The four words on the table that sang short and long were gently erased by Li Xiaoteng.

Then he said to Li Yan: "Singing short and going long is the end, but you also need to deal with the current situation before this end." ”

"Do you mean to sing long and short first?" asked Li Yan.

Li Xiaoteng nodded, and said with a sigh: "At present, state-owned assets have been started, and the most obvious thing is that the capital market trend is not good, and the downward trend of shocks is obvious. At present, the stock pattern of many listed companies on the market is the kind of pattern that may turn around at any time. There are a lot of bulls in the market, but it seems to me to be more of an expectation. ”

"How much do you want me to sing with you?" Li Yan didn't know what he should do.

"The failure of the stock index to strengthen is an indication that active investors are not actually buying stocks, but on the contrary, they are always selling stocks in the name of "risk prevention". Capital market participants have reached a tacit understanding of the current economic performance of a "weak recovery", which in my understanding is probably the worst situation. As soon as Li Xiaoteng's voice fell, Li Yan said directly: "Why?"

"Why? Of course, because if the recovery is strong, the market should of course be doing well, and if the recovery is not successful, the increase in policy stimulus will also lead to a good wave of market. Now the economic recovery does not need to be stimulated. But if you think about it from another angle, it seems that you can understand the weak side. It is very weak and does not rule out a return to decline, which makes the current situation extremely tormenting. In Li Xiaoteng's view, because the free cash flow of enterprises will not improve significantly in the future, and the risk-free rate of return represented by trust and wealth management will not decline significantly, it will be difficult for the Chinese stock market to form a bull market foundation. But management has been trying to attract more off-market funds, and of course it will certainly stop the decline to some extent. Li Xiaoteng said the words unhurriedly, and he didn't want to talk at length, but the time was unconscious, and the conversation was more thorough.

Li Yan subconsciously leaned into Li Xiaoteng, thinking about a lot of content. But when I really wanted to speak, I suddenly felt that I had no clue about everything. ”

China's domestic state-owned assets are not short or long once or twice.

Of course, the short and long in this is not the ups and downs that investors understand on the surface. Why did it fall?

To put it bluntly, the first is the three major contradictions in the market, namely the capital side and the news side, the double rate of downward adjustment expectations and the current situation of capital easing. The contradiction between foreign investors selling long and Chinese buying stocks, and the contradiction between market hotspots and index rebounds. The second is that the amount of energy is not enough to maintain the market and the market has actually shrunk recently, which shows that the main funds have begun to be reserved.

Of course, whether it is long or short, or short or long, there is one factor that is the same, and it is also the time factor.

At the end of the year, whether it is a listed company, or an institution or a brokerage, it is necessary to return a large amount of cash flow to whitewash the annual report and performance. Therefore, even if there is no increase in the capital adequacy ratio caused by the European debt crisis, foreign capital and QFIIs will cash out at a high level at this time to complete the optimization of performance during the year. It is only reflected in the final trend, and it is easy to see that foreign capital directly sells arbitrage, while the main domestic funds are to make profits through speculation similar to the gem and the hype of theme stocks, so that they can not only achieve capital profits, but also not invest too much, and can be withdrawn at any time.

Li Yan pondered for a while, and asked Li Xiaoteng: "I want prestige without prestige, and I want funds without myself." Do you really think I can go long and short with you after completing the steps of going long and short?"

The corners of Li Xiaoteng's mouth curled, and he gently rubbed the teacup with his hand and said, "If it were someone else, it would definitely not work, but you are different." ”

"I, what's different about me? I'm three-headed and six-armed, am I still golden-mouthed and iron-mouthed?" Li Yan's self-deprecating voice just fell, and Li Xiaoteng pointed behind Li Yan.

When he subconsciously glanced back, he heard Li Xiaoteng say: "Behind you is the Demon Hunting League! If most of the people in the Demon Hunting League are too watchful, they will naturally complete the first step of singing more!"

Li Yan smiled bitterly and shook his head, just when he told Li Xiaoteng the actual situation. He suddenly pursed his lips and said, "I can only try my best." ”

In fact, Li Yan wanted to refuse, but out of the corner of his eye, he saw two people sitting at the tea table not far away. Especially Wu Zhilin's frowning appearance instantly made him understand that this seemed to be a thing that could not be refused.

"Well, I'm sure you're okay. But I still want to tell you. When you sing long and short, you must know the characteristics of the big fall, in the bulls have no resistance, the leading sector has also appeared for the first time large-cap stocks and small and medium-sized stocks at the same time, and low-priced stocks continue to make up for the rise at the same time, the index fell sharply, but there are no individual stocks to fall to the limit, but the three phenomena of individual stocks evenly falling, you can't continue to sing long. After Li Xiaoteng finished speaking, Li Yan basically understood what he meant.

These points are the signal of the end of the market, and they are also the precursors of the change window again.

"Then what exactly should I do?" Li Yan scratched his head a little, blindly spreading the good news, and then selling it?

"How? It's up to you. After Li Xiaoteng said this, he smiled and picked up the teacup and said to Li Yan: "I didn't expect you to be so unified, and you never mentioned any conditions to me from beginning to end." ”

"In front of Brother Teng of the Lin Teng family, what's the point of me bargaining? I believe that Brother Teng won't treat me badly, right?" When Li Yan said this, the thoughts in his mind had already begun to ponder if he sang long and short.

...................................................... These points are the signal of the end of the market, and they are also the precursors of the change window again.

"Then what exactly should I do?" Li Yan scratched his head a little, blindly spreading the good news, and then selling it?

"How? It's up to you. After Li Xiaoteng said this, he smiled and picked up the teacup and said to Li Yan: "I didn't expect you to be so unified, and you never mentioned any conditions to me from beginning to end." ”

"In front of Brother Teng of the Lin Teng family, what's the point of me bargaining? I believe that Brother Teng won't treat me badly, right?" When Li Yan said this, the thoughts in his mind had already begun to ponder if he sang long and short. "How? It's up to you. After Li Xiaoteng said this, he smiled and picked up the teacup and said to Li Yan: "I didn't expect you to be so unified, and you never mentioned any conditions to me from beginning to end." ”

"In front of Brother Teng of the Lin Teng family, what's the point of me bargaining? I believe that Brother Teng won't treat me badly, right?" When Li Yan said this, the thoughts in his mind had already begun to ponder if he sang long and short.