谢rosyrosy。这个世界真乱呀！

balto

If there is no shorts allowed, then those new opened puts must be naked puts. :(13):

peachseed

原帖由 rosyrosy 于 2008-9-19 20:51 发表 So far puts are still ok but the bid-ask spread in options is much larger now simply because MM cannot hedge their positions by shorts.The SEC is considering an exemption to resolve this liquidity pro ...

 

我今天早上也说过，至少put应该会更贵了。不过其实除了用underlying short来hedge puts，还是可以用其他derivatives来hedge的。应该有institutions可以利用更有效的hedge来挣钱。

chuaner

put是谁写的啊？如果不让short理论上也没有put了。

peachseed

原帖由 chuaner 于 2008-9-19 23:57 发表 put是谁写的啊？如果不让short理论上也没有put了。

 

为什么呢？不明白为什么没有short就没有put