The investment era of rebirth

Chapter 441 Market Resilience!
"It's so much higher, it's a bit unexpected!"

At 9:15 in the morning, inside Yuhang and Yuhang Investment Company, in the trading room of the main fund, Li Meng watched the two cities start to bounce again, and said with a little surprise: "The whole market generally opened about 1 point higher. Among them, the industry sectors and concept sectors related to several core concepts, led by 'infrastructure', 'state-owned enterprise reform', and 'Internet finance', mostly increased by about 1.2 points, which is true and somewhat... greatly exceeded expectations!"

Su Yu smiled lightly, without obvious expression fluctuations on his face, and continued: "This high-opening situation, if it can be maintained, it will be regarded as exceeding expectations."

"You mean... this situation cannot be maintained until the end of the call auction?" Li Meng asked.

Su Yu responded: "It's difficult. The external trend is positive and stimulating. Usually, the first time the market opens is the high point of market sentiment. As the trading time goes by, this investment sentiment will only continue to decline. In the market at this moment, no matter whether it is hot money groups, institutional main force, or the majority of retail investors, the pursuit of market hotspots and the willingness to take on high positions are not strong, so...the market wants to maintain this level of high level under the stimulation of the external trend. It is basically unrealistic to open an increase.”

With Su Yu's voice, the market trading time has passed 9:16.

I saw that the two cities opened higher across the board, and there has been a significant decline. The industry sectors and concept sectors related to the core main lines of 'infrastructure', 'state-owned enterprise reform', and 'Internet finance' have shrunk to about 1%. The gains of the main line, industry sector, and concept sector indexes of each market have all fallen back to within 1%. Among them, the gains of several major industry sectors in the 'big finance' field have fallen back to near flat.

As for popular stocks such as Beixin Road and Bridge, Beijiang Communication Construction, Shanghai Sanmao, and Kumho Group.

At this moment, large-scale selling orders appeared on the market one after another, suppressing the continuous downward trend of stock prices, causing these stocks to open higher and rise sharply.

"That's true!" Li Meng saw that the market's reaction was exactly the same as Su Yu's prediction, and said with a chuckle, "Looking at the situation, before 9:20, I am afraid that the overall market growth rate will fall back to 0.5." It is within %, sure enough... I still overestimated the reaction of the market sentiment.”

"There is no continuous profit-making effect, why enter the market? Watching a show with a short position...isn't it good?"

"In general, no matter how the market goes next, it is not suitable for left-handed trading."

9点21分，9点22分，9点23分……

During the short suspension period from 9:25 to 9:30, the discussion forum of the stock trading platform gathered a large number of retail investors, and the retail investors who had failed their expectations felt helpless.

At 10:05, the 'coal' and 'non-ferrous' sectors, which have been falling for almost one and a half years, changed.

"It's better to see clearly before you start, than to build positions indiscriminately and miss more opportunities."

Compared with the expectations of the majority of investors before the market, and the strong state shown by the market in the early stage of the call auction of the two cities, it can be said that it is far from it.

"The so-called leading sector means adjusting before the market and bottoming out before the market. Obviously, the two most popular core lines of 'infrastructure' and 'state-owned enterprise reform' show signs of this."

At 10:41, the market temporarily established the market promotion centered on the "coal flying color dance", and the main funds that were still active in the market began to continue to gather in these two areas. At the same time, some of the markets were seriously oversold , relatively unpopular stocks with a relatively clean chip structure on the market began to frequently attract the attention of active main funds on the floor, and the main market trend of "oversold rebound" began to be deduced into the depths of the market.

Immediately afterwards, at 9:32, the Shanghai stock index fell to 2253 points in a flash, recovering all the gains from the high opening.

With the advancement of call auction trading time, the overall market trend is still in a continuous decline.

"I thought the market trend this morning would repeat the market performance yesterday afternoon, but I didn't expect... the stock index actually recovered after diving." Seeing that the market trend was not as bad as I imagined, the magic capital at this moment , Inside Zexi Investment Company, in the trading room of the main fund, the fund manager Zhou Kan was a little surprised and said, "It seems that the market is still somewhat resilient at this position. It is estimated that even if the trend fluctuates, it should not appear as before. 2 , 3 points of continuous slump, right?"

"Several times in a row, the stock price has almost halved from the high point. How bad can it be?"

Amidst the heated discussions among the majority of retail investors intertwined with long and short...

At 9:53, the concept of "venture capital" in the market changed.

"but……"

At 10:20, thanks to the frequent changes in the main market, the Shanghai Stock Exchange Index started to rebound rapidly after reaching the lowest point of 2244.79 points, and regained the 2250 point mark. At this time, the overall market performance of the market has already It was completely different from the time when the two cities called for bidding at 9:25.

"It's really hard to say, so far... there are signs of this!"

"That's true!" Li Meng nodded slightly, "Judging from the market trend, it is obvious that the market has not fallen through, and the bargaining chip structure in the market is still quite chaotic. It seems that... the adjustment of the market will continue to be good For a period of time, the 2200 mark will be reached with a high probability."

"This kind of call auction trend, it is estimated that there will be a wave of diving at the opening."

At 9:35, the three major indexes of the Shanghai Stock Exchange Index, Shenzhen Index, and ChiNext Index all turned green.

"Buying stocks is the same as buying a house, buying up but not down."

"Today's call auctions for Beixin Road and Bridge don't seem to be too bad."

9点25分到9点30分的短暂5分钟停盘时间，转瞬即过，两市迎来正式的连续竞价交易。

Xu Xiang pondered for a while, and then said: "The hot spots on the market are still very scattered. Based on the market performance in the past few days, there is no hot spot in the market that has played a continuous profit-making effect. Before showing any persistence, the index will definitely continue to cycle."

"Yes, it is safest to wait patiently for the opportunity on the right side."

The opening performance of several major indexes...

"Yes, the weaker the stock, the harder it is to be abandoned by the main funds. On the contrary, it is a stock with a good upward trend. Even if the valuation is slightly higher, it can still attract the continuous attention of the active main funds in the market. This should be the so-called 'The strong get stronger and the weak get weaker'?"

"It's never too late for a good meal. After the market adjusts, it's impossible to rebuild the bottom overnight. We should have time, so don't be so anxious."

"Such a good mood before the market. Last night, the entire U.S. stock market rose by more than 2 points. Today's call auction opened only a little higher."

I saw that after a large number of false pending orders and a large number of cancellations during the time period from 9:19 to 9:20, the situation presented by the market is completely different from the situation in the initial stage of the call auction between the two cities at 9:15. The industry sectors and concept sectors related to popular mainlines generally opened higher by no more than 0.5%. 'The field industry sector index, today's call auction continued to be weak, and opened a little lower.

"This shows that the overall liquidity of the market is still decreasing, and the wait-and-see sentiment on the sidelines is getting stronger and stronger. I feel that the funds from the lighten up are not willing to enter the market at all at this stage."

At 9:45, when the overall market in the two cities continued to decline, the oversold 'growth stocks' in the direction of the small and medium-sized boards and the gem began to rise rapidly, showing some performance.

"Hey, on the right side, in the volatile market, the so-called opportunities on the right side are mostly the hills for taking orders, just like this wave of market trends in April and May, those investment groups who previously took orders around 4 and 5 points , Isn’t it the so-called right-side opportunity to attack? Look at how these people are now? Almost all of them are trapped on the top of the mountain. Let me say... At this time, no matter whether the left-side opportunity or the right-side opportunity, there is no chance. Appropriate, it is most appropriate to wait and see with short positions.”

"Looking at the continuous decline in volume and the decline in the attack power of hot money, it is unlikely that the market will enter the previous downward trend again?"

"I hope I don't enter the negative decline mode, otherwise I really have to clear the warehouse and cancel the account. The market has been negative for several years, which is really too difficult."

"That is to say, the main decline stage of the market has passed, and most of the following is a small shock adjustment cycle in which time is exchanged for space, which is also the so-called left-hand position opening opportunity stage."

"So, don't worry." Su Yu said with a smile, "We have plenty of time to arrange positions."

"Okay!" Zhou Kan replied, "Then wait a little longer!"

At 10:12, the market of "coal flying color dance" showed signs, and the two core main lines of "infrastructure construction" and "state-owned enterprise reform" that once appeared began to ebb again.

"Let's wait and see. I always feel that the market is not far from the inflection point."

"Hey, the benefits of 'Shanghai Stock Connect', coupled with the overall surge in the external market, can't move the A shares. It's really hopeless!"

"Compared to US stocks, Big A is simply a younger brother."

At 9:58, the "military industry" industry sector, which had once again fallen to the top of the decline list of the two cities, also began to show a more obvious straight-line upward movement.

"This is the power of the trend!" Su Yu said with a smile, "In an upward trend, the positives will be magnified by emotions, while in a downward trend, the positives will be intentionally ignored. The emotional pendulum of the market is less than an extreme, right? Will turn around easily."

Immediately afterwards, it was 9:20 when it was time for trading.

"U.S. stocks are oscillating and hovering at new highs, but the big A has been finding the bottom. There is indeed a huge gap."

"The key still depends on the overall trend of a large number of popular stocks such as 'Beixin Road and Bridge, Beijiang Communication Construction, Kumho Group, Shanghai Construction Engineering, China Fortune Land Development, Huaguo MCC...'. Only if the related mainline market has not bottomed out!"

I saw that the trading time displayed on the big screen in the trading room had moved to 9:19. The two cities opened higher and continued to fall. The gains of the industry sectors and concept sector indexes related to the main line have all fallen back to within 0.8%. Among them, the selling pressure of a group of popular concept stocks is increasing rapidly with time.

"What the hell, I also want to go to the theater with a short position, but I'm stuck. Cutting the flesh is too painful, so I can only bear it to death. Hey... I still hope that the market will turn around a little bit."

Xu Xiang thought for a while, but suppressed the impulse in his heart, and said: "Although the opportunity to build a position on the left side of the market has gradually become prominent, in the market shock cycle where time changes space, we are currently not sure whether it may come out in the future. Which one, or which ones, will be the main line of continuous money-making effect?"

Beside Zhou Kan, Xu Xiang, who was also staring at the trend of the two markets, was silent for a moment, and replied: "This morning's trend, the market has indeed shown a certain degree of resilience. Attitudes have also begun to appear certain differences, and there is no such strong consistency in expected performance.”

"Then we..." Zhou Kan paused, and then asked, "Do we need to adjust our trading strategy properly?"

"My opinion is... take another look."

I saw that under the short-term emotional brewing for 5 minutes.

"This also means that we are currently unable to determine the main line of follow-up investment and cannot arrange positions."

"Of course it's not far away. Even if it falls to 2000 points, there is only 10 points of room for the index to fall. But the key is not the index, but individual stocks. Usually, in the negative decline mode, the index does not fall much, but individual stocks are terrible. Even if the index falls by 10%, individual stocks can fall by 50%.

"It's really not that bad, but it doesn't show how strong it is. It's hard to say whether the stock price has fallen completely. I think...it's safest to continue to wait and see."

At 11:02, the Shanghai stock index broke through the high opening gains at the beginning of the session, setting a new intraday rebound high, and at this moment, the hot spots in the market have also spread from "flying coal" to all "oversold" industry sectors and concept sectors , Even the "military industry" sector, which has been continuously sold by the main funds on a large scale, climbed out of the water in the main market of "oversold and rebounded" at this moment, and began to turn red and rise.

Finally, when 9:25 came, the call auction of the two cities ended.

"The call auction trend has been going down all the way. It is estimated that today's intraday trend will definitely not be optimistic."

At 9:40, the decline in the Shanghai stock index expanded to 0.33%, touching the 2250-point mark again.

After finishing speaking, Su Yu turned his attention to the trading interface of the two cities again.

At 9:33, the stock index turned green, and the market showed a more obvious opening diving trend. The core popular stocks, Beixin Road and Bridge, once again expanded their declines. In 3 minutes, they fell by 3 points.

At 9:37, a number of concept sectors and industry sectors related to the two major market core lines of 'infrastructure' and 'state-owned enterprise reform' also began to show an obvious trend of rapid decline. Among them, the real estate sector index opened 0.49% higher position, and slipped to a 0.35% drop below the water.

At 10:32, the Shanghai stock index turned red again after undergoing underwater shocks.

"This is not a matter of extravagance, but the trend of the entire call auction. There is indeed a problem!"

"It makes sense. At this time, it is suitable to watch a show with a short position."

"On the whole, the market's investment confidence is still too weak. As soon as the market rises slightly, selling pressure from above will emerge one after another."

"However, although the call auction trend in the two cities is significantly lower than everyone's expectations before the market, it seems that in the market, the industry sectors and concept sectors related to the core main lines of 'infrastructure', 'state-owned enterprise reform' and 'Internet finance' are slightly stronger , and its popular component stocks and concept stocks, there are indeed signs of bottoming out, and they don’t fall much.”

Once the stagnant market in the two cities jumped, a group of high-profile hot stocks in the market with relatively abundant liquidity encountered relatively concentrated and violent selling.

"Not to mention that the collective bidding is lower than the pre-market expectation, the key is that the volume is still declining."

At 10:55, the Shanghai stock index returned to 2260 points.

I saw that after 10 minutes of call auctions, the Shanghai Index finally settled at 2261.36 points, which only opened 0.38% higher, while the Shenzhen Stock Exchange Index and the ChiNext Index opened 0.29% and 0.31% higher respectively.

"It's no wonder that everyone's investment confidence is poor. The market doesn't have a sustainable profit-making effect at all. How can this make everyone feel at ease to accept orders and invest funds to continue to follow suit?"

"From the start of the call auction at 9:15 to the end of the call auction at 9:25, the overall trend of the market has continued to go down. Such a trend... It is estimated that the market will continue to fall in the future. This position has a high probability Not a phased bottom."

"It's good to be able to drive high, and you can't expect too much!"

"But on the whole, this should be a sign that the index has entered the second stage."

"However..." Zhou Kan paused for a while, staring at the changes in the two markets, pondered for a while, and then asked again, "Mr. In which direction will investment confidence, the core hype that leads the market to break through, appear?"

Xu Xiang carefully watched the changes in the market for a while, and replied: "For the time being, it should be..."

He has not yet exported the word 'unknown'.

Suddenly, in the field of the 'military industry' industry sector, the abnormal movements of several core constituent stocks instantly attracted his attention, causing him to swallow those two words back abruptly, with a hint of excitement gradually showing in his eyes. The sharp light seemed to suddenly meet the hunter who was delighted with the prey.

(End of this chapter)