legendary trader

Chapter 846 Chapter 847 Loss Again
After the two-day weekend rest day, on Monday afternoon, Chen Fan received Zhang Quan's analysis of the rice stock market from domestic and foreign markets during the weekend. Reports and excerpts from financial programming.

Chen Fan took a quick look and felt that the direction of the wind was indeed a bit biased. Although it was mentioned in the reports that Enron had repaid the loan on schedule, it seemed to show that the company's funds were normal, and there was no such thing as the previous rumors that the company was due to financial fraud. There is no longer any financial tension caused by providing financial support for it.

However, the focus of the report is still on the frenzied selling behavior of shareholders, not only talking about the deteriorating trend in the past year, but also using Friday's market to let all readers or viewers know that when the company shows strength However, the actions of shareholders to reduce their positions on a large scale have not stopped, and the previous market rumors were mentioned again intentionally or unintentionally.

Moreover, in the report, industry insiders even anonymously said that because of Enron's serious financial problems, Knicks United Fund, a well-known short-selling organization in the United States, placed a heavy bet on shorting Enron at the beginning of the year.

These reports are mixed together, virtually magnifying the possible problems of Enron.

If it is simply that the shareholders are not optimistic about the company but reduce their positions because of investment risks, they will still have room to reduce their holdings due to the cost of building positions. The company's stock price has plummeted from 7 to 80 yuan to the current price of 14 yuan, as if everything is clear.

Who is the Knicks Joint Fund Company? This is a well-known hedge fund in the United States. Especially when it comes to shorting the market, it is almost always accurate, and it has never been wrong.

Now that the Knicks Fund is involved in short-selling in the report, this is undoubtedly instilling a concept to all readers and viewers. There must be a problem with Enron, and the problem is not small. The company's stock price is still not optimistic, and it will continue to fall, and it will fall The speed of the stock price will not be reduced because the stock price has experienced a sharp drop.

Chen Fan sat in front of the computer and browsed the materials sent by Zhang Quan, and subconsciously took a puff of cigarette. Before, he felt that everything in Enron Company seemed to be done quietly behind the scenes, but in the materials he read today, the Knicks Fund broke out over the weekend. The news of shorting Enron's stock price will undoubtedly aggravate the market's worries about Enron.

For a company captured by a short-seller, even if your financial system is sound, you will be peeled off in the face of their attack. This is undoubtedly a hint to investors, get out of the market quickly, Enron is hopeless.

The most important thing is to grasp the timing of the exposure. In fact, at this time, Enron's stock price has a chance to bottom out, if there are no accidents.

Although the market fell sharply on Friday, as long as the stock price can be stabilized on Monday.

Judging from Friday's trend, it seems that the institution that reduced its position should have thrown away most of its chips. In fact, the pressure on Enron's stock price to continue to fall has been greatly reduced, but with the news that broke out over the weekend, will there be any investors on Monday? Fleeing away, whether there will be new short sellers entering the market, everything seems to be confusing.

Previously, Chen Fan planned to insist on covering 10 million shares of Enron stock above 1 yuan, control the short position within 1 million shares, and take the profits in his hands first, but now he is a little shaken.

It was evening soon, and Chen Fan went out after having dinner at home, and went straight to the office building of Oak Capital by car.

After arriving at the trading room, Chen Fan naturally wanted to listen to Lin Hong's opinion. He knew that Lin Hong must have seen this document. As a trader of the project, Zhang Quan should be sent him a copy of the relevant document.

After sitting down, the two began to chat, focusing on the trend of Enron's stock price, especially the news that the Knicks Fund shorted Enron's stock price that broke out over the weekend, and its possible impact on Enron's stock price.

Soon, Chen Fan understood that his worries were not groundless. When Lin Hong saw the information, he was thinking about whether it was really necessary to buy back those 1 million Enron shares there.

However, the discussion between the two did not come to a conclusion, and they could only watch and do it, and could not make a plan, and implemented it step by step. In the current position, the change of Enron's stock price may be very drastic, so it is better to use it flexibly according to the trend. up.

After the rice stock market started, Enron's opening price opened slightly lower today, opening at 14.22 yuan, a drop of only 0.07 yuan.

"Is anyone coming in at this time?"

Chen Fan was a little hesitant. Looking at the trading volume of the auction, 93 shares were close to one million shares. This volume is not a small number in normal times.

Sensing that today's trend might really be a big shock, Chen Fan didn't say anything, but waited for the rice stock market to open for trading, and then made a judgment after watching the follow-up transactions.

Similar to last week's opening, after the rice stock market opened, Enron's stock price fluctuated violently. The trading volume was not as large as yesterday, but the stock price showed a rapid upward trend, and soon approached 14.5 yuan.

The stock price rose by almost 2 points, but it took less than ten seconds.

However, as the stock price reached here, selling orders began to come out in the market, and Enron's stock price began to fluctuate sideways.

Seeing this, Chen Fan frowned slightly. If he had money to invest in Anran, he could only operate in a fast-rising and slow-falling manner.

Before, Chen Fan thought that the funds that entered the market at the end of last Friday chose to save himself, so he pushed up the stock price at the opening of the market, trying to find a point to exit.

At the end of last Friday, there was a relatively fierce offensive, and the stock price was pulled up a few points. At that time, it seemed that there were funds entering the market for short-term operations.

However, Chen Fan didn't wait too long. Enron's stock price quickly shrank in the sideways market and then increased again. The stock price quickly exceeded the price of 14.5 yuan. rice yuan.

It opened two consecutive waves of rise, and the action was very aggressive, but the subsequent trend disappointed all investors who held Enron stock. It was really a trend of shocks and a fall, a rapid rise and then a slow decline.

"Someone is saving themselves, pump and dump."

At this moment, Lin Hong whispered.

Chen Fan nodded, indicating that he also guessed it.

The fierce offensive at the opening was successful. Obviously, many investors who planned to leave the market before the opening hesitated. After seeing that the stock price had a chance to rush to 15 yuan, this mentality became even heavier. They did not make a move at this time. , but intend to wait and see whether there is a follow-up to the surge in Enron's stock price.

However, the subsequent trend is destined to disappoint them. Although Enron's stock price has repeated many times in the intraday market, and it seems that it will be pulled up at any time, Enron's stock price has finally fallen slowly and has not gone out of the confinement. The ups and downs that people expect.

When Enron's stock price approached 14 yuan again, these investors also noticed that they seemed to be cheated.

However, when everyone was planning to sell at the current price, there was a violent increase in the market again, and the buy orders below broke out again, and Enron's stock price rose again.

Double bottom?

At this time, the intraday stock price trend line in the eyes of everyone seems to have the meaning of a double bottom. Although the low point this time is 14.18 yuan, the second low point is slightly lower, and the shape does not look very good.

But at this time, most of the investors who hold Enron stock feel like that, many people are determined to run away again, and plan to continue to wait and see here, even if it is really a scam line, at least they will cut their flesh at 14 yuan, if it is true When the stock price reverses, not only will you not lose money, but you will also earn some.

If it continues to fall, and the stop loss is 14 yuan, it will not lose a lot of money.

Similar to the previous trend, but not as strong as before, Enron's stock price fluctuated and rose, and after a period of rise, it returned to around 14.6 yuan, which is not far from the previous high of 14.91 yuan.

"If it falls today, I don't think there is any need to cover positions above 10 yuan."

Chen Fan said suddenly.

He was already convinced that most of the funds for operating Enron's stock price at this moment entered the market last Friday, and he wanted to bet on a rebound. Maybe because Enron didn't seem to be short of money at the time, he wanted to bet on the benefits of Enron's repurchase on the weekend.

Now that Enron's stock price has plummeted, it has actually met the conditions for repurchasing shares. The major shareholders of the company should also promote this plan for their own benefit.

This was the only reason Chen Fan could think of, and the only explanation he could explain, was the reason for the funds entering the market at the end of Friday.

In fact, it is betting that the company will save itself, and the stock price will fall, not only the loss of the company, but also the huge loss of major shareholders and executives. It is all their money.

But what was waiting for the weekend was even more bad news, but there was no news from Enron Company.

Guessing this amount of funds to gamble this time is also psychologically prepared for a huge loss. If the large-scale pull-up encounters obstacles, you will decisively admit defeat.

It just seems that their luck is very good. At this time, most of the institutions that want to leave the market may have almost left. They have not encountered the attack of big funds, and only some retail investors are trading, so naturally they cannot stop the stock price from soaring.

However, for the second time to raise the stock price, Chen Fan also guessed that the first round of raising the stock price may not be successful, and there is no big money to enter the market at the moment, and the efficiency of their shipments after raising the price must not be very good. I will take another risk to make a second set and make a double bottom.

This time, Enron's stock price rose and failed to touch the previous high point, and it stopped at around 14.6 yuan. The stock price began to pull back again, which was different from before. Maybe because this time the rise was a shock, so they chose to pull It is not blindly pretending to be strong, so the money consumed is not too much.

And when they felt that it was about the same, their selling methods became much more aggressive, and they directly sold goods in a large scale, crazily killing the stock price, and quickly swept away the buy orders at the lower buying price, and Enron's stock price dived around 14.5 yuan. , Before most investors in the market reacted, Enron's stock price plunged below 14 million yuan.

At this time, it was no longer possible to play, and Enron's stock price fell like a snowball. Not only did it fall below the intraday low of last Friday, but it even refreshed the lowest price to 13.17 yuan.

Of course, Chen Fan can't tell whether the funds have made a profit or a loss, but it can be roughly inferred from the trend line of the stock price. The profit and loss should not be large, but the lethality of such a short-term operation on the market is indeed obvious of.

Investors who hold Enron stock are really panicking right now, they are constantly hitting new lows, how can they still hold shares, seeing the stock price drop every day, and the funds they invested continue to shrink.

Leaving seemed to be the only option for everyone.

There is no bottom, Enron's stock price trend is a downward trend, there is really no need to fantasize about buying low points.

Before the downward trend of Enron's stock price reversed, any buying action would be a failure.

Those who can successfully buy bottoms are either out of luck or rich and powerful. Their strong funds will continue to be injected into the market until the stock price recovers.

This is what Chen Fan thought of at the moment, and I don't know if these investors who lost money thought of it.

The stocks to be bought must be bought during the rising phase, and must not be bottomed out during the downward trend.

Buying bottoms is something that can only be done by a great god.

However, at this time, Chen Fan still chose to cover a small amount of stocks. He had short-sold 16 million shares around 2 yuan before, and these stocks needed to be bought back in these two days to close them out.

In the trend of the next few days, although Enron's stock price continued to decline, Chen Fan did not take any action to cover the stock, but continued to wait and see. In the trend of the past two days, Enron's stock price is not far away at 10 yuan.

Up to this moment, Enron has not introduced any effective measures to protect the stock price except for the strong wording of the public relations department to refute the market rumors.

It was Friday morning, and Chen Fan was sitting in the car ready to go home. Today, Enron's share price had fallen to 11.07 yuan. In the four trading days of this week, Enron's stock price fell again by 3 million yuan. Not a pass.

Suddenly the mobile phone in his pocket rang, Chen Fan took it out and took a look, it was Zhang Quan calling, although he was curious that he had something to ask him at this time, but Chen Fan still quickly answered the phone.

"Hey."

"Mr. Chen, Enron's third quarter report is out, with a loss of 6 million yuan."

After Chen Fan picked up the phone, Zhang Quan quickly reported the latest news to Chen Fan. It was indeed big news. Enron Company lost money again in the third quarter.

In the two financial reports released before, the first quarterly report lost money because of a large amount of asset impairment, and the second quarterly report made a lot of money because the impairment came back, which aroused doubts in the market at that time, but what happened to the semi-annual report still made nearly a profit? 2 million yuan.

The performance of the third quarterly report is amazing, with a direct loss of more than 6 million, and a total loss of more than 4 million in the first three quarters of the year.

Is this a lot?

In fact, for a company of Enron's size, it's really not a big number, but at this juncture, it's terrible.

This is the first time that Enron has suffered a loss in the past ten years, and at this time full of doubts, the company not only failed to deliver a good answer, but suffered a substantial loss.

"Enron announced its financial report for the third quarter, saying that its operating profit was 43 cents per share, but if the one-time restructuring fee of 10 billion yuan is deducted, the loss per share is 84 cents, and the company lost 6.38 million cents."

"I see."

At this time, the rice stock market has closed, and it is only a matter of night. Maybe Enron's stock price fell below 10 yuan, which is today, the last trading day of the rice stock market this week.

(End of this chapter)