The investment era of rebirth

Chapter 443 Dazzling market rotation!
As for the other mainline concept sections...

The two oversold unpopular sectors of 'coal' and 'nonferrous metals', which led the rise, performed extremely strongly this morning. When the market closed at noon, they rose by more than 1.5%, becoming the most important force supporting the market; 'military industry' and 'pharmaceuticals' ', 'Consumption', 'Petrochemical' and other major sectors basically follow the fluctuations of the market, and occasionally major funds participate in the undertaking, but the overall trend is not strong, which can be described as mediocre.

However, the three hot topics of 'infrastructure', 'reform of state-owned enterprises' and 'Internet finance' which once led the market yesterday.

Today, it fell into a trend of adjustment again. In the morning, the market performance showed a trend that was significantly weaker than that of the broader market, which made the investors who took on these major lines yesterday once again showed disappointment.

Of course, the market index has the highest weight attribute. In the past few days, the main line of "big finance" once led the rise.

Today's performance is also relatively sluggish. Regardless of the securities, insurance or banking sectors, they all significantly underperformed the Shanghai Stock Exchange Index. Even among the three, the relatively more resilient securities sector also plummeted when it was approaching noon. The decline, from a slight decline of 0.2% to 0.3%, has fallen to a decline of 0.56%.

Faced with such a closing situation at noon, the majority of investors in the market are relatively disappointed.

After all, the external market is in such a good trend, and at the same time, the good news of the "Shanghai-Hong Kong Stock Connect" has stimulated the index to only rise slightly, and the hot spots in the entire market rotate very fast. There is no continuous profit-making effect that lasts for more than two days. Participation, this trend... can be said to be seriously inferior to the expectations of the majority of investors in the market.

Of course, for some investors lurking in the 'non-ferrous' and 'coal' fields in advance.

After eating the market bonus in the morning, they were still very excited and happy.

"Hey, this rally still doesn't feel like there's much continuity!"

"The so-called market confidence, at its root, fluctuates with the continuous profit-making effect of the market." Xu Zhongji said, "As long as there is a profit-making effect, market investment confidence will naturally slowly recover, and if you want a continuous market profit-making effect, In my opinion... it is still necessary to cooperate with the news, policy, and the fundamentals of a certain direction of the market to achieve the expected effect of a wave of mainline market!"

"The plan to increase positions naturally needs to be shelved in such a market situation." After a pause, Xu Zhongji continued, "The key is... shall we continue to reduce positions?"

"Of course, this also shows that the current market adjustment is not over at all, and the emotional and financial aspects have not recovered at all, which cannot support the continuous market speculation of the main line."

"Then the main funds participating in the market speculation will definitely take advantage of this expectation to carry out a new round of rushing. After half a day of pulling up, most of them will start to sell down and harvest."

He Hong thought about it carefully, and then said: "On the surface, the market is quite pessimistic, but in fact, no matter the policy macroscopical aspect or the capital aspect, it has actually improved significantly. The market round from April to early May As for the market trend, it is obvious that the mobilization of market capital is much faster and more violent than before, and even if the current trend is very bad and the market continues to fall, the amount of capital has always remained above the 4 billion mark."

At 12:35 noon, Yuhang, inside Minghui Capital Company, the main fund trading room, had finished eating, returned to the trading room, and He Hong, who had completed a brief review, said rather helplessly: "'Colorful' The two hot spots in today's market, 'coal', are hot in the morning, but the sustainability is still doubtful, and once market expectations are formed, it's hard to say...the market will dive in the afternoon."

"Okay!" Xu Zhongji replied.

"If you want to create another grand market line like "infrastructure construction" and "state-owned enterprise reform" in April and May, and then gather the continuous profit-making effect of the market, so as to reverse the market's investment sentiment and investment confidence, it is really incomparable Difficult, completely lost direction."

"The current market around the 'oversold rebound' can also be said to be a 'one-day tour' market. If this continues, it is estimated that the follow-up will only be a 'half-day tour' market."

He Hong thought for a while, and said: "Judging from the deeds of the two cities' dragon and tiger lists, the position of the main fund managed by Mr. Su should have been reduced a lot, but since he established the third fund so urgently, Look, he seems to have some obvious expectations for the market."

I saw that just after the opening of the market, the two major industry sector indexes of 'non-ferrous metals' and 'coal', which were once favored by active main funds from all walks of life in the market in the morning, ushered in a rapid dive. Concentrated huge amount of heavy selling.

"The market at this time..."

"Hey, it seems that it's time to rest. What the hell, the speed of this ghost market and the rotation is really dazzling, and I can't understand it."

"In my opinion, it is a helpless move."

"Yes!" He Hong replied, "Actually, the biggest difficulty in the current market is here. Recently, the main funds that have been active in the market have tried to do it under the cooperation of various market news and various favorable policies. Many directions, but none of them worked out.”

He Hong thought for a while, and said: "It's not just the negative pressure of the IPO restart, the market can go so weak, I think the main thing is that the market tone was too high in the early stage, everyone's expectations were raised too high, and the supervision The change of face was too fast, resulting in a collapse of confidence, and finally it became what it is now."

"This is a stupid way." Xu Zhongji said, "I was thinking, if I were the President Su invested by Yuhang, what would I do now?"

Seeing that the market was in a relatively hot mood at noon, not only failed to continue the upward trend, but directly plunged and fell back at the opening of the market. In the main group of Yuhang hot money where Su Yu is, for a while, he participated in the "coal" and "colored" hot spots in the morning The hyped hot money couldn't help but complain.

"Just tell me the market for 'half-day tour', how to do it? Speaking of today's 'Pingmei Energy' check, no matter from which angle you look at it, there is no problem, but I never expected... such a hard board in the morning, in the afternoon It was smashed just after the opening, and the funds lurking in this check are simply sick, right?"

"It's too difficult. I really shouldn't have picked it up this morning."

Xu Zhongji nodded slightly and said: "We have found the crux of the market problem. The key is...how to solve this crux and make a reasonable trading strategy in advance, so as to take the lead in the market."

"I have to say that the current market conditions are really difficult!"

"Hey, it's really weak. I thought that the rebound of 'coal' and 'colored' could survive today, but I didn't expect...the harvest began in half a day."

"but……"

"Hey, in fact, the core hype hot spot of 'oversold rebound' is the worst hype hot spot in the market."

Xu Zhongji paused, and continued: "This round of adjustment of the Shanghai stock index has fallen all the way from around 2500 points, and it has fallen by almost 10% in this point range, and there is even an obvious and effective continuous rebound. There is no market, which is in sharp contrast with the trend at the beginning of the month and the previous month. Even if the market is suppressed by the IPO restart, logically, it shouldn’t be so weak.”

"Which directions have you studied?" Xu Zhongji asked.

"Mr. Xu, my suggestion...is to wait a little longer." He Hong pondered for a while before saying, "The current capital management scale of the 'Yuhang Department' is not small, and what they use is still Ordinary brokerage business department trading seats, tens of billions of funds in and out, in a market with a daily turnover of only 1000 billion, it is difficult to hide their whereabouts. Our asset management scale is at least an order of magnitude smaller than theirs. Since we currently have No direction, you can wait until the opponent's fox tail is exposed, and then follow the trend, or refer to the transaction before it is too late."

"Damn it, it's poisonous! Is it diving now?"

"In the financial trading market, confidence has always been more precious than gold."

"That's why people can't understand it!" Xu Zhongji said.

"Because the market is moving too fast, you can't catch it, predict it, or predict it."

At the same time, due to the two major market hotspots of 'nonferrous' and 'coal' diving.

"It can't be said that there is no continuity at all." Behind He Hong, the company's general manager Xu Zhongji responded, "Whether the main lines of 'infrastructure', 'state-owned enterprise reform', and 'Internet finance' that were shown yesterday, or the 'military industry' that was shown the day before yesterday, , the main line of 'big finance', or today's main lines of 'coal', 'nonferrous metals', and 'petrochemical', in fact, they all revolve around an 'oversold rebound' market in essence, but the main lines and sectors The market moves too fast, making people feel dazzled and unable to grasp the key points."

"The money-losing market, no matter what you do recently, the only result is losing money."

"It is true that the recent market hotspots have been centered around the 'oversold rebound'." He Hong said, "But as you said, Mr. Xu, the market rotation of each main line and each sector is too fast, which makes people dazzled. , can’t grasp the point at all, and this... is actually the biggest problem.”

Immediately afterwards, he turned his attention back to the trading disk of the two cities.

"Because once the market expectation of 'one-day tour' is formed in the minds of investors in the market."

He Hong responded: "Wait until the 'half-day tour' market in the market can't be maintained, and all the main lines of the market have all entered the underestimation level. At present, there is no main line of the market that can lead the market to break through, so we can only wait for the market to go. Taken to an extreme, the moment the valuation springs and sentiment springs tighten again."

"It also proves that in addition to this specious hot spot in the market, other major market lines are more difficult to hype."

"It's strange to say..."

"The funds in the venue feel like they are all speculating, don't they?"

"After the main funds involved in the first wave of hype, they did not get the unanimous approval of the majority of investors in the market. They couldn't stir up a relay market, and they couldn't expand the space for the mid-market market. Naturally, they couldn't play a sustained profit-making effect."

"Moreover, even if there is a mainline field where the fundamentals are excellent, the news is also compatible."

"What the hell? 'Venture Capital' has started?"

It’s just that this kind of excitement and joy, no one knows how long it will last. After all, according to the previous market performance, no matter how hot the hot sectors that led the rise that day were, in the end it was just a one-day market trend.

"To be honest, the main funds in the market choose this direction to make orders."

The broader market index, which was originally trending fairly well, also began to fail. The Shanghai stock index fell back to near the opening point from an increase of close to 0.5%.

"It's the emotional side, it's hard to solve!"

"Okay!" Xu Zhongji glanced at the 12:57 time, and replied again.

He Hong pondered for a while, and said: "Since we expect the market adjustment will not be over, my suggestion is to continue to reduce, at least to reduce the fund position to the real defensive range of 30% to 40%, leaving close to 70% The cash is truly safe, and at the same time, it can make all preparations for our subsequent instant position building."

"Yeah!" He Hong nodded, "If you can't find the direction, then you have to wait."

He also feels that the current market rebound is weak and the sustainability is poor, and there is a high probability that the market has not yet finished adjusting.

"At this stage, if the serious lack of market investment confidence can be truly resolved, then all problems can be easily solved."

"But it is impossible to predict, it is difficult to grasp, and the grasp is not sustainable, which will greatly dampen the market's hype sentiment."

"It's difficult!" He Hong smiled wryly, and said, "I've studied several directions, but I don't think it's right."

And as the two finally decided to reduce their positions according to the original plan, watched the market with a cold eye, and did not participate in any rebound in the market at this moment, the last 3 minutes were fleeting, and the market ushered in continuous auction transactions again.

"You're right!" Xu Zhongji responded, "Fortunately, yesterday we didn't have a large-scale increase in the chips related to the two main lines of 'infrastructure' and 'state-owned enterprise reform', otherwise today we would be very passive."

He Hong responded: "Finance, the 'electronic consumption' field that was hyped last year, and the 'infrastructure' and 'state-owned enterprise reform' fields that are still in the adjustment stage."

"When will it be?" Xu Zhongji asked.

"Because the market hotspots and stocks that meet the 'oversold rebound' are poor in terms of fundamentals, news, emotions, and capital, the logic of continuous speculation is lacking, and naturally the expectations are not high. This line simply cannot drive the market upward.”

Xu Zhongji frowned slightly, and said: "These lines have been verified by the market recently. From the current point of view, there is really no obvious opportunity."

"No matter how these funds are speculated, anyway, if you don't follow the two words, it will be over. At this time... short positions are better than anything else."

"Really, short positions in the past two weeks have outperformed 98% of investors in the market."

When the news in the group is refreshed rapidly, and many hot money bosses in the group are complaining...

However, in just a few minutes, the market hotspots have changed again. I can see that the two popular sector indexes of 'non-ferrous metals' and 'coal' are gradually falling, and the concept sector of 'venture capital' and related industries , and began to rise rapidly again, and instantly reached the top of the two cities' price increase lists!

(End of this chapter)