Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>HSI started the week strong but reversed course as earnings reports pressured the market into week’s end.</li>
<li>We examine the divergence between implied volatility and historic volatility.</li>
<li>Option volumes climbed throughout the week, with Friday seeing the heaviest Call buying, though overall activity remained below the long-term average.</li>
</ul>


HSI started the week strong but reversed course as earnings reports pressured the market into week’s end.
We examine the divergence between implied volatility and historic volatility.
Option volumes climbed throughout the week, with Friday seeing the heaviest Call buying, though overall activity remained below the long-term average.


HSI Index Options Weekly (March 17-21): A Divergence in Volatility

<ul>
<li>Market sentiment shifted again this week, with participation in stock gains dropping sharply from last week’s levels.</li>
<li>Option volumes continued to decline from February peaks, though single stocks saw a notable increase in activity on Friday.</li>
<li>We cover stocks with liquid options that have earnings reports in the coming week.</li>
</ul>


Market sentiment shifted again this week, with participation in stock gains dropping sharply from last week’s levels.
Option volumes continued to decline from February peaks, though single stocks saw a notable increase in activity on Friday.
We cover stocks with liquid options that have earnings reports in the coming week.


Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

<ul>
<li>We look into whether long or short volatility strategies on the HSI have been the most effective.</li>
<li>Implied volatility remained under pressure as muted trading and weak price action weighed on implied volatility.</li>
<li>Despite finishing lower, HSI remained a strong relative performer among global indexes, particularly against SPX.</li>
</ul>


We look into whether long or short volatility strategies on the HSI have been the most effective.
Implied volatility remained under pressure as muted trading and weak price action weighed on implied volatility.
Despite finishing lower, HSI remained a strong relative performer among global indexes, particularly against SPX.


HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

<ul>
<li>HSI has surged past SPX, but past instances of strong outperformance have often preceded reversals. We examine key historical trends.</li>
<li>The YTD divergence between HSI and SPX calls into question whether this is another temporary rally or the start of a new trend.</li>
<li>We highlight some key hedging strategies to manage risk in this evolving market dynamic.</li>
</ul>


HSI has surged past SPX, but past instances of strong outperformance have often preceded reversals. We examine key historical trends.
The YTD divergence between HSI and SPX calls into question whether this is another temporary rally or the start of a new trend.
We highlight some key hedging strategies to manage risk in this evolving market dynamic.


HSI Outpaces SPX — Structural Break or Head Fake? Strategies for Hedging

<ul>
<li>A dramatic shift saw stocks surge as market sentiment reversed week over week.</li>
<li>Single stock option volumes were significantly lower vs prior two weeks.</li>
<li>We highlight stocks that have had unusual moves in price, volume and implied volatility.</li>
</ul>


A dramatic shift saw stocks surge as market sentiment reversed week over week.
Single stock option volumes were significantly lower vs prior two weeks.
We highlight stocks that have had unusual moves in price, volume and implied volatility.


Hong Kong Single Stock Options Weekly (March 03 – 07): From Caution to Euphoria as Sentiment Flips

Hong Kong

The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties. The index was developed with a base level of 100 as of July 31, 1964.

Hang Seng Index (HSI INDEX)

HSI Index Options Weekly (March 17-21): A Divergence in Volatility

HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.

John Ley

Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...

John Ley

HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

Performance of long and short volatility strategies on HSI is examined, Volatility was down on the week on muted trading through the middle of the...

John Ley

HSI Outpaces SPX — Structural Break or Head Fake? Strategies for Hedging

HSI outperforming SPX raises concerns of potential reversal, prompting exploration of historical trends and hedging strategies in managing...

John Ley

Hong Kong Single Stock Options Weekly (March 03 – 07): From Caution to Euphoria as Sentiment Flips

Stocks surged as market sentiment reversed, with lower single stock option volumes compared to previous weeks. Unusual moves in price, volume, and...

John Ley

HSI Index Options Weekly (March 17-21): A Divergence in Volatility

​HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.

John Ley

Hong Kong Single Stock Options Weekly (March 10 – 14): Sentiment Shifts, Option Volumes Cool

​Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...

John Ley

HSI Index Options Weekly (March 10-14): Flat Week but Still and Strong Relative Performer

Performance of long and short volatility strategies on HSI is examined, Volatility was down on the week on muted trading through the middle of the...

John Ley

HSI Outpaces SPX — Structural Break or Head Fake? Strategies for Hedging

​HSI outperforming SPX raises concerns of potential reversal, prompting exploration of historical trends and hedging strategies in managing...

John Ley

Hong Kong Single Stock Options Weekly (March 03 – 07): From Caution to Euphoria as Sentiment Flips

​Stocks surged as market sentiment reversed, with lower single stock option volumes compared to previous weeks. Unusual moves in price, volume, and...

John Ley

HSI started strong but reversed due to earnings reports, with option volumes climbing and Friday seeing heavy Call buying.

Market sentiment shifted as stock gains saw a drop in participation, while option volumes continued to decline. Earnings reports for stocks with...

HSI outperforming SPX raises concerns of potential reversal, prompting exploration of historical trends and hedging strategies in managing...

Stocks surged as market sentiment reversed, with lower single stock option volumes compared to previous weeks. Unusual moves in price, volume, and...