Li Xin thought for a while and said, "Don't say it, although today's feeling is not free flying, it is really different from the feeling of going to work." ”

"What's different?"

"It's like no one cares. ”

"Isn't that liberation?"

"Even a little bit. ”

"Hmph, after going around for a long time, I still got it right, right? Who did you eat with at noon today, and you didn't come back until so late?"

"Didn't I tell you? A few friends who speculated in stocks with the big account of the securities company. ”

"Are you planning to go to the stock market again to buy stocks?"

"No, I went to talk to them when I had nothing to do today. ”

"Oh, I forgot to ask you, what happened to those futures positions in your hands now, and where is the price?"

"Today the futures company suspended the trading of the copper variety, so there is no price today. It was because of this incident that I couldn't stay at home and went to the big room of the securities company to chat with those friends. ”

"No wonder you've been out all day today. Why should futures companies suspend copper trading?"

"Copper prices continue to fall sharply, and they may be doing this to guard against risks. ”

"Will this have a detrimental effect on your position?"

"The impact may be a little bit, but I don't think it's too big. I'm holding a position with a lot of profits, and at worst, it's just a partial loss of profits. I can't say a word or two about this problem, so don't worry about it, I'll take care of it. Li Xin was afraid that the more she explained Xia Xiaona's doubts, the bigger her questions became, so she wanted to understate the past.

But Xia Xiaona was still very worried and said: "Since you also said that the profits of those positions are rich enough, it is better for you to make a profit and leave the market as soon as possible, so as not to be afraid." ”

"Well, okay. ”

Thursday, October 9th.

Early in the morning, when Li Xin turned on his computer and saw that the Dow Jones Industrial Index was a huge black candle, even he couldn't believe his eyes.

Although the trend of the Dow Jones Industrial Index has repeatedly hit new lows, but after yesterday the domestic futures exchange suspended the trading of copper, which has the greatest impact on non-ferrous metals, Li Xin thought that such news would have a significant impact on the global stock and futures markets. Its closing point was 8579 points, down 678 points, or 7.33%, compared to the previous trading day.

This drop is the biggest since the Dow began to fall in November last year!

Judging from the time-sharing chart, the Dow Jones opened slightly lower at 9261 points at 9:30 p.m. last night for more than ten minutes, and rose to 9448 points at 9:42, followed by a wave of lower declines, and there was basically no rebound in the intraday. At 4:00 a.m. today, the Dow closed at its lowest point of the day at 8,579 points.

Such a trend is an accelerated downward trend from any point of view.

However, the trend of London copper prices yesterday was somewhat unusual, in the morning it opened at $5,265 and then rose to $5,429.

However, looking at last night's K-line chart, as of the close of 2:00 a.m. today, the lowest price of London copper was only $5,220, and the closing price was $5,360, an increase of $10 or 0.19% compared with the previous trading day.

This is a bit out of line with the sharp decline of the Dow!

"Hey, how can there be such a big difference between these two figures? one fell by 7.33%, while the other rose by 0.19%, what is going on?" Li Xin couldn't help muttering in his heart.

But after he compared the time-sharing chart of the Dow Jones Industrial Index with the time-sharing chart of the London copper price, he understood that when the London copper price closed at 2:00 p.m. yesterday night, the price of the Dow Jones Industrial Index was 9184 points, and the Dow Jones only fell 73 points compared with the previous trading day, a decrease of only 0.79%.

In other words, nearly 6.4% of the Dow Jones Industrial Average fell last night after 2:00 p.m., and at this time the London copper price has closed, and London copper has no way to react even if it looks at the Dow Jones Industrial Average falling.

And taking into account the suspension of copper trading in the domestic futures market yesterday, it is normal for London copper prices to show a wait-and-see trend in the absence of a sharp decline in the Dow Jones Industrial Index.

In this way, London copper's reaction to last night's sharp drop in the Dow Jones will not be shown until after the market opens again at 8:00 this morning!

At 8:00 this morning, maybe London copper will fall sharply as soon as it opens. This is another huge positive for myself.

Now the question is, why did the Dow Jones Industrial Average fall so sharply after 2 p.m. yesterday night? Is there any new news?

Thinking of this, Li Xin quickly turned on the TV in the bedroom before she had time to wash her face. It was exactly 7:05 a.m., and the Morning News program was airing news events from all over the world from last night to this morning.

Li Xin only watched it for three minutes to understand why the Dow fell sharply after 2 o'clock last night: because another internationally renowned investment bank on Wall Street declared bankruptcy due to the financial crisis that broke out not long ago.

Xia Xiaona saw that Li Xin got up early in the morning and was busy turning on the TV to watch the news without washing her face or brushing her teeth, so she asked: "Why don't you go to wash your face and brush your teeth, and watch TV early in the morning?"

Li Xin pointed to the TV screen and said: "The Wall Street stock market plummeted last night, and I was wondering, the reason is here." ”

Hearing Li Xin say this, Xia Xiaona also stared at the TV and watched the news for a while: "Wow, this company has also gone out of business?"

"I just said that the financial crisis will gradually ferment, and this chain reaction will continue, and the stock market on Wall Street will continue to fall!"

"That should be good news for your position, right?"

"Of course!"

"Okay, okay, just know, you quickly wash your face and brush your teeth, and I'll make you breakfast." ”

"Hmm. ”

Li Xin's heart, which had been hanging last night, is now completely grounded: after the opening of the domestic futures market today, even if the price of copper will rise, it will not rise much. Those bulls who are trapped at a high level, if they see that the Dow Jones is like this last night, they will definitely stop their losses and leave the market.

During breakfast, Xia Xiaona asked Li Xin: "It's been many days, and the financial crisis on Wall Street has not only not improved, but has signs of intensifying, why is this?"

Li Xin said: "Freezing three feet is not a day's cold, this kind of problem must have accumulated for a long time before it broke out, and the phenomenon we are seeing now is probably just the beginning." ”

"Doesn't it mean that the root cause of this crisis is a real estate problem? Why are the banks and securities companies that go bankrupt?"

"Real estate companies have gone bankrupt, but you don't notice. Banks and securities companies are reported because their influence is too great. But in the end, these are all appearances, and the deep-seated reason is that in the past year or so, the country's economy has failed. ”

"What's going on?"

"The domestic stock market has fallen from November last year to the present, from the end to the beginning. In fact, at the same time, the decline in the stock index on Wall Street is quite severe, which shows that the economic situation of the world's major economies is very sluggish. Specific to the three major stock indexes on Wall Street, there is another important phenomenon worth noting, that is, people in that country have basically always had the habit of eating more than they can eat, their savings rate is very low, and they basically live on overdraft credit cards. Let's take buying a house as an example, we buy a house with a down payment ratio of at least 30%, and some require about 40%. However, in that country, the down payment ratio for them to buy a house is quite low, some only need to pay 10% or even 5% of the down payment to get the house, and the remaining 95%~90% of the funds are completely dependent on bank loans, and this situation is quite common. When this general situation encounters the stock market decline and economic downturn from last year to this year, it will make buyers unable to pay bank loans, and a large number of real estate projects will be cut off, so that the risk of real estate will eventually be transmitted to the bank. ”

"Oh, I see. But what does this have to do with futures companies and securities companies?"

"There is another point that has to be mentioned here, and that is that the financial industry in this country is very developed. Of course, banks also know that mortgages with such a low down payment ratio are very risky, so in order to transfer risks, they cooperate with financial institutions such as securities companies and futures companies to package such loans into other investment products and sell them to the market, so as to pass on the risk to other investors. ”

"If the bank packages the loan as an investment product and then sells it, will others not see that the bank is passing on the risk, and will anyone buy it?"

"After all, there are a few people who can see this relationship clearly, and the price of such investment products is low and the income is not bad, so there is really no shortage of people who buy it. And it's not just happening, they've been doing it for years. They are convinced that nothing will go wrong with their economy. As long as the economic train continues to move at a given pace, the banks that make the loans can avoid the risk of the loans and receive high interest rates over time, and the investors who buy these investments can make good returns at very low prices, and the investors who buy houses can own a house with a very low down payment. Isn't this a happy thing for everyone? But people are not as good as heaven, and it all stopped in the economic downturn that began in November last year. The speed of the economic train, which they thought would not be a problem, slowed down and finally stopped, and the economy even experienced negative growth, which led to a wave of bankruptcies. ”