Chapter 884: The market-making effect of being cut off!

"Sure enough, I said it's not that easy to kill, haha..."

At 1:35 in Shanghai, inside Yinghui Fund Company, in the 'Yinghui No. 1' fund product trading room, fund manager Liu Guanhai saw that the market conditions in the two cities began to recover overall. At the same time, several core indexes such as the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index, and the ChiNext Index fell within a day. The declines have also shrunk to less than 2%, and the securities sector and the Internet finance sector in the field of 'big finance' have rebounded from a maximum intraday decline of nearly 4% to a position close to the red market. In my heart, He was very excited, and said with a smile: "This is the bull market... All plummets are washouts, and all corrections are buying points for short-term capital groups to fully follow up."

"Well, that's true." Yu Lei, the leader of the trading team, said with a smile, "Judging from the market trend and the capacity of the two cities, there are indeed a lot of short-term capital groups, but today there should still be no deep investment." Is the trend of V rebounding? Looking at the time-sharing performance of the two cities, it is obvious that it has weakened again. The capital group that actively attacked has consumed a wave in the early afternoon, and now it seems a bit weak. "

Liu Guanhai continued to watch the changes in the market with squinted eyes for a while, and said with a smile: "Even so... but the problem is not big. At least in the main line of 'big finance', it is obvious that the decline will not be deep, and there is obvious resistance to the downward trend. , upwards, and there are active buying orders that are actively following up.”

"The line of 'big finance' is naturally easy to rise but hard to fall." Yu Lei took over and said, "Currently I am worried about the two main lines of 'infrastructure' and 'military industry', as well as the collapse of the 'Chengfei Integration' check. The 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises' are several major conceptual theme areas, which will bring the index and the entire market forward. After all, these major areas, the market value of The quantity is not small.

Moreover, there are obviously many major financial groups gathered in these main areas in the continuous market trend for many consecutive months!

If the main financial groups gather in these main areas.

If you really have doubts about the investment logic of the core themes of the ‘Eurasian Economic Belt’, ‘New Era Road, Maritime Silk Road’, and ‘Reform and Reorganization of Central and State-owned Enterprises’.

So, under the influence of the huge market value of these major main lines.

I'm afraid that I have accumulated a lot of profit-taking funds, and also gathered numerous "big financial" main lines that have recently unwound the arbitrage, and it is difficult to be alone! "

"The impact of the 'Chengfei Integration' check shouldn't be that far-reaching, right?" Liu Guanhai pondered, "There are objective reasons for the failure of the reorganization of this check, and this check, today's limit drop, is purely because of this The check was overdrawn due to too many expectations during the early hype.

This check was part of the ongoing hype over the past few months.

During the period when this check was the leading concept theme of 'military asset restructuring' and 'military asset securitization', its stock price has been increased by almost 6 to 7 times by various funds since its bottom.

At this high level, let alone the failure of the reorganization, even if the reorganization is successful, it may not be able to support the current valuation of this check.

So, I think this check is an exception.

Still, we cannot rely on the reorganization failure effect of this check to judge that the entire 'reform and reorganization of central and state-owned enterprises', 'reorganization of military assets', and 'securitization of military assets' are expected to have problems, nor can it explain the country's macroeconomic strategic planning in these major areas. policy changes.

Of course, market sentiment is often irrational.

In the short term, a pendulum effect is inevitable.

It is normal for everyone to over-act on some of the expectations and concerns caused by this check.

But I believe that when the short-term extreme emotions pass, the market will soon restore related expectations and valuations.

After all, this is a bull market!

In the entire market, the short-term capital groups, as well as the potential long-term capital groups inside and outside the market, are completely incomparable to the past few months, or even the past six months or a year ago.

There is also the check of ‘Chengfei Integration’, which has been suspended for a long time.

During this period, the entire main areas of 'infrastructure' and 'military industry', as well as the associated 'Eurasian Economic Belt', 'New Era Road, Maritime Silk Road', and 'Reform and Reorganization of Central and State-owned Enterprises', It is obviously in the adjustment stage.

In other words, the entire main line areas of ‘infrastructure’ and ‘military industry’.

As well as its related major component stocks, concept stocks, etc., they are completely different from the trend pattern of the "Chengfei Integration" check.

Other related stocks are in the adjustment trend of the main lines of "infrastructure" and "military industry" for more than a month.

It has already been adjusted and reacted to the check of "Chengfei Integration" in advance.

In this way, even if the "Chengfei Integration" check goes out of the continuous one-word limit under the negative review, I believe that the impact on the main lines of "infrastructure" and "military industry", as well as the impact on the entire market, will be very limited. At the same time, There is no need to worry that the main sectors such as 'infrastructure' and 'military industry' will continue to fall and become a serious drag on the subsequent development of the entire market. This has not happened before, and it will certainly not happen in the future.

On the contrary, I think the two main lines of 'infrastructure' and 'military industry', as well as their related core component stocks.

At this moment, it seems to be in the final state of decline. "

"The last drop?" Yu Lei was stunned and responded, "This should...not be the case, right? At present, the positions of early popular main lines such as 'infrastructure' and 'military industry' are still significantly higher than other main lines in the market. What's more, the current popular main lines in the early stage are indeed negative, and the future prospects are not very clear."

Liu Guanhai chuckled and said: "The market situation is inherently unpredictable, but the future prospects are not very clear. That's why the early popular main lines of 'infrastructure' and 'military industry' have only been adjusted for so long. If the prospects are clear and the expectations are strong, then this The trend of several popular main lines will now be the same as that of 'big finance'."

"That's true." Yu Lei nodded.

Liu Guanhai chuckled and said: "It's a pity that the core position of our fund is already in the direction of 'big finance'. There is no more funds to rearrange the 'infrastructure' and 'military industry'. These adjustments have been initially completed, and future expectations remain the same." Strong core stock."

"Everything in the world cannot be perfect." Yu Lei said, "I think since the main line of 'big finance' is still the most popular main line at the core of the market, and this core main line area, whether it is the securities sector or the Internet financial sector, is still If we can still outperform the market index, then we will continue to hold it firmly, continue to let profits run, and see how the market will change next..."

After saying that, Yu Lei turned his attention back to the trading market of the two cities.

At this time, after the market has clearly digested a wave of active buying funds, the amount of active buying funds has once again depleted.

The declines in the Shanghai Stock Exchange, Shenzhen Stock Exchange Index and ChiNext Index have begun to expand again.

At the same time, "Big Finance", "Technology Growth", "Infrastructure", "Military Industry", "Nonferrous Metal Cycle"... and other core main lines that rebounded comprehensively in the early afternoon.

At this moment, prices began to fluctuate downward again, and the market decline expanded once again.

At 1:42, the Shanghai Stock Index's decline expanded to more than 5%.

At 1:55, the 'Blue Stone Reload' check, which had rebounded sharply during the session, fell again and hit the limit for the second time. Similarly, the 'Military Industry' sector index once again hit an intraday decline of 3%. pass.

At 2:06, the Shanghai Stock Index fell nearly 3% during the day.

At 2:17, the turnover of the two cities exceeded 670 billion, and the number of stocks in the two cities had dropped to 50 after originally falling back to 29.

At 2:22, the Shanghai Stock Index fell sharply, setting a new intraday low and intraday decline.

At the same time, the securities sector and the Internet finance sector in the main field of 'big finance' also fell by more than 2% again. Of all the industry sectors and concept sectors in the two cities, only the 'sub-new stocks' remained in the red.

After more than an hour of violent shaking.

After consuming a large number of active funding groups and buying funding groups.

The major market indexes, as well as countless popular stocks and concept leading stocks... have not been able to truly reverse the decline and achieve the deep V rebound trend that many people expected.

When the time reached nearly 2:30, it entered the last half-hour trading session at the end of the day.

Everyone found that the market index and intraday market trends were indeed impossible to reverse, and at the same time, the plummeting pattern of the entire market was also irreversible.

Therefore, there was originally some hesitation in the market, thinking about the short-term profit-taking capital group holding positions for observation.

As well as the group of funds to resolve the arbitrage.

At this moment, they finally came out in full force.

At the same time, there are insufficient OTC positions, or a large number of investors who intend to follow up. Seeing that the extreme market adjustment has not ended, and the plummeting trend is likely to continue, the stock in my heart is increasing and increasing positions, and The impulse to buy stocks without thinking was obviously affected by market trends and gradually cooled down.

And the influence of emotions in these two different directions...

Naturally, the market's long and short forces, and even the long and short sentiments, were completely unbalanced at this moment.

As a result, after the market consumed a large amount of the most aggressive buying power, in the late trading stage, when faced with short-term profit taking and unwinding of arbitrage chips that were still selling on a large scale, it could no longer bear it.

Therefore, when the market trading time passes 2:30.

Whether it is securities in the field of 'big finance', stocks with strong components in the Internet financial sector, or weak stocks in other main areas, or even the leading stock group that fell sharply at the beginning of the market... At this moment, its market trend, all An imbalance has occurred.

Selling orders comprehensively suppressed buying orders, pushing the stock price straight down.

At 2:35, the number of stocks in the two cities exceeded the limit, reaching 75.

At 2:38, in just three minutes, the number of stocks hitting their daily limit in the two cities quickly reached around 90, reaching a new peak in the number of stocks hitting their daily limit.

At 2:40, the Shanghai Stock Index further set a new intraday low and fell below 3,200 points.

At 2:42, the Shanghai Stock Index's intraday decline expanded to 78%, and began to rapidly approach the 4% decline mark.

At 2:45, "Huaxin Securities" set a new intraday low in the form of violent fluctuations, with the intraday turnover exceeding 8.9 billion, with a terrifying volume of 8.9 billion, and the intraday decline exceeded 3%. At the same time, the securities sector index fell straight Diving, the intraday decline also reached the 3% mark.

At 2:46, the 'Military Industry' sector index fell by 22% during the day, and the entire sector started to fall by the limit.

At 2:47, the "Film and Television Media" sector also fell sharply, with the intraday decline expanding to 5%. LeTV, a heavyweight stock on the GEM Index, hit the lower limit.

At 2:48, the number of stocks that hit their daily limit in the two cities exceeded 120. The long-awaited "100-stock limit-down" phenomenon once again appeared in front of all investors paying attention to the market.

At 2:49, the decline of the two major indexes, the Shenzhen Stock Exchange Index and the ChiNext Index, also expanded to more than 5%. Among them, the A50 Index fell by 22% during the day, and the huge negative line swallowed up the gains of several previous trading days.

At 2:50, out of about 2,000 stocks participating in transactions in the two cities, only 102 stocks were still in the red market. The increase rate of the red market was less than 6%.

And when the two cities entered the final ten minutes before closing.

Whether it is an index or individual stocks, the phenomenon of falling prices has not stopped, but is getting worse.

At the same time, at this time, the market's active buying volume began to further weaken, and panic selling was further strengthened.

And at this time, the total turnover of the two cities.

It has also expanded to above the 740 billion mark, further setting a new high in market turnover and approaching a new historical high in A-share trading volume.

Facing the same extreme sell-off phenomenon as in the early trading stage.

At this moment, the entire investor group paying attention to the market, including institutions, large hot money investors, and retail investors, who were originally relatively determined investors, could not help but feel panic and worry in their hearts.

After all, many expected today's market correction.

But no one expected that after the entire market apparently recovered a period of decline in the afternoon, it would hit a new low with even greater speed.

Thus burying all the capital groups that were taken over in today's session.

As for the capital group that took over during the day, no one made money, which also restricted the follow-up capital group that dared to continue to take over the market in the late trading stage.

In this way...the long and short forces on the market are becoming more and more unbalanced.

“Damn it, this trend is absolutely crazy, it’s making people’s scalp numb.”

At 2:52, just before the closing of the two markets, inside the same Yinghui Fund Company, in the 'Yinghui No. 2' fund product trading room, fund manager Shao Xiaoyun stared at the Shanghai Stock Index that had expanded to the 4% drop mark, frowning Together, his heartbeat was obviously a few beats faster than before, and his expression was full of surprise: "Today's huge negative line has simply cut off the strong breakthrough form that has been gathered with great difficulty in the past two weeks. The key is It... directly destroyed the money-making effect that lasted for many days!"

The fund he manages remains locked today.

Originally, an hour and a half ago, he was somewhat complacent about his calm lock-up trading strategy today, but now... he really regrets it.

Such an extreme plummeting trend pattern.

Even if the 'bull market' pattern is not fundamentally shaken, it would be extremely difficult to repair it...

"It's really too much." Hearing Shao Xiaoyun's words, Liu Changling, the trading team leader, also had a clear look of worry in his eyes, "Without any big negative situation, such a killing will obviously affect the bullish sentiment in the market. , I really didn’t expect...the short-term profit taking and unwinding of arbitrage accumulated continuously in the market can be so terrifying, and can actually cause such great damage to the core of this market.”