熊市；隐含价格波动率高（High implied volatility），于是卖出看跌期权赚取权利金，但又担心价格大幅下跌，所以又卖出期货进行保护。
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high implied volatility
高隐含波动率
以上为机器翻译结果，长、整句建议使用 人工翻译 。
Given the fact that Alcoa is having its recent bid for Canadian aluminum rival Alcan (nyse: AL - news - people ) reviewed by regulators, implied volatility has remained high at around 51%.
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Implied volatility in the options continues to run high, even post-Fed.
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