Rebirth of the investment era

Lin Tingzong pondered for a moment and replied: "Based on the disk performance of the popular mainline concept stocks in the market and today's Dragon and Tiger List data, it can be clearly felt that the hot money group is an important participant in the market investor group. , is in full retreat.”

"We all know that hot money is the most active main funding system in the market."

"He is also the market participant who is best at provoking investors' emotions and the best at digging and hyping up conceptual trends in the market."

"Since they are retreating in all directions, it means that in the current market, the effect of making money is very low, and the effect of losing money is more obvious. It also shows that in the market at this moment, speculation and hype are not easy, or there is no obvious effect of making money continuously and the ability to continue to make money." Hyped market hot spot.”

"To put it simply, the overall risk appetite in the market continues to decrease."

"This directly leads to low market speculation, and the majority of retail investors are unwilling to follow the hot money's hype direction and follow suit at a high level."

"But there is no high-level retail investor group to follow suit."

"The natural market is unsustainable due to speculation."

"When the hype market is unsustainable and the active hot money groups on the market choose to temporarily retreat and wait and see, then without the guidance of these active hot money groups, the market hot spots will only become more scattered and depressed."

“The continued dispersion and downturn in market hot spots will have an impact on the already sluggish overall market investment sentiment, causing bullish sentiment to be further suppressed by short sentiment, and also causing the market’s investment risk appetite to further decrease, thus causing the market to The market has entered a vicious cycle where short sellers are raging.

"Looking back at today's performance..."

"To be honest, with the signs of a comprehensive withdrawal of hot money in the market, this vicious cycle of raging shorts is already in the stage of happening."

"If the market news is positive, there will be no other positive news to continue stimulating."

"I estimate that in the next market trend, both the index and most market stocks will continue to fall and hit the bottom. At the same time, it is very likely that market liquidity will gradually lose. The main funds of all parties in the market will exit as soon as possible, or snatch Market liquidity has led to flash crashes and continued shrinking of individual stocks."

"Mr. Gu..."

Lin Tingzong paused and said seriously: "The market's seemingly positive and stimulating stop signal is more likely to be a relay of the decline. At this position, not only can we not rashly increase our positions, but we must also continue to reduce our positions. We must do a good job Position management requires long-term conservative trading strategies just like the period from December last year to March this year.”

"At this time, in my opinion, surviving is far more important than thinking about how to live a better life."

"Moreover, in the current market, the majority of investor groups are quite unanimous in their expectations that the final adjustment point of the Shanghai Stock Exchange Index will be around 2,200 points."

"It gave me a really bad feeling."

"Based on the history of past market trends, the usual consensus expectations are unlikely to be achieved."

"You want to say... that the Shanghai Index may not be able to hold its position at 2200, right?" Gu Chijiang roughly understood what Lin Tingzong meant and asked.

Lin Tingzong responded: "More than that, I'm thinking, if the Shanghai Index cannot hold on at 2200 points and falls below everyone's psychologically expected support position, what will happen? It can be foreseen...it will definitely be a more tragic concentrated selling, If the stop-loss trend cannot hold at 2,200 points, it means that the Shanghai Stock Index will fall back to 2,000 points to find the bottom in the next stage."

"And if the index is in extreme circumstances, it will really fall back to 2,000 points again."

"Then I think the lethality of this round will be more violent than the wave of market adjustments from December last year to March this year."

"Preliminary estimates suggest that if this decline continues, many pure stock investment funds in the market will definitely not be able to sustain it."

"After all, the market continued to rebound in April and May. Judging from the changes in market volume, a lot of funds were attracted. After this rapid decline, these newly entered funds in April and May are now Funds received from various sources have basically been buried.”

"This means that the number of new hold-up orders in the market has increased by hundreds of billions."

"With this size of hold-up, there is no huge positive stimulus. If you want the market to digest it by itself, I think it will definitely be quite difficult in the short term, so I predict that the index will most likely fall back to the range of 2,000 to 2,200 points." The long-term shock will digest the newly added holding chips that follow the trend."

"If the market goes forward, it will really follow this expectation."

"Then, we must reduce our positions in advance and reduce our fund positions to a lower level to leave sufficient room for market risk defense."

"Do you need to be so pessimistic?" Gu Chijiang seemed slightly hesitant.

Currently, the fund's position has been reduced to about 50%, which is almost half a position.

Originally, according to his understanding of the current market, especially in the market, many investors had begun to flip long and yelled "policy bottom", he thought that about 50% of the position should be reasonable, but he did not expect Lin Tingzong at all. There is such a big difference between his views and his thoughts.

Of course, there is a certain logic to the market analysis mentioned by Lin Tingzong.

It's also possible.

Otherwise, he would not have so much hesitation in his heart at this moment.

Lin Tingzong nodded slightly and said: "When trading in the market, don't worry about winning, think about losing first. I think it is still necessary to reduce the position by another 20%."

"Of course, if it's the next week, or multiple trading days."

"If the market trend can get rid of the current state and show a continuous strong state, then it is actually not too late for us to change it."

"In a downward market trend, the risk of reducing positions on the left side is much smaller than increasing positions on the left side."

Seeing that Lin Tingzong insisted on his opinion, Gu Chijiang once again stared at the Dragon and Tiger List data disclosed by the two cities, thinking about some of the market problems that Lin Tingzong just pointed out, and at the same time thinking about the 20% position. Even if the reduction was wrong, it would be added back later. , and it doesn’t require too much time cost. After thinking for a moment, he nodded and responded: "In that case, let’s follow the trading strategy you mentioned, and continue to reduce the position by 20% tomorrow, hoping that the market trend will , it can develop according to our expectations, and we also hope that the market will not enter our most pessimistic expected trend."

Although the current fund position is not heavy, it can withstand a certain risk of market decline.

However, Gu Chijiang still hopes that the market situation can be a little more ideal, and that it can get rid of this weak situation of continuous decline as soon as possible and return to the upward channel.

After all, as a fund management company, in the end... fund performance has to speak for itself.

Many investors don’t look at the details of your position control, retracement control, timing of changes in trading strategies, etc. They only look at performance. For them, no matter how the index moves or what kind of performance it performs, buying If the fund product you invest in does not make money, it is a junk fund.

"Okay!" Seeing that Gu Chijiang agreed with his point of view, Lin Tingzong responded with a smile.

Then, he stopped talking, lowered his head, and started to open the already fixed market trading interface and the web pages of various financial information platforms. Combined with market news, he conducted a comprehensive analysis of the market conditions of the two cities and the performance of individual stocks held by funds. Review and use this to formulate a trading plan for tomorrow.

At the same moment, Yuhang was inside the trading room of Anzhao Fund Company.

After a brief review, Qin Qiuyue, the company's president and fund manager, looked at today's market trends with a happy face and said with a smile: "The 'military industry' line actually increased its volume significantly year-on-year yesterday. It's really rare. According to this The situation... I estimate that this line will bottom out clearly before the market."

"Yeah!" Zhou Hui, the trading assistant of the fund manager, said, "Looking from the market, the total main funds flowing out of this line today are about 600 million. The short-term active funds that chased this line yesterday should have basically closed their positions and stopped their losses. Yes, although the market is weak, the chip structure is obviously much cleaner than the popular mainline concepts in other markets."

"How much capital do you think the stock that lurked within the 'military industry' sector, broken into pieces, and continuously bought with small orders, received today?" Qin Qiuyue nodded slightly and asked.

Zhou Hui thought for a while and responded: "I'm not sure, but there must be a lot. I watched the market for a day and found that this stock has been selling out when many core constituent stocks in the 'military industry' sector were selling out. We have been following up and accepting orders without stopping at all, and the purchase volume must have been several times ours.”

"I'm very determined to buy!" Qin Qiuyue sighed with emotion, thought for a moment, and then said, "We will observe again tomorrow. If funds continue to buy this stock, then we will continue to follow the position until the fund position is Full."

Zhou Hui nodded, but after thinking about it, she couldn't help but remind: "Mr. Qin, I feel that the market still has a lot of risk of falling. We are so aggressive in increasing our positions in the 'military industry' line, and in the fund In terms of risk management, I am afraid that I will bear higher risks of uncertainty. Is it really... no problem?"

Qin Qiuyue's eyes were bright and she said with a smile: "Don't worry, I'm responsible for the consequences. It's not easy to raise funds by increasing positions indiscriminately in the 'military industry' sector. Now that we have discovered this opportunity, then You can’t be too hesitant. Furthermore... although the market feels that it has not completely fallen, the index is already at 2200 points. Even according to the most pessimistic market expectations, the risk of decline will not be higher than when the index was around 2500 points. It’s even worse, so…even though there are risks, it’s totally worth taking action.”

"Okay!" Zhou Hui responded and stopped talking.

Immediately afterwards, 6 p.m. arrived, and the major investment institutions in the market were getting off work.

However, online and offline, there are many discussion venues where investors gather at this time, such as trading platform discussion areas, stock trading forums, related communities, post bars, financial news website comment areas, various internal investment discussion groups, etc. series, the heated discussion about the market continues.

Moreover, thanks to the stop signal revealed by the market today.

A number of market researchers from investment institutions, securities firms, and public funds, as well as so-called institutional chief analysts and investment strategy experts, jumped out one after another and expressed their long-term views on the market. At the same time, from various angles, Interpretation of the significant impact on the market after the launch of Shanghai-Hong Kong Stock Connect.

Of course, for these chief analysts and investment strategy experts.

The vast number of retail investors in the market already have very few believers and treat it as a joke.

After all, since the index has been falling from around 2500 points, these analysts and strategists have never changed their tune. Investors who believed in the advice of these analysts and strategists and entered the market with heavy positions are now also Already trapped in the field.

"Hey, why do these so-called chief analysts and investment strategy experts feel like they are all just idlers? Their analysis is clear and logical, but none of the results are correct. It is clear that the market is continuing a downward trend, but they say that it is. What kind of benign retaliation and technical adjustments are simply..."

In the investment discussion area of ​​the financial news platform, some retail investors complained.

"Everything is good, there is no bad at all, haha... It's better to believe in them than to believe in a dog. After all, if you throw two pieces of paper with up and down written on them to the dog, the dog may really choose the right one. These The so-called analysts and experts really haven’t got a single point of view right.”

"In addition to singing too much, I still sing too much. It's annoying to death!"

“These guys have been shouting about the ‘bull market’ for a year or two, but what’s the result, is the bull market coming?”

"Anyway, I have regarded their views as a joke, and not a word of them is worthy of belief."

"It's not to blame these people. From the perspective of regulators, regulators definitely hope that the market will continue to bullish. As the voice of the market, these people naturally have to speak in accordance with the intentions of regulators. Then they have to find ways to do so. Do you think they are bullish? Even if they are extremely bearish in their hearts, what they say out loud must still be bullish. I am not saying...give them ten courages. Do you think they dare to openly bear the market?"

"It makes sense. These guys...are really speaking without conscience."

"Don't look at what they say, look at what they do, and look at the recent performance of the market. These people talk well, but they are often honest with their bodies."

"Yes, the market can go like this, which is entirely the result of the guidance of main funds."

"If these large institutions could practice their own actions, resolutely implement their bullish views, and carry out large-scale increases and lock-ups, would the market be like this?"

"It's as if the market is like this because of our retail investors. It's simply ridiculous."

"Isn't it just us retail investors who smashed the market? Haha..."

"Hey, forget it, just treat it as a joke. Anyway, these people have no shame. They are responsible for their own accounts. Anyway, I will definitely not re-enter the market until the Shanghai Stock Index goes back to 2200 points."

"Well, yes, the more these people sing, the more cautious they should be."

"I'm waiting for Mr. Su's seat on Fortune Road to appear again. If you want to be a shining light in this market, there is no one who shines brighter than Mr. Su."

"Indeed, Mr. Su's 'Fortune Road' seat is truly unique."

"The market finally breathed a sigh of relief today. Let's see tomorrow. If the rebound can continue, maybe there will be some market conditions here."

"The main funds in the market have withdrawn in all directions, and I still feel that I can't hold on to the market."

"Today's rise is due to positive direct stimulation, but tomorrow we can't say for sure."

"I hope the external market will have a good trend tonight, so that there may be some hope for the market tomorrow, otherwise... I'm afraid we will have to find the bottom!"

Amid intense discussions among many retail investors...

Although the bullish sentiment in the market has improved compared to yesterday, it is obviously still weak.

And under the current situation where the various logical views and bullish remarks of these institutional analysts and investment strategy experts have basically lost the trust of market investors, this situation... If the bullish sentiment in the market is to continue to rise, in addition to In addition to the continuous investment of real money and the continuous money-making effect shown by the market, it is completely impossible to rely solely on the guidance of public opinion and speech.

Fortunately, in the evening, the external market trend finally got rid of the quagmire of decline.

U.S. stocks surged by more than 2 points across the board, giving the domestic financial trading market a shot in the arm that was in the midst of a weak rebound.

In the end, stimulated by the good trends in the external market, the bullish sentiment before the market was greatly boosted.

As a result, at 9:15 am on Friday, May 23, under the influence of various domestic and foreign market news, as well as various intertwined market sentiments, the two cities opened higher across the board again!