The investment era of rebirth

Chapter 568 The Journey of the Bull Market ([-])!
Su Yu nodded slightly, and said: "At present, the basic conditions and factors for the outbreak of the bull market should be almost in place, but there is still a lack of wind in the direction of macro policies, so that the market's Emotional flames are completely burning."

"Policy direction at the macro level?" Wang Can thought for a while, and found no clue, and asked, "Boss, what are you referring to?"

"Master, are you talking about the liquidity of money and funds in the market?" Liu Yuan thought for a while before continuing.

Su Yu nodded slightly, and praised with a smile: "Smartness is the liquidity of market currency funds. As long as the liquidity of market funds can be further ample, then the stock market's quantity energy ecology, induced by the continuously expanding market's profit-making effect, will completely improve. It's another situation."

"Market liquidity in the first half of the year has been relatively tight." Zhao Lijun said, "Even many banks experienced a certain amount of money shortage crisis in the first quarter, but now... on the macro level, the Fed's pace of raising interest rates has And it is clear that it will be greatly slowed down. At the same time, I heard that the central bank also intends to stimulate the liquidity of the market. Presumably, in the second half of the year, the liquidity of monetary funds in the market should be greatly eased."

"It is expected to be so, but at present, there is no clear signal." Zhu Tianyang said.

Zhang Guobing said with a chuckle: "Hazy expectations are the most beautiful stage of investment. If the expectations are clear and there are clear signals from the market news, then the corresponding investment fields may have been fired a long time ago. How should I put it...President Su, I think the 'big finance' field in the second half of the year is still worthy of attention."

"Agreed!" Zhao Lijun continued, "If the central bank makes any big moves, then 'big finance' must be a directly beneficial area, and to be honest... the valuation of banks and the valuation of securities are within a few Under the impact of the money shortage and the continuous bear market, it is really very cheap, and it is completely below the historical limit of underestimation. Such a valuation level will only appear around 05 points in 1000 when the Shanghai Stock Exchange Index appeared. Then, for nearly ten years, only now."

"If banks and securities are going to move, the market volume must at least go up to a higher level." Liu Yuan thought for a while and said, "I think that as long as the market volume has not changed further, that is to say, the current market as a whole is still In the absence of getting rid of the stock game pattern, I think we still need to focus on the two main market trends of 'infrastructure' and 'military industry' supported by real expectations and hype sentiments, and we can't go too far to deploy the 'big finance' field."

"Naturally!" Zhao Lijun nodded and said, "If you really want to pay attention to the field of 'big finance', it must be the expected market of 'infrastructure' and 'military industry' last night. After all, it is possible to break through and stand firm at 2500 points. After all, the Shanghai Stock Exchange Index is operating below 2500 points. I estimate that the potential investor groups outside the market will most likely not have the determination to enter the market on a large scale and do long."

"Retail investor groups have always had a tendency to seek advantages and avoid disadvantages, and to follow the crowd." Zhang Guobing said, "In recent years, the Shanghai stock index has been subject to the 2500-point mark several times. In the hearts of the crowd, the market does not have the potential to be bullish.”

"Everyone will think that the Shanghai Stock Exchange Index is still operating in a long-term box shock."

"And when this kind of expectation occupies the majority, in the face of the local profit-making effect of the market, many potential investor groups outside the market must not have such great determination to re-enter the market."

"Only when the Shanghai Stock Exchange Index really breaks through 2500 points, everyone's expectations will be subverted."

"At the same time, new market expectations, guided by emotions and money-making effects, continue to expand and form, and gradually ferment in the hearts of the majority of investors. In this way... a large number of potential investor groups outside the market will gradually let go of their guard and Hesitant to re-enter the market."

"As for the bull market..."

Zhang Guobing paused for a while before continuing: "I think in terms of macro policies, if the shape and pattern of market currency and capital liquidity that Mr. Su said just now does not change, the market will form a sustained bull market. The probability is still quite high. Slim, at least in the entire market at present, few institutions have expectations in this regard.”

"Of course, no matter how slim the probability of occurrence is, when the basic logic and the major factors that form a bull market are all gradually improving."

"We should still have an expected plan in this regard, and should formulate a corresponding investment plan."

"Well, what Guobing said is good." Su Yu smiled and nodded, "No matter how the market goes in the future, whether we can form a bull market pattern according to our ideal expectations, we should have the corresponding investment plan, everyone is in mind , should also have such an idea, and don’t be blinded by the current short-term market.”

"Understood!" Hearing Su Yu's warning, many traders in the trading room responded one after another.

And among the people's responses...

The market time has moved quickly to 1:[-] p.m., and the two cities ushered in the official trading session in the afternoon.

I saw that after noon's emotional brewing and news impact, once the market reopened, the two main lines of 'infrastructure' and 'military industry', after a brief adjustment in the morning, rose rapidly again under the rapid pursuit of funds from all walks of life. Recovered the intraday callback decline; while the entire main line of "technological growth", the corresponding popular sectors, and theme concept stocks were once again abandoned by various funds, and once again dived rapidly.

"Hey, Mr. Liu, after the midday news and emotional impact, the line of 'technological growth' has completely collapsed again." After the market opened in the afternoon, at 1:05, in the Shenzhen Stock Exchange, inside the "Pingyin Asset Management" institution In the trading room of the main fund, Chen Shen, the fund manager, sighed helplessly, "Under this situation, we pull the two concept sectors of 'Internet Finance' and 'E-commerce' to stabilize the sentiment of the entire 'Technology Growth' main line market sentiment." Strategies are no longer of much use.”

"and……"

Chen Shen paused for a while, then continued: "I'm worried, if the sentiment on the line of 'technological growth' continues to collapse, the market form of panic selling will continue to spread, and after 2 p.m. ' and 'E-Commerce' are also unable to hold up."

"After all, there are no eggs under an overturned nest!"

"When the two concept sectors of 'Internet Finance' and 'E-Commerce' have truly become the main line of the entire 'Technology Growth' sector, and the only sector with relatively large liquidity, the funds that cannot escape from various sources will definitely be given priority. Smash the chips of these two sectors."

"Because once the wind direction is completely out of the main line of 'technological growth'."

"Everyone will be afraid that the two major sectors of 'Internet Finance' and 'E-Commerce' will make up sharply in the future, and then they may miss the opportunity to reduce positions and stop losses."

"So, Mr. Liu..."

When Chen Shen said this, he hurriedly looked at Liu Ziliang again, and said cautiously: "We can't fill in funds in these two concept sections, we must unconditionally cut the position and stop the loss, otherwise... when all the funds in the market further gather After "infrastructure" and "military industry", the liquidity of the entire "technological growth" main line will only get worse and worse. At that time, it will be more difficult for us to reduce positions and stop losses, and the net value loss of the fund will also be greater."

"According to what you mean, you want to stop the loss unconditionally?" Liu Ziliang asked.

Chen Shen nodded and responded: "If we don't kill the market, other funds will also kill the market. At this time, everyone is stepping out. There is no second choice. The longer we wait, the more we will be unable to get out. Because everyone has clearly felt that the investment logic and hype logic of the main line of "technology growth" is collapsing across the board."

"Also, look at the 'LeTV' check."

"Today, such a large amount of funds in this check is pressed against the limit. According to the degree of digestion of the negative and the market liquidity of the entire "Technology Growth" main line, by tomorrow, this check may still not be open. At least it has to be accrued. A 30% loss will do.”

"But the check of 'LeTV' is not only a weighted stock on the GEM, but also the leading emotional and conceptual mainline stock of the entire 'Technology Growth' main line. Its collapse has had a huge impact. The market of the main line of military industry is advancing in an all-round way, and the liquidity of the main line of "technology growth" is getting worse and worse. The chance of a weak rebound for the line of "technology growth" is already very slim and pessimistic."

"So, in this situation, we can only take the initiative to kill the market and stop losses and reduce positions desperately."

"It's the strategy with the least loss."

"Mr. Liu, I think Manager Chen's suggestion is indeed in line with the current market response, and it is indeed our best strategy at present." The trading team leader named Wang Jinglun should agree, "At this time, we hesitate for a moment. , you have to bear the loss for an extra moment.”

Another trading team leader, Gao Yixiang, thought for a while, and said: "I also agree with Manager Chen's strategic suggestion. Mr. Liu, the market trend has completely changed. Under the current situation, we use the two major strategies of 'Internet Finance' and 'E-commerce' to The concept sector is also unable to leverage the main line of 'technological growth' at all, there is no way, since we are in the wrong direction, we can only admit defeat, and we can only follow the market trend to change and correct the trading strategy."

Any trading strategy that is right with the market trend will not yield good results in the end.

These are the most important principles in trading.

Although everyone knows that the general manager Liu Ziliang personally planned the main market of "technological growth", guided the market to break through to the small and medium-sized board and the ChiNext, and created a new round of "growth stocks" hype market strategy, which ended in failure. I am very unwilling and eager to recover the losses, but the same... Everyone knows that all trading strategies must be consistent with the market trend in the end, otherwise the so-called rescue plan and rescue strategy will only continue to expand Losses will further reduce the net value of the fund.

"Okay!" Liu Ziliang was silent for a long time. Seeing that everyone was opposed to using the two major concepts of 'Internet Finance' and 'E-commerce' to leverage the investment sentiment of the main line of 'Technology Growth', he could only sigh inwardly. In a calm tone, he agreed with everyone's suggestions and said, "Then follow Manager Chen's advice and take the initiative to kill the market. As long as the chips on the line of 'technological growth' can be reduced, all of them will be reduced."

After speaking, he obviously felt a little disheartened.

Without waiting for anyone to say anything, he walked back to the office of the general manager of the asset management business alone.

And with the core main institution of 'Pingyin Asset Management' abandoning the two major concept sectors of 'Internet Finance' and 'E-Commerce', they turned to the main line of 'Technology Growth' frantically, and cut their positions desperately.

On the trading board of the two cities...

I saw the two major concept sectors of 'Internet Finance' and 'E-commerce' supported by some buying orders, and their corresponding core concept stocks, diving instantly, and selling orders emerged one after another. At the same time, during the diving, buying orders The amount of energy to undertake also dropped sharply.

Among them, 'Hengsheng Electronics', which once rose by more than 3% in the intraday session, fell into the water in just a few minutes, turning from rising to falling; The highest price limit position fell to only a 3-point increase, and the retracement exceeded a 7% increase.

As for other popular concept stocks, they have already been listed in the green market and have fallen into the water.

It’s just that the decline was more severe in comparison. The film and television media, domestic software, and Apple concept sectors ranked among the top decliners in the industry sectors and concept sectors of the two cities, and the two major concept sectors of “Internet Finance” and “E-commerce” belonged to “Technology Growth” The decline is still relatively small.

However, due to market capital and sentiment, it has further concentrated on the main lines of 'infrastructure' and 'military industry'.

It is also because the underlying investment logic in the main line of "technological growth" has been increasingly questioned by the majority of investors in the market.

It directly caused the intraday performance of several major indexes in the market to become more and more extreme. Among them, the difference between the Shanghai Stock Exchange Index and the Growth Enterprise Market Index reached almost 1% at around 40:2.5 p.m. Investors, as well as the core institutional groups, are looking sideways.

However, such an extreme market performance, such an extreme market hotspot appears.

It also failed to help the Shanghai stock index directly cross the 2400-point mark in one go. On the contrary, after the market trading time entered 2 o'clock, short-term profit-making selling became heavier. Attenuation, to undertake funds, showing obvious deficiencies.

"What's going on? The market's active capital groups and market hotspots have all converged on the two main lines of 'infrastructure' and 'military industry'. How can the overall market volume perform but decline instead?" Around 2:30, Yu Hang, Inside Ming Fai Capital Group, in the trading room of the main fund, He Hong, as a fund manager, stared at the market performance of the two markets, and was suddenly taken aback, not quite understanding, "Why do you think that the market is getting clearer and clearer? Are you more hesitant?"

Standing next to He Hong, with sharp eyes, Xu Zhongji, who was also staring at the changes in the two markets, heard He Hong's question, thought for a while, and responded: "It's not surprising, the market trend of the line of 'technological growth' today , It is too bad, causing the overall market trend to be too fragmented. In this situation, although the market performance is relatively clear, everyone will also worry about the sudden correction of the soaring "infrastructure" and "military industry" main lines, and the entire market will be deeply pointed out. The sharp drop in the GEM index and the small and medium-sized board index has dragged the whole board into trouble."

"in other words……"

"Although the market style has changed, everyone's risk appetite has not improved rapidly. The hesitant investor group inside and outside the market still accounts for the majority."

"But don't worry, this kind of market trend that is too torn will not be the norm."

"The line of 'technological growth', after the sharp pullback yesterday and today, should slow down in the follow-up pullback trend, and when the pullback trend of this line slows down, it will not be so big a constraint on the market development of the main board. , the hesitant investor groups inside and outside the market, in the process of expanding the market's profit-making effect step by step, the risk appetite and the high probability will increase rapidly again. At that time, there should be no doubt that the market will continue to break through upwards."

"Today's market trend is indeed too fragmented." He Hong nodded and responded, "But this is also an inevitable manifestation of the change in the market trend, or..."

He Hong thought for a while, and then said: "It takes time for the fermentation of emotions and the recovery of confidence. There is no harm in the market going slower."

(End of this chapter)