2021年6月9日 星期三

本周做的功課與閱讀

P.S. 我做的功課, 其實中文的新聞也多少會有報導. 不習慣閱讀英文的讀者, 可以用Google Translator, 或是搭配華語新聞來看. 下面也算是我將自己的功課所做的整理&紀錄, 所以有些沒有時效性; 文章也是綜合了很多市場人士的想法, 不一定正確. 所以還是要自己再做功課. 

  • 關於大盤(冷靜詭異的大盤.........可能是因為此, 投資人跑去玩meme stocks了)
    • The S&P 500 has gone almost nowhere since the middle of April. Yes, there have been weekly moves of more than 1%, up or down—two of the former, one of the latter—but the index itself has gained just 0.9% since then. Even recent daily moves have been relatively muted. This past Wednesday, the realized five-day volatility of the S&P 500 fell to 1.4%, after having dropped to 2.8% on May 28.
    • That doesn’t happen all too often—realized volatility has fallen below 3% just 14 times since the start of 2018—and when it does, forward returns have suffered: Six months later, the S&P 500 has been lower more than two-thirds of the time, with an average loss of 0.3%. It’s particularly worrisome in a period of generally higher market volatility, BTIG strategist Julian Emanuel explains. “[This] degree of boredom…has been a ‘caution flag’ for stocks over these past 3½ years of cyclically high volatility,” he writes. 
    • Because the stock market went nowhere, it got cheaper. The S&P 500 closed the week trading at 21.3 times 12-month forward earnings, down from 22.68 on April 16. Yes, stocks are still expensive, but at least they aren’t getting more expensive.
    • Still, the market’s calm is puzzling. It even shrugged off the Federal Reserve’s announcement that it would start selling the corporate bonds it bought during the depths of the pandemic, which some pegged as the first tiny, baby step toward tapering—even if it owns just $13.8 billion in such bonds and bond exchange-traded funds. “It’s a mini tempest in a tiny teapot,” says Katie Nixon, chief investment officer at Northern Trust Wealth Management.
    • Meme stocks were all the rage, this time with AMC Entertainment (ticker: AMC) at the center of the action. The market merely shrugged. It also dismissed a stronger-than-expected reading from the Institute for Supply Management’s manufacturing survey, an expectation-beating jobless claims number, and 550,000 jobs created in May—a strong, yet still disappointing, reading for economists who had predicted quite a few more.
    • 這句話總結了目前大盤的狀態: And perhaps that makes sense. Right now, the data are too volatile, too mixed, to be able to make out a clear message.
  • Five Key Points from the May Employment Report (by Goldman Sachs)
    https://texasnewstoday.com/five-key-points-from-the-may-employment-report/300177/

沒有留言:

張貼留言