AdamsOption blog cites the low volatility and that options continue to trade for higher value than the historically low volatility. (link)
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There are 2 conflicting directional interpretations here as far as I am concerned. 1) The low-low stock volatility is bearish from a complacency standpoint. and 2) the *overbid* options are bullish, mainly because the market is overpricing *accident* risk relative to the actual behavior.
My total guess is that all this combined is moderately bullish.
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Current positions: TXI, LEA long stock, short calls
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