The investment era of rebirth

"It only opened up by 0.21%. Fuck it, the good news doesn't go up. This market... is really weak."

Faced with the opening situation of the two cities, the vast retail investor groups gathered on stock trading platforms and stock investment forums also have a lot of opinions at this moment.

"It's no surprise that Big A has never stood up in the face of skyrocketing external markets."

"This is called independent movement, yes...independent movement!"

"Hey, it's better to drive lower than to drive higher by this magnitude."

"It feels like the market hasn't opened yet. The investor sentiment that was bullish on the weekend and this morning before the market has been killed. Sure enough... our big A is not disappointing."

"It's about this time. To be honest, the expectations should not be too high."

"Yes, at least it's high."

"The index opened slightly higher, but the performance of individual stocks... is obviously not the case."

"There are nearly 2000 stocks in the two cities, and more than 900 stocks in the red market. Except for the suspension and the flat open, the rise is still more than the fall. In fact, it is not bad, right? The key depends on the opening trend. If the index is at this If the position can be stabilized, we can still look forward to today’s market.”

Among them, especially the short-term hold-ups are extremely heavy, and the popular high-level concept stocks in the fields of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'military industry' have lost their hype value at the moment. The falling state is even more crazy.

That is, at 10:32, panic selling broke out in the market. The Shanghai Stock Exchange Index encountered almost no resistance. It broke through the 2230-point mark with lightning and continued to expand the decline to more than 1.2%. At the same time, the backlog of real estate, The decline in the military industry, architectural decoration, building materials, Internet finance and other industry sectors and concept sector indexes also expanded instantly, almost in the form of a straight-line dive, and the decline hit more than 2%.

In extreme cases, it only takes a few trading days to bring their net fund value to the risk alert area, thus making them lose the initiative to operate and can only be reduced to a passive position reduction situation.

"President Qin, what should we do?"

"You mean..." Qin Qiuyue frowned obviously, stared at Zhou Hui, and said, "We should be in this position, follow the funds in the field to kill and cut positions, and quickly reduce the positions we entered before, so as to Curb the rapidly expanding position losses?"

The three major indexes of the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index, and the ChiNext Index all turned green, and the so-called high opening of the two markets completely ceased to exist.

After all, heavy positions are subject to continuous market plunges, the speed of losses, and psychological pressure.

"Indeed, why are 'communication technology', 'Internet application', 'electronic information', and 'film and television media' leading the rise? Are these major sectors sustainable? Not at all!"

At 9:46, last Friday, the "venture capital" related industry sectors and concept sectors, which once performed strongly in the intraday market, plunged rapidly, and the funds involved in the early stage completely ebbed, and one after another stopped losses and cut positions.

"The ones that rose were all the junk stocks that were oversold in the previous period, and the core and main line stocks were still in a downward trend."

At 9:52, the industry sectors and concept sectors related to the two main lines of 'smartphone industry chain' and 'mobile Internet', such as electronic information, communication technology, film and television media, and Internet applications, which showed a strong state at the beginning of the day, appeared more obvious Falling back and diving, and related core concept stocks in its field, there are also problems with buying orders on the market.

"Beixin Road and Bridge, Beijiang Communication Construction, Kumho Group, China Fortune Land Development, Shanghai Sanmao, Shanghai Steel United... How much money has been buried in this large number of popular stocks in the past week? When the money effect is extremely obvious, it’s no surprise that the hot money has a high level of enthusiasm for trading.”

The two cities once again ushered in the formal continuous bidding transaction stage.

I saw that with the passage of time, the market did not meet the rebound that Zhou Hui and Qin Qiuyue expected, but became weaker and weaker, gradually forming a unilateral downward trend.

Stocks such as 'Beixin Road and Bridge, Beijiang Communication Construction, Shanghai Sanmao, Kumho Group, Shanghai Steel Union, Huake Jincai, Oriental Fortune, Hongdu Aviation, Huagang Tianyuan, etc., fell in a straight line. Both exceeded 3 points, and the time-sharing volume expanded rapidly, more than three times the previous average volume.

Seeing the market trend, in the continuous waiting, not only did it not improve, but it got worse and worse, and the market's plunge has already taken shape. All the funds in the market are all killing down and stopping losses. The top-ranked popular concept stocks, almost all of the buying orders are out of stock. At this moment, Zhou Hui finally panicked, turned to look at Qin Qiuyue again, and said: "We have a heavy position in the line of 'military industry'. What we observed in the early stage The force to take over the main funds still did not appear today, and the selling power of the 'military industry' line increased a lot year-on-year after the market opened, which gave me a... very bad premonition!"

Amidst the people's continuous complaints, the short suspension time of 5 minutes was fleeting, and then, the next moment, the time stepped into 9:30.

If we continue to carry on, with heavy positions in the face of the continuous plunge in the market, once the index directly breaks down to 2200 points, and the 'military industry' sector drops by 15% to 20%, the consequences will be unimaginable , and the price of such consequences is also unbearable for them.

Seeing what she said, Zhou Hui couldn't help but simply responded.

Then he gritted his teeth, forced himself to calm down, and turned his gaze back to the market trading board.

"Anyway, it opened higher, and I lost money. After the opening, I don't plan to continue to hold it."

Zhou Hui responded, turned around and gave the order to the indoor traders without hesitation to immediately cut the position and stop the loss, and sold it at the market price regardless of everything.

"Indeed, judging from the overall call auction trend, there are very few funds actively rushing to follow suit, and the amount generated by the entire call auction is still shrinking compared to the previous period. There is no reason to be bullish on the market at all!"

"Hehe, institutions? Although they try their best to sing a lot, their bodies and hands are very sincere. I hope they will continue to support the market and build the market against the trend. That is a dream."

In Modu, within Zexi Investment Company, Xu Xiang, who had previously observed that the main funds in the 'military industry' sector had secretly built positions, saw that the military industry sector was plummeting without resistance at this moment, and the selling force on the market was extremely heavy. After the speculation failed, he had to issue a stop loss to Zhou Kan and abandon the test position established in this field last week.

"Look at the discussion on our forum and you will know that the market has definitely not bottomed out."

Qin Qiuyue quickly turned her eyes back to the trading board of the two cities, but did not respond for a while, and was quickly weighing and hesitating in her heart.

"'Spring River Plumbing Duck Prophet', since the most sensitive and active hot money bigwigs in the market are still ebbing and tending more and more cautious operating strategies, then we retail investors, how can we talk about optimism? ? I feel... If you sing too much at this time, you have bad intentions."

"Yes, I feel that if the market wants to bottom out and turn around, it must wait for the real adjustments in the two main areas of 'infrastructure' and 'state-owned enterprise reform' to be completed."

Zhou Hui responded: "Under the extreme performance of the market, if we want to avoid the worst situation and consequences, we have no other choice."

"No, it's only possible after Mr. Su's 'Wealth Road' reappears."

At 9:58, the 'Military Industry' sector fell by more than 1.5%, leading the decline in the two markets, and the time-sharing volume continued to increase, showing a certain degree of panic selling.

When Qin Qiuyue and Zhou Hui had no choice but to make a choice to cut their positions and stop losses.

"In the case of heavy positions, not only will the net value of the fund withdraw quite rapidly, but it will also quickly swallow up the profits we have finally harvested from the market in the early stage, causing the net value of the fund to return below the baseline. If the net value of the fund After retracing below the benchmark line, our fund will become more passive in terms of trading strategy after that.”

Finally, at 10:28, during market trading hours, it reached 1 hour.

"Three words, you have to fall!"

Due to the excessive hype in the early stage, at this moment, all the funds in the market are leaving the market crazily and falling sharply.

"If we continue to persevere..."

And at the same time...

"Why?" Qin Qiuyue was anxious, but there were a series of question marks in her mind, "It doesn't make sense!"

"It doesn't make sense, why did it suddenly disappear?" Qin Qiuyue stared intently at Huaguo Heavy Industry, Huahang Electromechanical, Huahang Optoelectronics, Hangfa Power, Huaguo Great Wall, Hangfa Technology...etc. All the 'military industry' fields are running at full speed The core constituent stocks of the sell-off, still don't understand why the huge main force lurking under the market that I clearly observed before suddenly completely lost their traces, and murmured, "Is it really wrong for me to follow up with heavy positions? This fund is in the field of 'military industry', so you really don't have any ideas?"

I saw that after a short 5 minutes of brewing market sentiment, the disks of the two markets had just started to jump. Under the influence of concentrated selling, the Shanghai stock index dived in a straight line, swallowing all the gains in the high opening, and fell into the water, and the decline followed the market trading time. Fast forward and gradually expand.

"Indeed, there are too many variables in this position."

"If you want the market to rise, you have to let the large state-owned institutions have a strong profit-making effect."

"President Qin..." During Qin Qiuyue's brief contemplation, Zhou Hui said again, "The market is in a bad shape. No matter the index or the line of 'military industry', this drop will completely break through all the previous support positions. , continue to go down...for the time being, you can't see the bottom!"

Zhou Hui replied: "There is... there is such a possibility."

"The pressure on the market has not been eliminated at all. I don't believe that the index can reverse here. Anyway, those who have positions should continue to reduce their positions, and those without positions will continue to wait and see and enter the market cautiously. It is always right."

The stock index broke through 2232 points, setting a new low for adjustment since the stock index fell to a high of 2500 points, and its intraday decline today officially expanded to more than 1%.

It will be extremely scary.

Qin Qiuyue stared intently at the ever-changing market trend, and her expression became a little uneasy. Hearing Zhou Hui's words, she responded, "Don't worry, stabilize your mind, and take another look. The previous index has dropped a lot in a row. Now, there is already a lot of room for adjustment, even if the market is weak, the risk of a sharp drop is not great, we can't mess around and lose our minds at this time."

When the Shanghai stock index set a new low for this round of adjustment, and all the hot spots in the market were almost wiped out.

The decline in the Shanghai stock index has expanded to more than 0.5%, and the previous popular main lines such as 'infrastructure', 'state-owned enterprise reform', 'military industry', and 'Internet finance', as well as related industry and concept sector indexes, have further expanded to more than 1%. The market trend of many core component stocks in the field showed a phenomenon of sharp selling of main funds.

Qin Qiuyue came back to her senses and saw that 2 minutes had passed, Huaguo Heavy Industry, Huahang Electromechanical, Huahang Optoelectronics, Hangfa Power, Huaguo Great Wall, Hangfa Technology... and other core component stocks once again emerged concentrated selling forces, and It was still crazily falling, and at the same time, there was already a lack of liquidity on the market, so I couldn't help but gritted my teeth, and finally made a decision to reduce the position and stop the loss of the previous trading strategy, and turned to Zhou Hui and said: "Little Hui, we have no other choice, so according to your opinion, first reduce the position and stop the loss, and reduce the fund position again. Hey... I didn't expect that we worked hard to plan and thought we found an opportunity. In the end, we had to Helpless to cut the meat out."

"It's true, since the market has continued to fall, especially in recent days, the popularity of our forum has dropped significantly."

"Looking at the situation, the core main lines of 'infrastructure' and 'state-owned enterprise reform' in the early stage have obviously not yet come to an end."

"President Qin..." Seeing that Qin Qiuyue was still hesitating, Zhou Hui couldn't help but hesitate to speak.

As Qin Qiuyue made up her mind.

"This trend is seriously below expectations!"

At this moment, their positions on the line of 'military industry' have already lost a lot of money.

1 minute after emotional breakdown.

Then, at 9:42.

Especially the Shanghai Sanmao check.

"Although red disks still account for the majority, the market as a whole does not show any money-making effect!"

"Looking at the market performance at the opening, it is obvious that hot money is not very active in trading among the popular stocks."

At 9:34, it was only 4 minutes before the market opened.

"This shows that the funds leaving the market are still increasing."

In one fell swoop, it went from a drop of around 1.8 points to the daily limit, and suffocated the more than 5 hands of main funds that were sold in a panic to death in the market.

"That's right, you know how to hold together desperately, chase the rise when it rises, and kill the fall when it falls. It is better to count on hot money than to expect them to lead the market."

"The positives do not rise, but the negatives plummet. This is obviously a downward trend of 'easy to fall but difficult to rise'. When the negatives stop falling, I think it should be almost the same."

"Do you suspect that the main funds we observed before are also selling following the trend?" Qin Qiuyue took a deep breath, and her face gradually became serious.

At 10:31, the active investor groups in the entire market, with their bullish beliefs in their hearts, finally collapsed completely, and one after another began to sell everything desperately.

Seeing that the 'military industry' sector led the market down again, and the stock index continued to fall, the market situation in the two markets has not only not improved, but has become worse and worse. At this moment, Yuhang and Anzhao Fund have already In the field of 'military industry', the 'mixed No. 1' fund product that has formed a substantial heavy position, the fund manager assistant Zhou Hui's eyes became obviously tense, and she turned to Qin Qiuyue and said, "Mr. Qin, the situation is not good. !"

At 9:36, with the "small and medium-sized board index" turning green, all the important indexes of the two cities swallowed up the high opening gains at the opening, showing a state of decline.

"Let's talk about the index first at the support level of 2200 points. At this position, there is pressure on the top and no support on the bottom. It is strange that the vast number of investors who are free on and off the market dare to follow up boldly."

"The domestic institutions are a group of guys with no structure."

Likewise, at the same time.

Yuhang, inside Yuhang Investment Company, the main fund trading room.

After Su Yu observed that the market had entered a unilateral plunge in panic selling, and noticed that the line of 'military industry', the sentiment and bargaining chip structure in the market had completely collapsed, he quickly issued a trading order to follow suit and sell. Let the traders follow suit on the market.

It's just that, although they are all the same stop loss operation.

However, Anzhao Fund, Zexi Investment, and Yuhang Investment have completely different motivations for the main funds that focus on this.