The investment era of rebirth

Zhou Kan followed Xu Xiang's words and carefully observed a number of heavyweight stocks in each popular main line, as well as concept leading stocks, as well as many other popular main line stocks. He found that many stocks did indeed have rising stock prices while the overall main capital flow on the market was rising. , showing an outflow state.

"It seems...most of the retail investors are chasing the market today." Zhou Kan paused and said, "And the main fund groups active in the market, especially the main fund groups with floating profits, are in the market. In terms of market prediction, it is already gradually leaning towards the bearish stage."

Xu Xiang chuckled and said: "It is not that the main capital groups with floating profits in the market have gradually become bearish in their predictions of market conditions, but the actual trend of the market and the trend of upward breakthroughs have begun to become apparent. Weakness caused the main profit-making capital groups on the market who had previously locked up their positions to start selling one after another.

Moreover, the selling of these funds does not mean that the entire market is bearish.

Mainly, I feel that the accumulation of emotions and profit-making in the three main lines of 'big finance', 'big infrastructure' and 'military industry' are too exaggerated. At the same time, they have indeed risen a lot in the short term. The technical divergence is serious. In the short term, it is difficult to There is too much room for growth, so we started to cut profits in this area.

In other words, these funds are not bearish on the entire market.

Rather, there are many heavyweight stocks and popular stocks related to the core main lines of "big finance", "big infrastructure" and "military industry" that have been greatly speculated.

At least currently on the market...

In addition to the main lines of "big finance", "big infrastructure" and "military industry".

Other constituent stocks in the main areas such as 'Big Consumption', 'Nonferrous Cycle', 'Petrochemicals', 'Pharmaceuticals', 'Coal'...the current trend is still very stable, and there is basically no main force to focus on selling chips. The scene, of course... There is not much profit margin in these main line areas.

The stock price deviates from the flow of main funds and the performance of quantity and energy.

It usually indicates that a market has begun to reach the fish tail stage.

Even at this stage, under the continued hot bullish sentiment and possible positive stimulation, the stock price can continue to rise based on the inertia of the trend.

But it's already the end of the line.

At this time, it is only suitable for funds that have made profits to close positions and take profits, or to be relatively conservative, you can continue to hold positions and wait and see.

But it is definitely not suitable to continue to pursue high positions and continue to increase positions to go long.

After all, the market is at the end of its tether and may stop at any time.

And in the current market, with the main upward trend for one consecutive month, especially in the 'big financial' line, the accumulated profit taking is extremely serious.

Once the bulls are exhausted, the market trend reverses.

So, under such a serious profit-making concentrated sell-off, the "big financial" line must be a tragic and continuous correction trend.

Of course, even though the line of 'big finance' is not far from an adjustment, and the expected adjustment will not be mild, judging from the overall long-term trend.

There is still no problem with the bull market logic and bull market pattern of the market.

Once the core line of 'big finance' falls into continuous adjustment.

I believe that there will be other main lines of the market that will take over the huge capital groups that have withdrawn from the main line areas of 'big finance', or 'big infrastructure', 'military industry' and other currently popular main lines. There will be a 'high-low switch' on the main line of the market. It will happen.

Just for now...

It is still unclear that the market will come to an end after the core main line of "big finance".

In which main direction will it develop?

Therefore, we can only temporarily close positions and take profits, empty out positions, and wait for further clarification of the subsequent market trend.

Then formulate new investment ideas and trading strategies. "

"Understood." Zhou Kan nodded and said, "Comparing the market performance at this time and the money-making effect, leaving sufficient cash and waiting for opportunities is the most cost-effective and the most cost-effective at present. The right way to trade your strategy.”

Xu Xiang nodded and continued: "As long as the basic logic of the bull market is still there, and everyone's expected logic of the bull market is still there, then no matter how the market adjusts, it will be for a better rise in the future. It is just a phased market. , the main line leading the rise will change relatively.

Brokerages, banks, insurance, Internet finance...these are related sectors of the main line of 'big finance'.

The continuous short squeeze and rising trend for a month in November, as well as the continuous breakthrough trend, have actually completely ignited the fire of the bull market in the hearts of the majority of investors, and also fulfilled the expectations of most investors. Big Finance's initial expectations for this line.

In other words, for the bull market trend of the entire market.

The historical mission of ‘big finance’ has now been basically completed.

Therefore, now that the periodic expectations have been fulfilled, when its technical trend deviates seriously and the profit accumulation is extremely serious, it is not appropriate to continue to hold this core on a large scale at the current relatively high level. The chips in the main line area are gone. "

"The boss only mentioned that the risk of continued correction in the 'big finance' line is very high." Zhou Kan said, "What about the two core main lines of 'big infrastructure' and 'military industry'? The current trend patterns of these two core main lines , is there any essential difference from the trend pattern of the main line of 'Big Finance'?"

Xu Xiang said: "There are still differences. Comparing the line of 'big finance', in fact, the current accumulation of profits in the two core main fields of 'big infrastructure' and 'military industry' does not have the line of 'big finance'." The line is so serious. After all, the two core lines of 'big infrastructure' and 'military industry' went through shock adjustments that lasted for almost two months in October and November.

And these two core main lines are the recent period.

Only then did we begin to have traces of synchronic resonance with the line of ‘big finance’.

Previously, in early and even mid-November, it basically continued to fluctuate sideways and did not follow the trend of the index.

Although the two main lines of "big infrastructure" and "military industry" have started to move out of the blue since April this year, they can be regarded as the biggest contributors to the bull market.

However, the adjustment time for these two main lines is relatively sufficient.

Judging from its internal chip structure.

After several rounds of continuous rises, adjustments, and further rises, the bottom chips of core stocks and many component stocks related to these two main lines have long been gone. Currently, I hold investments in many core component stocks and weighted stocks of these two main lines. For the investor group, the cost of holding chips is basically at the shock platform position in October and November constructed by these two main lines, that is, there is not much profit margin for most chips.

This has resulted in the two core main lines of ‘large infrastructure’ and ‘military industry’.

The potential selling power is obviously not as good as the 'Big Finance' line.

Moreover, the medium- and long-term investment logic of the two core lines of "big infrastructure" and "military industry" still exists, and there are also continued positive incentives.

So, no doubt...

These two main lines are reflected in the subsequent changes in market trends.

There is a high probability that a group of main funds will continue to gather, and the dominant core will lead the main line.

However, in the face of the main line of 'big finance', the potential risk of continuous adjustment has been clearly highlighted. Once the short-term market trend reverses and falls into continuous adjustment, in the short term, the two core main lines of 'big infrastructure' and 'military industry' will probably It is also difficult to support the disk independently.

I think... as the market's short-term upward momentum runs out. Even if the chip structure of these two core main lines is still good, there is a high probability that they will be dragged down by the adjustment of the main line of "big finance" and fall back into the previously constructed adjustment platform.

Therefore, I am formulating a specific strategy for reducing positions and taking profits.

There is no separate and differentiated treatment of positions related to the main lines of "big finance", "big infrastructure" and "military industry".

First reduce the position and take the profit out, and reduce the position to a relatively safe level.

Control the drawdown of the fund's net value.

Regardless of the subsequent adjustments to the core main lines of 'big finance', 'big infrastructure' and 'military industry'.

We can all take the initiative in the market.

On the contrary, if we continue to hold positions and think about taking advantage of this fish-tail market, it is very likely that we will fall into the sudden and violent adjustment of the market and lose our initiative in holding positions. "

After understanding Xu Xiang's specific logic of market analysis, Zhou Kan felt admired.

He felt that he and Xu Xiang were looking at the same market, the same market, but their understanding of the market logic and their prediction of the market were completely different.

"Okay." Zhou Kan said in admiration, "Then I will follow the previously established trading strategy and continue to reduce positions and take profits in the afternoon."

Xu Xiang nodded, thought for a while and said: "Today, in many of the main areas of 'big finance', the stocks that are slightly popular and discussed, whether they are securities, banks, insurance stocks, or Internet finance stocks, the market The turnover basically shows signs of continuous expansion.

Although there were no trading seats related to the 'Yu Hang Series' and 'An Zhao Series' on yesterday's Dragon and Tiger List.

But I always feel that this main force of funds has already reduced its positions on a large scale on the market. "

Zhou Kan nodded and said: "I feel the same way. Logically speaking, today's market reception is quite strong. The trend pressure on the market should not be so great. At least compared to the previous few trading days, the market's The selling pressure has obviously increased dramatically.

There are many other profit-making suppressions here.

But if the 'Yu Hang Group', the super main force in the market, did not sell off a large number of chips in a scattered manner.

At least based on the market trends of the past few trading days, the market trends of the Shanghai Stock Exchange Index and the A50 Index should be much smoother.

Of course, we are just guessing at the moment and there is no real evidence.

However, I think that the funds of the 'Yu Hang Group' have such huge positions on the main line of 'big finance', no matter how they are hidden.

There will always be some traces and flaws exposed. "

Xu Xiang thought for a while and said: "If our guess is correct, at this time, the main funds of the 'Yu Hang Group' have indeed sold off chips on a large scale to stop profits, then... our actions to reduce positions and stop profits , I’m afraid we can’t follow the original rhythm, we have to speed up.”

"Must we speed up?" Zhou Kan was stunned.

Xu Xiang nodded and said: "Yes, first, how huge is the position size of the 'Yu Hang Group' funds in the core main line of 'Big Finance'? According to its last disclosure Performance and corresponding positions can basically be estimated by everyone.

Such a huge position requires large-scale liquidation and profit-taking selling.

It will inevitably contribute to changes in market conditions to a certain extent.

Coupled with this main capital and related trading seats, it has great influence on the entire market investor group, as well as many institutional investor groups that follow the trend of this capital operation.

Once the main capital takes a trading seat, it cannot be hidden under the huge scale of selling.

Suddenly appeared on the dragon and tiger lists of the two cities and attracted everyone's attention.

Then, under the huge market influence of this capital trading seat, the amount of chips that follow the trend of selling may reach an extremely terrifying level.

This is coupled with the selling power of the ‘Yu Hang Group’ fund itself.

Even if the market is supported by expectations of the central bank cutting interest rates and reserve requirement ratios in the short term, the power of the bulls has not been greatly exhausted, and the bulls will definitely not be able to bear it.

In other words, the ‘Yuhang Department’ is the main source of funds.

Once the market trend reverses, before the expected benefits of the central bank's interest rate cut and RRR cut are realized.

Appeared on the dragon and tiger lists of the two cities in advance.

Then, the extreme adjustment trend of the market will most likely come ahead of schedule.

In other words, considering the huge impact of this main force on the market itself, our possible market window period for reducing positions and taking profits is not as long as originally predicted. "

"It seems that we really need to guard against this move." After listening to Xu Xiang's words, Zhou Kan said, "Okay, then I will speed up the speed of reducing positions and taking profits after the market opens in the afternoon, and give priority to reducing holdings in large quantities to take profits. Position chips in the main line area.”

Fortunately, the overall size of several major fund products managed by their institution is not very large.

In order to complete the operation of reducing positions and taking profits in the short term.

With the current abundant liquidity in the market, it is still very easy to accomplish.

As the two discussed, they continued to optimize the corresponding trading strategies and conducted a deeper analysis of the market trends.

Lunch break.

In stock investment discussion communities, forums, financial media comment areas and other places where all major retail investor groups gather on the Internet, the vast majority of investor groups still hold a view to the market trend in the afternoon and the subsequent market trend. Quite positive and bullish.

And he is jealous of the money-making effect of the popular leading stocks in the market.

There are still many groups of novice investors and potential investors vying to enter the market.

At this time, from the public discussions and the public opinions of major financial institutions, it can be seen that there are still very few investors who are aware that there may be a certain degree of extreme correction risk in the market, and they are bearish on investments. Even if investors express their own opinions, they will most likely be comprehensively refuted by a group of investors who are bullish on the market and interpret them from various favorable dimensions.

Even in this situation, the overall bullish sentiment in the market is still in a very hot and fermenting state.

Countless bullish opinions collide.

The short lunch break passed by in a flash.

With much anticipation and the eyes of countless investors focused on it, at 1 o'clock in the afternoon, the two cities once again ushered in continuous bidding and trading sessions. (End of chapter)