K\u00fcresel hisse senetleri, bir ba\u015fka zay\u0131f seansta d\u00fc\u015f\u00fc\u015f\u00fcn\u00fc s\u00fcrd\u00fcrd\u00fc; ana endeksler gerilerken sekt\u00f6r performans\u0131 savunma a\u011f\u0131rl\u0131kl\u0131 seyretti. K\u00fcresel hisseler %1,3 d\u00fc\u015ft\u00fc; fakt\u00f6r\/stil taraf\u0131nda ise asgari volatilite (minimum-volatility) ve de\u011fer (value) stratejileri benzerlerine k\u0131yasla daha iyi performans g\u00f6sterdi. Materyaller, sanayi ve teknoloji geride kal\u0131rken, teknolojideki zay\u0131fl\u0131\u011fa yar\u0131 iletkenler \u00f6nc\u00fcl\u00fck etti.<\/p>\n
Defansif sekt\u00f6rler genel olarak y\u00fckseldi, ancak sa\u011fl\u0131k sekt\u00f6r\u00fc bu e\u011filimin tersine hareket etti. Asya\u2019da piyasalar, Wall Street\u2019teki bir \u00f6nceki seans\u0131n tonuyla uyumlu \u015fekilde daha d\u00fc\u015f\u00fck seviyelerde a\u00e7\u0131ld\u0131. ABD hisse vadeli i\u015flemleri s\u0131n\u0131rl\u0131 y\u00fckseldi; bu da \u00f6nceki g\u00fcnk\u00fc sat\u0131\u015f dalgas\u0131n\u0131n ard\u0131ndan yaln\u0131zca temkinli bir dengelenmeye i\u015faret etti.<\/p>\n
K\u00fcresel risk i\u015ftah\u0131n\u0131n yeniden zay\u0131f oldu\u011funu g\u00f6r\u00fcyoruz; bu, d\u00fcnk\u00fc sat\u0131\u015f\u0131n ard\u0131ndan klasik bir defansif rotasyonu yans\u0131t\u0131yor. Bu piyasa gerginli\u011fi, May\u0131s ay\u0131 istihdam raporunun beklenmedik bir g\u00fc\u00e7 g\u00f6stermesi ve ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) faiz indirimi beklentilerini \u00f6telemesiyle daha da art\u0131yor. Piyasa korkusunun \u00f6nemli g\u00f6stergelerinden VIX, 16\u2019n\u0131n \u00fczerine t\u0131rmanarak Nisan 2026\u2019dan bu yana g\u00f6r\u00fclmeyen bir seviyeye ula\u015ft\u0131.<\/p>\n
Bu ortamda, S&P 500 ve Nasdaq 100 \u00fczerinde put opsiyonlar\u0131 alarak portf\u00f6y korumas\u0131n\u0131 art\u0131r\u0131yoruz. D\u00fc\u015f\u00fc\u015fe teknoloji ve yar\u0131 iletken hisseleri liderlik ederken, teknoloji a\u011f\u0131rl\u0131kl\u0131 endeksler \u00fczerindeki putlar\u0131n ilave d\u00fc\u015f\u00fc\u015flere kar\u015f\u0131 en etkili hedge\u2019i sundu\u011funu d\u00fc\u015f\u00fcn\u00fcyoruz. Bu pozisyonlar a\u011f\u0131rl\u0131kla Temmuz ve A\u011fustos 2026 vadeli olup, bir sonraki Fed toplant\u0131s\u0131na kadar hareket alan\u0131 sa\u011fl\u0131yor.<\/p>\n
Belirgin rotasyondan faydalanmak i\u00e7in opsiyonlarla pair trade (e\u015fle\u015fmi\u015f i\u015flem) stratejileri uyguluyoruz. G\u00f6receli g\u00fc\u00e7 g\u00f6steren kamu hizmetleri (utilities) ve t\u00fcketici temel (consumer staples) gibi defansif sekt\u00f6rlerde al\u0131m (call) opsiyonlar\u0131n\u0131 tercih ediyoruz. Buna kar\u015f\u0131l\u0131k, zay\u0131f performans g\u00f6steren sanayi ve materyaller sekt\u00f6r ETF\u2019lerinde sat\u0131m (put) opsiyonlar\u0131 alarak s\u00fcregelen zay\u0131fl\u0131ktan kazan\u00e7 hedefliyoruz.<\/p>\n
Y\u00fckselen volatilitenin kendisinde de do\u011frudan bir f\u0131rsat g\u00f6r\u00fcyoruz. VIX al\u0131m (call) opsiyonlar\u0131 sat\u0131n al\u0131yoruz; zira 2022-2023 faiz art\u0131r\u0131m\u0131 d\u00f6ng\u00fcs\u00fcne ili\u015fkin tarihsel veriler, belirsizli\u011fin volatiliteyi uzun s\u00fcre y\u00fcksek tutabildi\u011fini g\u00f6steriyor. Bu i\u015flem, piyasa kayg\u0131s\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki haftalarda devam edece\u011fine hatta artabilece\u011fine y\u00f6nelik do\u011frudan bir pozisyondur.<\/p>\n
Risk i\u015ftah\u0131 daha y\u00fcksek olanlar i\u00e7in, ima edilen volatilitedeki s\u0131\u00e7rama prim satmay\u0131 cazip k\u0131l\u0131yor. B\u00fcy\u00fck endekslerde vade d\u0131\u015f\u0131 (out-of-the-money) al\u0131m spread\u2019lerini temkinli bi\u00e7imde satarak, piyasan\u0131n tamamen \u00e7\u00f6kmek yerine mevcut seviyeler civar\u0131nda bir tavan bulaca\u011f\u0131na oynuyoruz. Bu yakla\u015f\u0131m hem yatay hem de yava\u015f gerileyen bir piyasadan fayda sa\u011flar.<\/p>\n","protected":false},"excerpt":{"rendered":"
K\u00fcresel hisseler %1,3 d\u00fc\u015ferken defansif rotasyon h\u0131zland\u0131; minimum-vol ve value \u00f6ne \u00e7\u0131kt\u0131, yar\u0131 iletkenler teknolojiye bask\u0131 yapt\u0131. VIX 16\u2019y\u0131 a\u015ft\u0131; yat\u0131r\u0131mc\u0131lar put, pair trade ve VIX call\u2019larla hedge ar\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":47696,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-48588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=48588"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/48588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47696"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=48588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=48588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=48588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}