Option組合於5月份下跌了2.82%,同期恆指下跌了0.43%。
組合現持:
安徽海螺水泥 (0914.HK) Stock - 10000 shares @ $25.55 = $255,500
中移動 (0941.HK) Stock - 40000 shares @ $82.70 = $3,308,000
工商銀行 (1398.HK) Stock - 100000 shares @ 5.41 = $541,000
中國人壽 (2628.HK) Stock - 10000 shares @ $20.60 = $206,000
A50中國基金 (2823.HK) Stock - 25000 shares @ $10.62 = $265,500
紫金礦業 (2899.HK) Stock - 80000 shares @ $2.13 = $170,400
新地 (0016.HK) Short Put Strike $102.5 Jun 2013 - 3手 @ $2.19 = ($6570)
中移動 (0941.HK) Short Covered Calls Strike $85 Jun 2013 - 10手 @ $0.16 = ($800)
中移動 (0941.HK) Short Covered Calls Strike $85 Jun 2013 - 15手 @ $0.05 = ($375)
工商銀行 (1398.HK) Short Covered Calls Strike $4.7 Jun 2013 - 100手 @ $0.71 = ($71000)
工商銀行 (1398.HK) Long Put Strike $4.7 Jun 2013 - 100手 @ $0.01 = $1000
紫金礦業 (2899.HK) Short Covered Calls Strike $2.6 Jun 2013 - 40手 @ $0.01 = ($800)
利息支出 = ($1391.3)
正股派息:
安徽海螺水泥 (0914.HK) - 10000 shares @ $0.285367 = $2853.67
現金 = ($2452300.17)
截至2013年5月30日:
Option CEO組合總值: HK$2,217,017
單月組合總值下跌: HK$64,380 或 2.82%
自2012年4月初組合累計上升:HK$217017 或 10.85%
與4月的走勢相反,5月份港股是先升後跌,整月為負0.43%.
本月組合比恆指更大,歸咎於核心持股941仍反覆中向下,同時自己也在Short $85 Call轉倉時出現失誤,令虧損加大.
914的下跌,也是原因之一,但short covered calls已將損失大為減低,本月將重複操作.
本月大部份持股將除淨,及後或將可能把槓桿盡量減低,使short put有較大的空間操作.
本年市況反覆,務必小必保本為上,大家繼續努力!
詳細組合資料和交易記錄可參考以下連結:
http://www.editgrid.com/user/option8club/Option8Club_Trading_Summary.html
作者已經移除這則留言。
回覆刪除8仔! 攪咩呢排成績咁鬼差? 好多人跟你搵食的!
回覆刪除就係可能因為咁,壓力太大了. 你地都係唔好跟,或者我唔公開會好啲? (哈.. 苦笑)
刪除今個月d期權金本身可袋袋平安, 但d公用股係咁劈落黎, 搞到我要平倉走人.賺少左咁囉
回覆刪除公用股之前升得太多,息唔吸引,我都停了一排冇做了.
刪除中電幾日擘了半年升幅,非常恐怖,但現價已重上4%,應該再大跌空間有限. 我都開始做了點short put $62.5,引伸也ok.
雖然你的BLOG係講OPTION,但你的組合己經變成一個高風險的孖展組合.好多輸OPTION o既人都係咁樣一直溝貨又唔肯止蝕至輸死.小心D啦!
回覆刪除約一倍槓桿買入估值合理並提供穩定現金流的資產,理論上風險不高,不過事實上中移跌足半年,加上其他持股表現也差,組合本年的確受了很大的打擊. 我也認同,即使目前很可能是入市機會,但虧損中不應一直向下溝貨,所以我也暫停了絕大部份的short put操作. 目前唯有倚賴估值回升至平均水平,等收息和於反彈時short call.
刪除重貨在倉而個市又唔就 SC 又賺唔到乜錢 股價下跌又引致賬面虧損
回覆刪除另外做 SP 又因資金壓力而未敢放量去做 或只做一些極價外的賺得的期權金實在太小
師兄受到幾重壓力 仲能有咁成績已算萬幸
同我情況咁相似 ^^ 我都有做你的表 但總是搞不好那現金睇你的表又有些不明 要再多加研究
師兄共同努力加油
PS 小弟並不認同孖展倉是高風險組合 比小小息人賺下算得乜
有句話我常用黎同自已講:唔識用人地的錢黎運作 永遠不會發達 +X哥當年咪一樣問銀行借
多謝你的支持和鼓勵! 這一年港股太過反覆,連做short side也不容易,的確令人很洩氣. 估值低處未算低,12倍P/E變10倍P/E,已是近20%的下跌,更不知道會否跌至8倍. 波幅巨大且無法預測,看來目前應是檢討策略的時候. 也許應像錢志健所講,做固定波幅策略(collar)會較好,因事實證明價值安全網未必足夠抵禦股市的巨大波幅.
刪除這是很艱難的時候,大家一起努力吧!
作者已經移除這則留言。
回覆刪除8哥,請問short cover call 85出現失誤是什麼情況?
回覆刪除買入5月call平倉後,941即開始下跌,令6月call價格未有如預期般高. 當時希望分段開6月倉,但941一直下跌,未有出現更好的機會,最終只轉倉了一部份,而這失敗是因猶疑不決所造成!
刪除8哥, 請問送紅股及發新股對相關股票的股票期權有否影響?
回覆刪除you may see the link below:
刪除http://www.hkex.com.hk/chi/newsconsul/hkexnews/2013/130411news_c.htm
8仔, 呢2個月真係好難玩, 特別係公用股都俾人洗倉!
回覆刪除你40000股中移現價已蝕到入肉, 點處理? 你壓力應很大!
共勉之!
這次跌市...股市中已沒有甚麼避險資產可言...因為是全面下跌.
刪除現時組合的確已蝕入肉...但若非有股災或有甚麼黑天鵝出現的話...現價風險已不高.
策略是等反彈減持一部份... 而部份正股也已short較貼價的covered call...反彈將可能先止蝕沽出一部份... 盡量保本.
Great delivery. Great arguments. Keep up the great spirit.
回覆刪除Here is my homepage; hedging binary options
未出現問題之前,有d野係好難聽得入耳.用得孖展,d股愈跌,摃桿就會越大,無得守.
回覆刪除呢個時候,就算輸都要計數離場.玩期權孖展,唔止蝕o既後果可以好嚴重.
留得青山在,哪怕無柴燒.
收到,已忍痛作出部份上蝕和long put/short call護盤,因保本已比一切都重要.
刪除中移作為防守性股份,這次完全起不了作用,實在非常令人失望.
除淨後再插,低估值可以更低,margin of safety大闊,倉位太大,收息和premium也無法彌補. 此次教訓非常深刻,我的確辜負了你的多番提醒!! 看來是時候全面檢討策略和操作!! 令大家失望,非常抱歉!!
曹sir講過,錢最好後生o既時候輸.我都輸過,又如何?
回覆刪除吸收左今次o既教訓,大把時間賺番.
加油.
問題是已經唔後生了 =(
刪除但也唯有重新來過,一起加油!
8仔, 無理由足足一年既心血一次俾返哂佢吧??
回覆刪除我也很無奈,但這也代表自己必須重新檢討策略和操作. 這一課代價很大,但也未算致命. 目前工作是在保本的情況下等待市況好轉.
刪除8仔, #941 have been used by the big guys to manipulate the market. There was not big fundamental change in the past 6 months indeed. #941 will launch 4G to market in the coming short future which should be a positive factor also.
回覆刪除So yr confidence to #941 have been erased due to too high leverage ratio only
Hi Alex, in fact not only 941, 99% of blue chips are dropping at the same time, including the utilities stocks, which is a disaster. I would say this is more of a market liquidity issue, or even a manipulation by the "big guys" as you said. 941 itself is a high yield low growth stock, which is sensitive to the interest rates. Since the risk free rate is expected to go up, investors are likely to demand a higher rate for riskier stocks, which is reasonable. The bigger risk, however, comes from the banks in China.
刪除941's fundamentals is still strong, and the data income will definitely grow in double digit rates. However, market is just a bit uncertain right now, as its income structure needs some kind of reform and be even expanded into other ways related to Internet serices, rather than relying too much on voice and SMS. I believe now everyone is aware of the substitution effect of OTT apps like 微信. The need for a high capex to build infrastructures to cope with the data traffic, but without promising returns is also what worries the investors.
Although I believe these uncertainties are already over reflected in the share price, the fact is that the share price is dropping everyday. My view is, protect the downside, reduce the leverage, and wait for the rebound in mid to longer term.
#941 今日領軍向上衝,希望是轉勢的開始
回覆刪除hmm.. 今朝低位買盤都幾強... 但估唔到ADR又唔見三百幾了... 真係世事難料... 淡倉唔可以平住
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