The investment era of rebirth

Lin Tingzong pondered for a moment, and replied: "According to the disk performance of the popular main-line concept stocks in the market, as well as today's data on the Dragon and Tiger List, it can be clearly perceived that, as an important participant in the market investor group, the hot money group , is in full retreat."

"We all know that hot money is the most active main capital system in the market."

"It is also the market participant who is the best at stirring up investor sentiment, and the best at digging and hyping conceptual market conditions in the market."

"Since they are retreating in all directions, it shows that in the current market, the effect of making money is very low, while the effect of losing money is more obvious. It also shows that speculation and hype are not easy in the current market, or there is no obvious sustainable profit effect and sustainable Hyped market hotspot."

"To put it simply, the overall risk appetite in the market continues to decline."

"This has directly led to low hype sentiment in the market, and the majority of retail investors are unwilling to follow the hype guidance of hot money and carry out high-level follow-up orders."

"And there is no high-level follow-up of the majority of retail investors."

"Natural market hype is unsustainable."

"When the hype is unsustainable and the active hot money groups choose to temporarily retreat and wait and see, without the guidance of these active hot money groups, the market hotspots will only become more scattered and sluggish."

"And the continuous slack and downturn of the hot spots in the market will act on the overall investment sentiment in the market that was already sluggish, causing the bullish sentiment to be further suppressed by the bearish sentiment, and also cause the market's investment risk appetite to further decrease, which will lead to market The market has entered a vicious cycle of raging bears.

"How much money do you think that lurking in the 'Military Industry' sector, broke into pieces, and continuously bought in small orders today?" Qin Qiuyue nodded slightly and asked.

"Of course, if the next week, or multiple trading days."

"Hey, forget it, let's take it as a joke. Anyway, these people are shameless. They are responsible for their own accounts. Anyway, if the stock index does not step back to the 2200 point, I will definitely not re-enter the market."

"It is very determined to buy!" Qin Qiuyue sighed, thought for a while, and then said, "I will observe and observe tomorrow. If the funds continue to buy, then we will continue to follow the position until the fund position is closed." Play full."

"The market finally breathed a sigh of relief today. Let's see tomorrow. If the rebound can continue, maybe there will be a little market here."

"At this time, in my opinion, living is far more important than thinking about how to live better."

"That is to say, there are hundreds of billions of new lock-ups in the market."

A large number of investment institutions, brokerages, market researchers of public equity institutions, so-called chief analysts of institutions, and investment strategy experts jumped out one after another, expressing their bullish views on the market at length, and at the same time from various angles, Interpretation of the "Shanghai-Hong Kong Stock Connect" after the opening, the major impact on the market.

"President Gu..."

"You want to say... the stock index's position at 2200 points may not be able to support it, right?" Gu Chijiang roughly understood Lin Tingzong's meaning and asked.

Lin Tingzong responded: "More than that, I was thinking, what would happen if the stock index couldn't hold on at 2200 and fell below everyone's psychologically expected support position? It can be foreseen...It must be a more tragic concentrated selling, If the stop loss trend cannot hold at 2200 points, it means that the stock index will fall back to 2000 points in the next stage to find the bottom."

"Do you need to be so pessimistic?" Gu Chijiang seemed a little hesitant.

"It makes sense, these guys... are really talking against their conscience."

"Yeah!" Zhou Hui, the trading assistant of the fund manager, said, "Looking from the disk, the main funds of this line today have outflowed a total of about 7.6 million. The short-term active funds chasing this line yesterday should have basically cut their positions and stopped their losses. Yes, although the market is weak, the chip structure is obviously much cleaner than the popular main line concepts in other markets."

"Okay!" Zhou Hui responded and stopped talking.

At present, the fund's position has been reduced to about 50%, which is almost half the position.

However, online and offline are the discussion places where investors gather at this time, such as trading platform discussion areas, stock trading forums, related communities, post bars, financial news website comment areas, internal investment discussion groups, etc. The series of places, the intense discussion about the market, is still going on.

"Moreover, in the current market, the majority of investors are quite consistent in their expectations that the final adjustment of the Shanghai Index will be around 2200 points."

"I estimate that the next market trend, regardless of the index or most of the market stocks, will continue to fall to the bottom. At the same time, it is very likely that there will be a gradual loss of market liquidity. Market liquidity, which led to the flash crash trend of individual stocks and the continuous shrinking negative trend."

"If the market follows, it will really go according to this expectation."

It is also possible.

"It gave me a really bad feeling."

"In a downward trend in the market, the risk of reducing positions on the left side is much smaller than increasing positions on the left side."

Originally, according to his understanding of the current market, especially in the market, many investors have already started flipping more, and when they yelled "policy bottom", he felt that about 50% of the position should be reasonable, but he didn't expect Lin Tingzong at all. There is such a big difference between his point of view and his thoughts.

"These guys have been yelling about the 'bull market' for a year or two, and the result, is the bull market coming?"

Seeing that Lin Tingzong insisted on his own opinion, Gu Chijiang stared at the data of the dragon and tiger rankings disclosed by the two cities again, thinking about some market problems that Lin Tingzong just pointed out, and at the same time thinking about [-]% of the position, even if it is a mistake, it will be added back later , does not require too much time cost, pondered for a moment, then nodded, and responded: "In that case, then follow the trading strategy you said, and continue to reduce [-]% of the position tomorrow, hoping that the market trend will , and then it can develop according to our expectations, and at the same time, we also hope that the market conditions will not enter our most pessimistic expected trend.”

"Looking back at today's disk..."

"And if the index is in an extreme situation, it will fall back to 2000 points again."

Of course, for the words of these chief analysts and investment strategy experts.

Immediately afterwards, 6 pm came, and the major investment institutions in the market ushered in the off-duty time.

I saw the bullish sentiment in the market, compared with yesterday, although it has risen somewhat, it is obviously still weak.

"It's as if the market is going like this, it's all because of our retail investors, it's ridiculous."

The majority of retail investors in the market have few believers, and they all treat it as a joke.

"Everything is good, there is no such thing as bad, hehe...Believe in them, it is better to trust a dog, after all, throw two balls of paper with rising and falling to the dog, and the dog may really choose the right one. The so-called analysts and experts are not right in any point of view.”

"Okay!" Seeing that Gu Chijiang agreed with his point of view, Lin Tingzong responded with a smile.

Zhou Hui thought for a while, and responded: "Not sure, but there must be a lot. I watched the market for a day, and found that this stock has been in the market when many core constituent stocks in the 'military industry' sector have been out of positions. The follow-up and undertaking has never stopped at all, presumably the purchase volume is several times that of ours.”

Lin Tingzong paused, and said very seriously: "The market's seemingly positive and stimulating signal to stop the decline is more likely to be a relay of decline. We are in this position. Not only can we not increase positions rashly, but we must continue to reduce positions. We must do a good job." For position management, it is necessary to carry out a long-term conservative trading strategy as it did during the period from December last year to March this year."

Qin Qiuyue's eyes were bright, and she said with a smile: "Don't worry, I will take care of the consequences. It is not easy to increase positions and rush to raise funds indiscriminately in the 'military industry' sector. Since we have discovered this opportunity, then You can't be too hesitant, and besides...Although the market feels that it has not completely fallen through, the index is already at the 2200 point line. Even according to the most pessimistic market expectations, the downside risk will not be higher than when the index is around 2500 points. It's even worse, so...although there are risks, it's totally worth the game."

"It's not to blame these people. From the perspective of the regulators, the regulators definitely hope that the market will continue to go bullish. As the voices of the market, these people naturally have to speak in accordance with the intentions of the regulators, so they have to find ways Do you sing too much? Even if you are extremely pessimistic in your heart, what you say is definitely a bullish view, I didn’t say...give them ten guts, do you think they dare to openly sing about the market?"

"After all, the market continued to rebound in April and May. Judging from the changes in market volume, there were quite a lot of funds that were lured in. This has fallen sharply. Now these newly entered funds in April and May Funds received from various sources have basically been buried.”

"The main funds in the field have retreated in all directions, and I still feel that the market is still unsustainable."

Otherwise, he wouldn't have such a big hesitation in his heart at this moment.

"The market trend can get rid of the current state and show a continuous strong state. Then we will change it in time."

Lin Tingzong nodded slightly and said: "In market transactions, don't think about winning, think about losing first. I think it is still necessary to reduce the position by [-]%."

"If these big institutions can practice themselves, firmly implement their bullish views, and carry out large-scale increase and lock-ups, can the market go like this?"

"Isn't it just our retail investors who smashed the market? Haha..."

However, Gu Chijiang still hopes that the market conditions can be a little more idealized, that he can get rid of this weak situation of continuous decline as soon as possible, and return to the upward channel.

"Then, we must reduce the position in advance to deal with it, reduce the fund position to a lower level, and leave enough room for market risk defense."

"I hope the external market will have a good trend tonight, so that the market may have some hope tomorrow, otherwise... I'm afraid I have to look for the bottom!"

"Today's rise is due to the direct stimulation of good news, but tomorrow may not be sure."

"Don't look at what they say, but look at what they do, look at the recent performance of the market, these people speak well, but their bodies are often very honest."

Then, he stopped talking, lowered his head, and started to click on the already fixed market trading interface, as well as the webpages of various financial information platforms, combined with market news, to conduct an all-round analysis of the market conditions of the two markets and the performance of individual stocks held by the fund. Review, so as to formulate a trading plan for tomorrow.

"Then I think this round of lethality is probably more violent than the wave of market adjustments from December last year to March this year."

Many investors don't look at details such as your position control, retracement control, trading strategy change timing, etc. They only look at performance. For them, no matter how the index goes or what kind of performance it has, buying If the fund product you invest in does not make money, it is a junk fund.

"In addition to singing too much, I still sing too much, it's annoying to death!"

"Anyway, I have already regarded their views as a joke, and none of them are worthy of trust."

"There is no big positive stimulus for this volume of holdings. If you want to rely on the market to digest itself, I think it will be quite difficult in the short term, so I predict that the index will have a high probability of falling back to the range of 2000 points to 2200 points. Long-term shocks, thus digesting this batch of newly added bargaining chips that follow the trend."

Zhou Hui nodded, but after thinking about it, she couldn't help reminding: "Mr. Qin, I feel that the market still has a lot of risk of falling. We are so aggressive in increasing our positions in the 'military industry' line. In the fund In terms of risk management, I am afraid that I will take higher risks of uncertainty, is it really... no problem?"

In the midst of heated discussions among many retail investors...

After all, since the index fell all the way from around 2500 points, these analysts and strategists have never changed their tone, and investors who believed in the suggestions of these analysts and strategists, and took heavy positions in the market, are also at this moment. Already trapped in the arena.

After all, as a fund management company, in the end...the fund performance must speak for itself.

Qin Qiuyue, the company's president and fund manager, after a brief review, looked at today's market trend with a happy face and said with a smile: "The line of 'military industry' has increased significantly compared to yesterday. It is really rare. According to this The situation... It is estimated that this line will obviously bottom out before the market."

"If there is no other positive news on the market to continue to stimulate."

"Hey, these so-called chief analysts and investment strategy experts, how do you feel that each one of them is a fool, and the analysis is thorough, but none of them are correct. It is clear that the market is continuing in a downward trend, but they say yes. What kind of benign stepping back, technical adjustments, it's just..."

"Preliminary estimates, if it continues to fall like this, many pure stock investment funds in the market will definitely not be able to sustain it."

"Based on the history of past market moves, the usual consensus expectations are unlikely to be met."

And, thanks to the stop signal shown in the market today.

"I'm waiting for Mr. Su's 'Fortune Road' seat to appear again. In this market, if there is a light, there is no one who can be more bright than Mr. Su."

In the investment discussion area of ​​the financial news platform, some retail investors complained.

Although the current position of the fund is not heavy, it can bear certain market downside risks.

"Well, yes, the more these people sing, the more cautious they should be."

"To be honest, under the signs of the full retreat of hot money in the market, this vicious circle of short-sellers is already in the stage of occurrence."

Of course, the market analysis mentioned by Lin Tingzong has a certain logic.

"That's right, the fact that the market can go like this is entirely the result of the guidance of the main funds."

"Indeed, Mr. Su's 'Wealth Road' seat is truly unique."

At the same moment, Yuhang, Anzhao Fund Company, the trading room.

And in the current situation where the various logical views and bullish remarks of these institutional analysts and investment strategy experts have basically lost the trust of market investors, in this situation... To make the market's bullish sentiment continue to rise, in addition to In addition to the continuous investment of real money and the continuous profit-making effect shown by the market, it is completely impossible to rely solely on the guidance of public opinion and speech.

Fortunately, in the evening, the external market trend finally got rid of the quagmire of decline.

U.S. stocks rose by more than 2 points across the board, giving the domestic financial trading market, which is in a weak rebound, a shot in the arm.

In the end, stimulated by the good trend of the external market, the bullish sentiment before the market has been greatly boosted.

As a result, at 5:23 a.m. on Friday, May 9, under the influence of various domestic and foreign market news, as well as various intertwined market sentiments, the two cities once again opened higher across the board!