Listening to Ding Mu's words, Feng suddenly became sharp, and full of confidence, the young woman and the middle-aged man were very scratching their heads, and began to see this kid cooperate, one of them was afraid, but he didn't expect him to be really afraid, take this place as his own home, not worried at all. Pen | fun | pavilion www. ｂｉｑｕｇｅ。 ｉｎｆｏ

The middle-aged male policeman still had some experience, and shouted: "Ding Mu, you are a student of a prestigious school, and your future is limitless, but if there is a stain of illegal detention, I am afraid that the university will expel you." ”

Ding Mu smiled and said proudly: "First, I have money and am not afraid of being expelled." Second, I'm not wrong, there can be no stain. Third, you don't even have a note approving the arrest, so you haven't filed a case. According to Dahua's law, the public security organs should interrogate a detained person within 24 hours of detention. If the arrest of a detainee is authorized, it is tried in accordance with the Code of Criminal Procedure, and criminal detention is not a punishment or sanction. If he is later acquitted, the detainee, i.e. me, can also apply for state compensation. ”

The middle-aged male policeman saw that Ding Mu obviously understood the law and was an expert, so he secretly complained in his heart, this kind of person is the most difficult to deal with, his IQ is too high, his psychological quality is good, and he knows how these violent organs of Dahua operate, and he can't fool him.

Ding Mu also said proudly: "Look, we must be based on facts and take the law as the criterion." In fact, I didn't have any manipulation of the stock market, but only used reasonable and legal means to speculate, but if I invested correctly, I made a little money. ”

The policewoman was direct, she said: "Since you also understand the law, let's talk about something practical." Even if no case is filed, the maximum period of criminal detention is 7 days. Look at your pampered appearance, it must be uncomfortable to actually live in it for a few days. If you confess and prove your innocence, then we can consider not detaining you. ”

Ding Mu thought for a while and said, "This is a long story, mainly because of technical issues. I said you just remember. I'm thirsty, can you pour me a glass of water?"

"Hmm. OK. The policewoman poured Ding Mu a glass of warm water.

Ding Mu drank the water slowly, and saw that the male policeman's face was getting worse and worse, and then said: "I have to talk about a concept first, which is called hedging." Hedging is a normal and conventional hedging method. In stock index futures, there are theoretically two approaches, one is to hold a short order after holding the spot, and the other is to buy a long order after selling the securities borrowing.

Due to the national conditions of our Dahua, there is basically only one at present. The form of selling and buying long orders is only theoretically and practically impossible. Therefore, hedging is definitely the main force for shorting.

What I actually do is hedging, but I judge the timing very accurately. After hedging, the spot market was not smashed, and it was all smashed by retail investors themselves. What does it have to do with me. ”

Seeing that the two policemen were almost stunned by the terminology, Ding Mu continued: "Although he is a hedging institution, his spot can not be smashed after hedging. However, 85% of the A-share market are retail investors, and according to data from Chenxing Investment, more than 90% of institutional private placements do not open stock index futures. The 120,000 positions hedged by the spot are very limited, only reducing the selling pressure of the above 5%, but the 90% selling pressure of the reverse increase actually increased by 85%.

The other is that futures guide the spot. The role of futures in the real market is equivalent to that of a commander. When the futures index begins to fall, a large number of hedging orders are opened, and the time-sharing chart is diving, what do the people who hold the spot look at at this time? Once they see the trend of the futures index and feel the momentum of the bears, the spot holders who have not opened the hedging short order cannot avoid the risk, so they can only sell the spot and seek less compensation. This is a human instinctive escape reaction, and the proportion of such people and funds in the spot is more than ninety. ”

Seeing that the male and female policemen were confused, Ding Mu said: "I'll take playing games as an example. If in a game of humans vs. zombies, a group of people are fighting zombies, and suddenly a large wave of zombies comes, and 10,000 zombies rush over. One of the twenty teammates immediately turned on the energy-absorbing shield, and then happily brushed up the points there. The other 19 people, without shield props, were dumbfounded. What should he do, he can only run for his life and take it home, the final result must be the large-scale loss of the human position, the remnants of the human race have to retreat step by step, and the person who opened the shield is still sneering next to him after brushing it to the explosion. ”

Listening to Ding Mu's speech, the two basically understood what Ding Mu meant.

The policewoman asked, "So what do you think is the problem?"

Ding Mu said: "This is mainly because the system is not good. The threshold for stock index futures is high, and retail investors have no chance, so retail investors cannot hedge and protect themselves. 80% of the A-share market is made up of retail investors, and 90% of the buying and selling power is the capital that chases the rise and kills the fall. This high threshold leads to the inability of 90% of funds to be hedged, which cannot reduce the selling pressure of this part. This is the decisive bearish factor.

To put it another way, it is that the way of stock trading does not keep pace with the times. I don't pay attention to the futures index, I often see that when the futures are weak and about to fall, the main force launches a hot spot, and then seals the board, and then the futures index dives, and the spot index also dives, and then it is on the board. The average person doesn't know what's wrong yet. In fact, the problem is very simple, that is, the main force does not study futures.

Ding Mu told the two policemen some news from the depths of Yuan Xixue's soul: "Institutional investors in foreign markets are the main body, and futures are already mature products, pension and hedge funds are the main forces in the rice market, the former is long-term value investment, short-term fluctuations will not participate, the latter are hedging funds, are stock futures index amphibious operations, so they can fluctuate steadily, and the structure of A shares determines the strength of the market is 80-90% of retail investors and private equity cemeteries, and they do not have a futures index, so this decisive force is unstable, therefore, stabilized the 5% selling pressure, but the decline of the futures index forced out the other 90% of the selling pressure, which is typical due to small losses. ”

"Okay, that's a good point!" outside, a man in a tunic walked in. This person's face looks quite young, and his hair is a little gray. asked Ding Mudao: "This little brother, can you talk about why the national team's rescue effect is so poor." How do you judge?"

Ding Mu didn't know who this person was, how could he come in, and he didn't ask about this person's identity, and said directly: "In essence, there is no amphibious operation in the stock period, and it is not easy to spend a trillion." The trend of its expectation refers to people's expectations, and it is even more difficult to do it if the expectations are not met. The psychological factor is particularly critical, and the speed at which new news is released has not kept up. After the futures index weakened, the main force did not dare to launch a new hot spot, because considering that it was going to change at any time, it may be today or tomorrow, so it did not dare to rashly launch a 3-day market. Therefore, it is necessary to change the system and include stock index futures in the scope of key considerations. ”

The man said to Ding Mu: "I'm Menggang, although the occasion is wrong, I'm glad to see you again." ”