legendary trader

Chapter 807 Chapter 808 A short wave of gold speculation Thanks to all readers, thank you very much to all friends who rewarded and voted for monthly and recommended tickets
"Sell assets?"

Kenneth bowed his head and thought for a while before expressing his opinion directly: "I think it's a good idea. Now we have to withdraw the funds. Although it will make the books look a little ugly, we can deal with the holes left before."

So everyone in the office began to discuss about those assets that should be disposed of, and quickly made a list.
In fact, Enron has invested all over the world in these years, and now there are too many assets that need to be liquidated, those assets that have not brought benefits to the company after they are bought back.

Most of these listed assets belong to Enron Investment and Enron International, subsidiaries of Enron Corporation, and it is time to clean them up.

"Kesai, the second quarter report should be more beautiful, so that we will have more advantages when negotiating the sale."

At the end of this discussion, Kenneth suddenly said to Ke Sai.

Ke Sai nodded. He has really felt tired in the past year or so. The company has experienced unprecedented financial pressure, and he is almost out of breath. He needs to pay a huge amount of cash every month to pay the interest of those financing. , Sometimes he doubts whether the debt data in his small notebook is correct or not.

The reason for all this lies in these assets. When the company could easily get money from the bank a few years ago, they expanded their business territory everywhere, which caused the originally loose capital chain to become tense, but the money became a lot of money. A pile of unproductive assets, and the company has to pay interest on these financing.

When Kenneth watched the high-level executives leave the office, he suddenly said: "Jeffrey, cancel the two projects you mentioned before. Now we don't have the energy to continue to expand, although I know that deal is very good."

At the end of April and the beginning of May, rumors about Enron's liquidation of non-performing assets began to appear in the market.

In fact, Chen Fan was a few days ahead of the market and learned from Zhang Quan that Enron was short of funds, so it started to sell assets to cash in to make up for the lack of operating funds.

Although Enron did not stand up to refute the rumors, and of course did not admit the rumors, more and more reporters discovered that the people from Enron began to keep in touch with some business colleagues, and even published photos to confirm their reports .

Immediately afterwards, Enron's stock successfully bottomed out again after falling to around 56 yuan, and began a rebound trend.

"Fortunately, we short-sell only 30 shares this time, otherwise we will lose a lot."

Seeing that Enron's stock price continued to rise, Lin Hong said to his colleagues beside him with some lingering fear after it had broken through 60 yuan again.

"That's right, Mr. Chen doesn't know how to do his analysis. How did he know that Enron's stock price will rebound?"

The trader next to him echoed, Chen Fan's order baffled them at first, since Enron's stock price had just dropped below 60 yuan at that time, and there was a lot of selling in the market, this was actually a way to suppress the stock price. good chance.

But what they were waiting for was Chen Fan's inexplicable order: limit short selling positions.

Regarding this order, their private judgment was that Chen Fan predicted that Enron's stock price would rebound, but at that time, judging from the disk, the market did not have the potential to rise at all.

Although there are great opinions, as an order, it can only be executed.

Since yesterday, Enron's stock price has been around 56 yuan, as if it has taken root. No matter how hard it is suppressed, the stock price has not moved at all. Many times they have seen the dawn of victory. They only need to invest tens of millions of stocks in the market, and it seems to be able to The stock price fell, breaking through 55 yuan, but the limited position was reached.

Of course they can ignore the order and continue to sell short, but the risk control side will not give face. There was a short-selling position of more than 50 shares before, because the suppression was too smooth, and they were directly sold by the risk control side before they had time to cover their positions. Intervention for buying operations reduces short selling positions.

Chen Fan hasn't been in the trading room these few days, so the traders in the room are still relaxed and chatting casually, because after the position is restricted, their transactions will naturally decrease.

"Yesterday I met Team Li. It seems that they are doing well. After withdrawing from the crude oil market, they entered the gold market."

A trader behind him said.

"Yes, they got gold over there."

Lin Hong said without turning his head. He didn't need to turn his head to know who it was. The people in the room were all acquaintances.

"Mr. Chen was pulled over by Mr. Xu, and he has been sitting there for the past few days."

Another said.

"Li Yi thought there was a chance for gold. Mr. Xu approached Mr. Chen, and Mr. Chen said he could do it, so Mr. Xu seems to have made a big bet this time, haha"

Lin Hong said with a smile, when he said this, everyone naturally understood what was going on.

"Mr. Chen told me before that the position is limited, but the stock price should be properly suppressed, but it can't be bigger. He is worried that Enron will take action to save the stock price. It is estimated that there will be more measures against us in the future."

Lin Hong continued to laugh and said that there is no need to keep these secrets anymore. After Enron's stock price rebounded, all these are no longer secrets.

"I just took a look at the trend of gold, and it's really surging, and it has risen to 282 yuan."

Someone said, "In mid-February and early April, it fell to 2 yuan twice to complete the double-bottom structure. Team Li should have seen the double-bottom pattern before thinking that the gold price has a chance."

"More than that, of course Chen Fan also asked me my opinion on the price of gold. In March, the price of gold rose twice. Although it only rose to around 3 yuan, the energy was very strong when the price of gold rose, and the market has a strong willingness to rise. .”

Lin Hong smiled and said his preliminary judgment on gold at that time. At the moment, Enron's stock price is still rising, so naturally it can no longer be shorted. Although it is necessary to place orders at some key prices, it must be bought at the bottom in advance. Some stocks covered short positions.

Now everyone is idle and idle, joking and chatting, it's good.

The atmosphere in the trading room here is relaxed, and everyone is talking and laughing casually. In the trading room next door, Chen Fan is staring at the computer screen in front of him. At this time, the price of London gold is still rising. It has touched 283 yuan.

During the trading hours of the European market this afternoon, the price of gold was still at 278 meters. When the U.S. market opened, the price of gold had already stood at 280 meters. Now, due to the addition of American funds, the price of gold has accelerated again, and it has once again skyrocketed by 2 meters. Chen Fan I am a little worried that the short-term rise is too fast, and the market will soon start to pull back.

Xu Jing beside him saw Chen Fan staring at the computer screen with a serious face, and reminded in a low voice: "It's not close to 290 yuan, so there should be no problem."

The price of 290 meters was proposed by Chen Fan before. When Xu Jing approached Chen Fan and asked him his opinion on the price trend of gold, Chen Fan looked at the price of gold with his supernatural power. It was indeed an increase of more than 290%. This time the gold price has a chance to stand above [-] yuan. As for whether it will fluctuate sideways or pull back, I don’t know.

However, compared with the gold price of 260 yuan at that time, 290 yuan, the profit margin in the middle is still very large, especially when leverage can be increased, as long as you dare to invest.

In fact, no matter whether it was Xu Jing or Chen Fan, they really dared to gamble on such an opportunity.

This time, the two sides still put out 10 billion yuan to gamble on gold, and 20 billion yuan choose 50 times leverage. They can leverage 1000 billion gold plates.

They have completed a long gold position of 270 billion yuan below 400 yuan, and then continued to increase their positions during the rise in gold prices. Now they have established a position of nearly 500 billion yuan, which has reached the limit.

But now the energy of the gold price hitting the high point seems to be at the end of the battle. The gold price may encounter an empty order attack at any time, and Chen Fan has no idea to continue to open a position. Not only because of the current gold price, the profit margin left is reduced, It is also because the current position is close to 5%, which is very high.

Although Chen Fan is sure that there is still room for the gold price, it is one thing to go up to that price, and the length of time to stay in the high price zone is more important, so many positions cannot be liquidated instantly.

"285 starts to close the position."

Chen Fan just replied to Xu Jing nonchalantly. He still wanted to follow the old habit, start clearing the warehouse early, and sell it all the way up with the price of gold. In the current situation, the oil price has soared, and the floating profit on the book is very gratifying, but the final liquidation is indeed dismal.

"Ah."

Xu Jing also understood what Chen Fan meant. It is more important to reduce positions along with the rise in gold prices, and to place orders safely.

The gold price did not fall back when it encountered resistance near 283 yuan, but rushed up in a shock. However, near the early morning, the middle part of the US market began to pull back, and the gold price touched the highest at 283.62 yuan.

If it didn't reach 285 yuan, Li Yi naturally didn't need to ship, and the position was already very heavy, so Chen Fan didn't let him continue to open the position, just watched the market and it was over.

Afterwards, the adjustment trend of the gold price continued until the second half of the Asian market, and the gold price also fell back to around 281 yuan. As the time of the European market approached, the gold price became active again.

In the afternoon, Chen Fan came to the Oaktree Capital trading room again. The price of gold had regained its position at 282 meters and was slowly rising, and the time for the European market was getting closer.

When 3 o'clock in the afternoon came, the gold price started to rise rapidly from the previous 282.41 yuan. The gold price quickly broke through 283 yuan, and then a short correction began to gain momentum, but it did not fall below the 283 yuan mark.

The rise in gold prices this time was not supported by the news, but only because technically there was a demand for a rebound in gold prices.

Last year, since the price of gold started to pull back above 300 meters, it has been falling continuously. The continuous decline has accumulated for a year, forming a strong rebound momentum. After the bulls tried twice in March, they finally started to rise in April. The trip, although from Chen Fan's point of view, this time seems to be a short-term restoration of the market, and it is the end of last year's adjustment of the market.

After all, it has been down for a year, and there has never been a decent opportunity in the market.

This decent opportunity is what Chen Fan feels, and the intraday price increase is a few yuan. Forget it, that little profit margin is really not worth the current Mr. Chen's shot.

Zheng Xiaopang said before that he was joking, and Chen Fan didn't seem to care about the profit of hundreds of millions of yuan now, and chose to give up, too lazy to make such a small amount of money.

This is of course wrong, as if shorting Enron this time, Chen Fan actually has no idea how much money he can make, and even Chen Fan can only say that he should not lose money, because so far, what Chen Fan cares about is Enron Zhang Quan and Oak Tree Capital's people in the United States have never found out what the concealed real financial situation looks like.

They have tried very hard to get in touch with the high-level financial personnel of the other party, but there is no chance. The other party seems to be very alert, and it is said that anyone who has access to financial data has signed a very strict confidentiality agreement. No one dares to risk their lives to leak data these days.

For a big company like Enron, backed by a world-renowned accounting firm like Arthur Andersen, Chen Fan really didn't dare to think too darkly about it. There might be a problem, and it seemed serious, but he didn't dare. Having said that, this is also the reason why Chen Fan has never dared to short short, although Zheng Xiaopang and Xu Jing are both planning to increase their short selling.

The trend in the European market is very good today. The price of gold jumped at the opening. After a short period of gaining momentum, it successfully broke through the intraday high. The price of gold quickly broke through 284 yuan, approaching Chen Fan's psychological price of 285 yuan, which is the price to start lightening up.

Judging from the transaction frequency, the long orders in the market are still very strong. The price of gold is constantly changing, and there are countless transactions going on every second.

Chen Fan didn't wait too long. At 5:285 pm, the price of gold finally reached [-] meters.

Without hesitation, Chen Fan glanced at Xu Jing who was beside him, and gave Li Yi an order, "Start to lighten the position and reverse the pyramid."

This means that small orders will be closed at the beginning, and the amount of liquidation will continue to increase as the price of gold rises.

Knowing that the price of gold can touch 290 yuan, Chen Fan naturally would not choose to close most of his positions at a low price. Of course, he would choose to close these long positions at a higher price.

A few traders in the trading room started to have work to do, and they began to enter liquidation orders into the market according to the allocated numbers, but now the market is in a good upward trend, and the bulls are very popular, so they liquidate their positions very quickly.

Of course, the most important thing is that after the gold price broke through 285 yuan, there was no pullback and the action of consolidating the bottom, but it was still rising slowly, approaching a higher price.

When the time was approaching 6 o'clock, Chen Fan suddenly said to Xu Jing: "Today's dinner was brought over in advance. I don't have an appetite to eat alone at home at noon. I feel a little hungry now."

"haha okay."

Xu Jing smiled and agreed, then called her secretary and told her to contact her about the early meal delivery, so that she could have breakfast tonight.

After the secretary left, Chen Fan said to Xu Jing: "That's the price of gold. There should be no major problems. I'll go over to see what's going on at Lin Hong's side at 9 o'clock."

Enron's stock price has almost survived the upward trend for several days. The intraday stock price began to approach the high point of the previous rebound of 5 yuan, and it has reached the turning point that Chen Fan saw.

(End of this chapter)