美国股票在季度末面临了剧烈的盘中波动

瑞银——美国股票在季度末面临了剧烈的盘中波动，市场关注再次主要集中在中国，尽管随着黄金周假期的临近，市场强度有所减弱。

US equities faced large intraday whipsaw to close out the quarter, with attention again mostly centered on China, although strength waned as the holiday closures began for Golden Week.

大规模的对冲交易是今天美股市场的一个重要主题，QQQ（纳指ETF）三月450-460点位的看跌期权组合（今天QQQ收盘点位为488.07点）以约17万手的中性头寸被买入。由于此看跌期权价的位线再次上调，市场中性买入看跌期权，从而跟上 QQQ 现货反弹的步伐 （用来匹配对冲需求）。

Large hedging prints were a major theme in the market today with QQQ Mar 450-460 put spread bought ~170k neutral, as this put line is rolled up for a second time to keep up w the spot rally.

海外市场方面，中国及新兴市场的资金流动放缓（与上周史诗级的资金流相比），反映出更加谨慎的倾向，主要是FXI/KWEB/ASHR/EEM（分别代表中国大型股ETF，中国互联网ETF，沪深300 ETF和新兴市场ETF）的上涨获利了结（EEM上周建立的12月50 （对应今天收盘点位是45.86）看涨期权有125,000份被平仓），同时对冲需求有所增加。

Overseas, China / EM flows slowed (in the context of last week), and reflected more cautious tilt with mostly upside monetization in FXI/KWEB/ASHR/EEM (with the latter seeing an outsized 125k of the Dec 50 calls unwound, put on last week) as well as pickup in hedging demand.

在个股层面也出现了类似的动态变化，JD（京东）和TAL（新东方）的上行头寸被平仓（upside unwound），同时通过PDD的卖出波动率 （bias to sell vol via PDD weekly vol sales）（不过话说回来，这种PDD的交易模式我们已经观察到很长时间，无论是在放水刺激措施公告前还是后）；

Similar dynamic shift was seen on the single stock level, with upside unwound (JD, TAL) and bias to sell vol via PDD weekly vol sales (recall this PDD footprint is something we have seen for some time both pre & post the stim measure announcements)

BEKE（贝壳）和NIO（蔚来）的1月看涨期权也被卖出；在BABA（阿里巴巴）上面也看到了一些对冲（一些BABA的1点看跌期权组合）。

BEKE/NIO Jan calls sold; plus initiating hedges with couple of BABA 1pt put spread buying