The Son of Finance of the Great Age

  Chapter 311 The tiger's mouth snatches food

   It is no wonder that Julian Robertson would have such an idea, selling 10,000 sell orders at once, and the price was accurate to his psychological expectations. This behavior cannot be described as a coincidence anyway.

Just imagine, if you want to set up a sell order of 10,000 lots, you first need time to absorb it. This time will not be too short, at least one week to half a month. Some people can't justify the fact that they just know how to do it.

Secondly, in the market on the 24th, when there was a retaliatory rebound in the market, institutions that did not understand the next move of international speculators would inevitably panic. In addition, it is only a few days before the delivery of the Hang Seng Index, so even if the Hong Kong stock market is expected to judge The most pessimistic institutions will probably sell most of their positions on that day.

Finally, the timing of closing this sell order is the most strange. I didn’t choose to close the position when the opening plunged, nor did I choose to close it during the previous decline. I chose to close it at a price slightly higher than Julian Robertson’s psychological price. , This is obviously one step faster than Tiger Fund's escape. How can such precision not make Julian Robertson suspicious?

   "No! He must not be allowed to wish!"

Although he is far less popular than George Soros in the international arena, Julian Robertson is as fierce as ever, not to mention that he does not have the philosophical/political ambitions of Soros, so what do you think? will implement it without hesitation.

  He will not be a foolish receiver. In fact, under such circumstances, no one is willing to be the receiver. However, the confidence of the market has soared due to the liquidation of this large-scale sell order, and it has already stood firmly above 9200. If this short liquidation order cannot be swallowed, the confidence of the bulls will continue to rise, and even Continue to attack.

"Sell short with all your strength, suppress the Hang Seng Index to below 9000 points, and the market will naturally make a decision." With his eyes flickering, Julian Robertson made up his mind, and this is also the strategy he formulated before, but it was pushed ahead of time. started.

   How can the other hedge funds not know what Julian Robertson is thinking at this time. Even if they want to clear their suspicions, they must go all out, otherwise it will turn into big trouble next time if others don't take you to play.

They don't want to take this huge short position liquidation order, because for their investment portfolio and psychological price, even if they take so many short positions, they will only get meager profits in the end. The risks are immeasurable. After all, there is no time left for them to plan, and the next moment of market changes cannot be grasped, even if they still hold a considerable number of stock stocks in their hands.

  You can only throw the risk to the market!

  Following Julian Robertson's order, several hedge funds began to tacitly sell their spot stocks, suppressing the Hang Seng Index that had just improved.

  …

   "Zhong Sheng, are you considering withdrawing the unfinished orders? According to the current market conditions, it is impossible to make a deal!" Yu Detong asked weakly.

At this time, the short position liquidation order hanging on the market is very conspicuous, but the Hang Seng Index has risen above 9200, which means that no matter whether it is a long or short transaction, this order will not be touched, but it will give the long enough. support.

Zhong Shi knocked on the desk, and replied seemingly casually: "Since the deal can't be done, let's just hang it there, and there is nothing to lose anyway! But according to my estimation, I'm afraid the short sellers will soon be unable to sit still. They also have short positions to close. If there is a large amount of short liquidation orders in the market, I will raise my price by a notch, which must be higher than theirs, so that they have to do things if they don’t do anything.”

Yu Detong opened his mouth and wanted to say something again, but suddenly realized that his level was not at the same level as that of Zhong Shi. Now he is even forcing the main force to create a trend. What's even more frightening is that this trend is not in the Hang Seng Index futures market, but in the Hong Kong stock spot market, where the trading volume and value are even greater.

  After murmuring for a long time, Yu Detong decided to swallow his words.

Fortunately, he didn't say anything stupid. Not long after he hung up the phone, he heard the traders shouting: "Fall! Fall!" Yu Detong was shocked, and hurried to the computer, and found that the Hang Seng Index was trading at a It fell at a rapid rate and soon approached the 9200 mark.

At this time, Yu Detong took a breath, suddenly remembered Zhong Shi's words, and hurriedly clicked on the individual stocks of Hong Kong stocks, and found that there was a large sell-off in the heavyweight stocks without exception. The size of these lots was shocking. On the buyer's side, the corresponding lot size is very small. Obviously, the prices of these heavyweight stocks will fall, which also means that the Hang Seng Index will fall.

   Sure enough, the Hang Seng Index soon fell below 9200 points, and it continued to fall. At this time, the short selling liquidation order that had been hanging on the market for a long time without any movement began to respond. First, there were several or dozens of buying orders to test it out. Soon, as the index fell, the number of trading lots also increased. stand up.

  Obviously, before the short selling order at position 9200, everyone might have feared it like a tiger, but now it is obviously a roasted fat sheep overflowing with fragrance. Why would everyone not want to step forward and take a bite! Among other things, let’s take the smallest short position as an example, buy a short exchange order at the price of 9200, and then close it at the position of 9199, making a profit of 50 Hong Kong dollars between one round and one round. How could such a good thing not happen? People are willing to do it?

Moreover, as the Hong Kong stock spot market continues to fall, this kind of profit will become bigger and bigger. Naturally, the current large-volume liquidation order must be grabbed as soon as possible, otherwise the other people will withdraw. The chances of dropping a pie are all gone.

The closing orders of more than 7,000 lots are decreasing at a speed visible to the naked eye, and more than half of them will be traded soon. As the Hang Seng Index fell below 9,050 points, several transactions of more than 1,000 lots appeared on the market immediately, almost instantly Just eat all the short position closing orders that Zhongshi hangs at the 9200 position.

   In this way, taking advantage of the short sellers to suppress the index, Zhong Shi easily closed all the positions. At this time, he was relaxed, and he really didn't know whether to thank the highly liquid Hang Seng Index futures market or thank the short side for sparing no effort to suppress it.

Before Zhongshi had a total of 8,500 short-selling contracts, the average price was 14,200 points, and most of the positions closed today were at 9,200 points, with a difference of 5,000 points in the middle, which also means that Zhongshi made a profit of 250,000 for a single sell order. In Hong Kong dollars, these sales orders together made a full profit of 2.125 billion Hong Kong dollars.

When he rebounded some time ago, he bought another 2,500 sell orders. The average price of these sell orders reached about 10,800. These sell orders were also sold today, and the price was also 9,200. Counting these sell orders Another 200 million Hong Kong dollars in revenue was added to Zhongshi.

  Adding the two together, Zhongshi made a full 2.3 billion Hong Kong dollars during the Hong Kong stock market crash this time, which is about 300 million U.S. dollars.

   These profits can be said to have been taken from the jaws of international speculators, causing Tiger Fund and other hedge funds to lose a large amount of wealth in vain. Zhong Shi has no psychological burden at all. You must know that they have carried out a big raid on the Hong Kong capital market, and it is natural to steal part of the profits from them, at least Zhong Shi thinks so.

  …

  In the United States, as the short closing orders hanging on the buyer disappeared, hedge fund giants including Julian Robertson all breathed a sigh of relief. When the index of the spot market fell to around 9050, the big buying orders that appeared in the market were not from them, but this also relieved them a lot of pressure. After all, if the position is too heavy, if you want to buy it today or in the next few days If the internal level falls, the pressure will be greater for them.

   Seeing that the bulls in the market did not come forward, and more than 60% of the 8,000 short positions closed orders ended in short exchanges, Julian Robertson decided to continue to increase the intensity of short selling, forcing the main bulls to close their positions. After all, the combined positions of several of their hedge funds exceeded 50,000 lots. Under such circumstances, dozens or even hundreds of lots of transactions in the market would not help them to close their positions at all.

  Hong Kong stocks continue to fall!

The integer mark of 9,000 points was broken almost instantly, and the selling of heavyweight stocks in the market seemed endless. In this case, it brought an extremely pessimistic mood to the market. And institutions are almost competing to sell the stocks on hand. Today's market is so similar to the "stock crash" of the previous two days. The fragile nerves of small institutions and retail investors were hit hard again. The saddest thing is to buy during the rebound two days ago and sell during the crazy decline today. out, and this day is the saddest day.

  The Hong Kong stock market that broke through 9000 points has been in full swing, and then broke through 8950, 8900, 8850, 8800 and other barriers one after another, and the lowest even reached 8775. This position not only exceeded the expectations of most short-sellers, but also exceeded the expectations of the long-term funds who were preparing to increase their positions. Soon, a large amount of buying funds entered the market continuously, pushing Hong Kong stocks higher and rebounding.

While the Hong Kong stock market plummeted, the short side of the Hang Seng Index also continued to throw out large-scale liquidation orders, but it is obvious that the bulls are not reconciled to this situation. Except for a few bulls who made compromises, the other bulls held With the mentality of fighting to the last ditch, and continuously replenishing funds into the positions with serious losses, it is bound to take a hard bite from the short sellers when they rebound.

   It’s just a pity that when the Hong Kong stock market rose to around 9,000 points, both the attacking funds and the suppressing funds stopped attacking in unison. On the one hand, for the bulls, they have absorbed part of the bargaining chips in spot replenishment, which has already lowered their portfolio by a lot of price, which is enough to be satisfied; for the bears, the current price has approached their Psychological expectations, now only waiting for the reaction of the main bulls in the Hang Seng Index futures market.

   Thank you very much book friend Ga Geli for voting for the monthly ticket! I haven't seen the monthly pass for several days, I hope everyone can support it!

  (end of this chapter)