It has to be said that in terms of investor confidentiality, the work done by the non-withering fund is far less profound and effective than that done by the base fund. At the request of the base fund, the fund did not disclose the identity of the buyer in the open letter, which is also the consistent style of the base fund, even their big investors do not want to get the slightest report on their holdings from the fund.

History has proven that once a fund's positions are exposed, traders from all over the world will attack these positions when the outside world judges that these positions are too heavy. In the vast majority of cases, no matter how large these positions are, the outcome is tragic. Sumitomo London copper, non-withering natural gas positions have proven this, and this law will continue to be repeated in the future.

On September 26, the last trading day of the natural gas position in September, although the matter of not withering the fund was temporarily over, but in the September position, the bulls had almost no possibility of turning over, because the market giants collapsed to bring them out of breath, the price opened at 4.53 that day, and the bulls only struggled slightly for a moment, pulling the price to a maximum of 4.55, and then let the bears have the upper hand, during which the price once fell to the lowest point of 4.30. However, as the delivery date approached, after reaching this lowest point, the bears and bulls began to close their positions tacitly, and the price of natural gas also recovered slightly, and finally the price recovered to $4.53 at the closing time, down 1.57% from the previous trading day.

This is the end of trading in the gas position in September. The next cash delivery of the cash delivery, the physical delivery of the physical delivery.

Looking at the market throughout September, the natural gas position, which was still at a high level at the beginning of the month, was relatively stable, but the decline of more than 5% for two or three consecutive days suddenly overwhelmed the market. The subsequent outbreak of the news that the position of the non-withered fund was in trouble caused the market to fall into a frenzy, and most traders began to frantically attack the far month position of the non-withered fund, so it also dragged down the table of natural gas in the near month.

Among the whole thing, the most tragic thing is the spot moon bulls in September, they never imagined that the fall of a giant made them suffer huge losses, which is simply the embodiment of lying down and getting shot.

Due to the consistent lack of rigor. Therefore, after the transfer of the position of the fund is not withered. After the last trading day of the battle, the bulls and bears began to focus on the October contract. And the whole market is clear, although it is not clear which institution took the position of the withered fund, but it is certain. They are bound to have deep pockets. I don't care about short-term gains and losses.

And the trader is also well aware. The contract spread between 0703 and 0704 has been hit to the $0.80 level by them, which is already a bit low according to the historical number jù. Because the demand for natural gas between the two months is really different, the price is basically unreasonable. So some traders are muttering in their hearts, is it to take the opportunity to retreat and pocket their profits?

However, naturally, it is not up to them to have the final say, and it is up to the big players in this market to make the rules.

"It's open!"

On September 27, when the October natural gas position began to trade, a staggering figure was opened. Of course, this figure is relative to the price at the time of the last delivery in August.

It was morning at this time, welcoming the sunshine of the Western Hemisphere, Zhong Shi and Hu Ping were sitting in the office in a very happy mood, chatting and laughing while waiting for the opening time to come. At this time, the overall situation has been decided, Hu Ping's team has grabbed most of the funds lost by the Withered Fund, and now there is only one last question in front of them, that is, at what price the institution that took over the position of the Withered Fund intends to close the position.

It is clear to everyone, including the other side, that they will not hold these positions until the end of March, because they are only speculators, not real physical demanders, and as long as they offer a reasonable price, both sides will be able to close their positions on a large scale and completely end the fight in this market.

In the final analysis, this is the redistribution of benefits after the Great War.

When the market returned to its normal trajectory, the price of natural gas naturally opened in a reasonable range of $5.76, which was more than 20% higher than the previous trading day. It's just a pity that some of the bulls of last month were not able to see this price.

In the far month contract, although the near-month contract rose sharply, as time went by, the position contracts in the far month, especially the 0703 and 0704 contracts, did not rise sharply, on the contrary, they are still slowly shrinking.

"This ...... What's going on? When he saw this abnormal situation, Jiang Shan tilted his head and thought for a long time, puzzled, and asked Zhong Shi and Hu Ping on the side, "It doesn't make sense, since it has been changed monthly, and the withered fund has been completely cleared out of the market, why is the portfolio spread of this part still falling?" ”

He was puzzled that the spread between the two months would have remained at least at the original level of around 0.80, even if there had been no spike, but the situation was the opposite of what he had expected.

"Do you say or do you say?" Hu Ping smiled and asked Zhong Shi, seeing that the other party smiled and shook his head, he explained, "What you see is just an illusion, in fact, these are just the temptations of traders, they are testing the psychology of real players in the market." They know very well that the market has changed day and can no longer operate according to the previous logic, but they don't know what the attitude of the two sides that dominate the market is what the attitude is, so they use this way to test each other to see where their bottom line is. ”

"There's no need to worry now, it is estimated that it will take a while for the other party to really show his true intentions. Although their temptation will cause a certain amount of loss to the other party, since they can take such a huge position, presumably the other party will not be short of this amount of funds, so we still have to continue to observe the follow-up of the market. ”

After Hu Ping finished speaking with a smile, he bowed slightly towards Zhong Shi. Motioned for the other party to add. Zhong Shi smiled and waved his hand, indicating that there was nothing more to add.

"But, but ......"

Jiang Shan scratched his ears and cheeks for a long time, but he still didn't fully understand. This can't be blamed on him, the trader who switched from value investing has a poor understanding of the treacherous futures market, and his understanding in this regard needs to be strengthened. As a super trader, you need to understand not only the market you are good at, but also the market that you are not familiar with. Obviously, Jiangshan is not such a person.

"But who is the dominant force in the market?" Jiang Shan finally finished saying this, and his face was already red with shyness. He was vaguely aware of it. He seemed to have asked a question that he shouldn't ask, but if he didn't say it, it would be like a thousand cats tickling his heart, which made him extremely uncomfortable.

"Who is the dominant force in the market?"

Hear this question. Zhong Shi and Hu Ping laughed softly in unison. This makes it even more difficult for the country to sit still. After shaking his head helplessly. Only then did Zhong Shi fold his hands and count: "The Sagittarius fund is one, and the mystery buyer is one." Other institutions with heavy positions are also considered one, of course. We are one, and we are the most important one. ”

Jiang Shan suddenly realized, nodded again and again, and asked: "Two bosses, then how should we operate, and what is the future strategy?" ”

Regarding the endless problems in the country, Hu Ping couldn't help frowning, snorted dissatisfiedly, and reprimanded: "Where did so many problems come from? When the time comes, I will naturally tell you, and now, you just concentrate on the market. ”

Although Hu Ping was slightly dissatisfied, Zhong Shi still admired this young man's curiosity, waved his hand at Hu Ping at the moment, and said to Jiang Shan with a pleasant face: "First of all, you must be clear that since the other party dares to take over this part of the position, the purpose must be to make a profit. As for the amount of profit, it depends on their expectations, which will be highlighted in future collisions. So don't be in a hurry and carefully observe the other person's intentions. Secondly, when we observe each other, the other party is also observing the opponent of the market, that is, us. And in addition to observing the opponents with whom we are playing, we should also pay attention to other 'allies', including the Sagittarius Fund. In the same way, if we close the position first, it is also equivalent to robbing them of their profits, so the three parties are temporarily holding their hands and waiting for the right time. ”

"So complicated?" After listening to Zhong Shi's analysis, Jiang Shan was so surprised that his mouth opened so wide that he couldn't close it for half a day, and after half a minute, he said with difficulty, "It turns out that this is how it is played, and it is completely different from my previous cognition, oh my God, this is not value investment, but a naked game." God, isn't this market manipulation, how can this be? ”

"Take it easy, young man, the regulatory authorities are silent, why are you so excited!" Zhong Shi shook his head slightly and sighed, he was really a little speechless for Jiang Shan's overthinking temperament, but this aspect also illustrates his meticulous prudence, "Generally speaking, cases in this case will basically not be judged to manipulate the market, because what the long and short sides have reached is a tacit deal, and even if the management wants to grasp the handle, I am afraid it will take at least three or five years to prepare the materials, and this transaction will end in half a year at most, so you can rest assured." ”

"The most important point is that you have to be clear that we speculators can only play the role of correcting market prices without those who really do hedging, and as long as we make a fundamental analysis to ensure that our operations are carried out according to this strategy, I think it is difficult for the SEC to make reasonable judgments. After all, the price of this market is inherently fluctuating, and no one can say what kind of price is normal and reasonable. So ......"

Speaking of which, Zhong Shi did not continue to say any further, his meaning was completely clear. Seeing that Jiang Shan was still puzzled, he didn't bother him at the moment, sat aside and began to stare at the plate carefully.

After a long time, Jiang Shan's face showed a look of sudden realization, and when he looked at Zhong Shi again, his eyes changed. It was only at this time that he was truly convinced that the other party did not succeed by accident, and this kind of in-depth insight into people's hearts was by no means easy to cultivate, and this alone was enough to make him admire.

"Mr. Zhong, can I go to your company?" Carefully peeking at Hu Ping, who was patrolling in the distance, Jiang Shan whispered to Zhong Shi.

"What?" Zhong Shi was stunned for a moment, then looked at Jiang Shan in puzzlement, and saw the sincerity of the other party's face, and a trace of an elusive smile suddenly appeared on the corner of his mouth.

He is naturally optimistic about Jiangshan, but in his recent observations, he found that Hu Ping also favors this young man, and he is carefully cultivating everywhere. But now Jiangshan has taken the initiative to surrender, but the nature is different. (To be continued......)

PS: I'm really sorry...... Today, there is a problem with the network, and it has not been released until now...... Thank you for your forgiveness......