readx; Because on the delivery day of stock index futures, a part of the bears frantically smashed and fled, so the stock index fell by more than 6% on that day. Pen "Fun" Pavilion www.biquge.info but when Zhongshi was acquiesced in this trend, he focused his main energy on stock index futures. Therefore, although the bears smashed the spot market, the decline in stock index futures was not so obvious, and in the end, a large number of bears had to pinch their noses and leave the market at a loss.

Then on the 19th, there was a considerable rebound, which was really in Zhongshi's calculations. The intraday index climbed more than 3,800 points at one point, and finally stayed at 3,794 points, a slight increase of 1.23%.

On the 20th, the first day of Zhongshi's disappearance, the bears could not wait to attack. Although the central bank carried out a reverse repurchase with a total size of 150 billion yuan today, this good news did not save the market.

At the beginning of the session, the bulls took advantage of this news to attack 3800 points, but they were strongly sniped by the bears. This time, the bears changed their strategy, not dwelling with the bulls on the stocks that were publicly held by the bailout funds, but focusing all their firepower on those companies that were not favored by the bailout funds, but were leaders in their own industries. This change immediately caused a change in the market, and when they saw that the market was green, and only a few lonely stocks were red, the options for wait-and-see funds became very limited, and either they chased the stocks favored by the bailout funds, or they were forced to leave the market temporarily. Under the influence of this psychology, soon the index fell.

By noon, the index had officially fallen below 3,700 points. On the one hand, big data, state-owned enterprise reform and other sectors continue to be sought after by funds, but in addition to these hot plates, other related companies are showing a lifeless appearance. The linkage effect between the sectors is not shown at all, the connection between them is completely cut off by the bears, there are fewer and fewer options available, and more and more money is flowing out.

At the end of the day, the index stopped at 3,664 points, down 129 points, or 3.42%.

In the bleakness, not many people noticed that the bailout funds did not make much action on this day, and those stocks that were disclosed to be increased by the bailout funds performed well today. But what the market has not figured out is that this is due to the fact that various investors are chasing these stocks, not bailout funds.

If they had known this, they might have been able to get out of the big fall in time. But it is a pity that this news is highly blocked, and the bears, who know it well, will not choose to spread the news at this time.

On Friday the 21st, after making sufficient preliminary preparations, Xu Fei finally released his big move.

In fact, rumors began to spread the night before, first a news about the statistics of public fund positions, and a certain media released such a message on their official Weibo, which detonated public opinion in an instant.

Public funds are building positions, not only on the same day, but gradually building positions step by step in the case of a large number of bailout funds entering the market some time ago. So far, compared with the last big fall, the entire public fund industry has secretly reduced its holdings of more than 100 billion stocks. This means that at least more than 100 billion funds have flowed out of the stock market.

You must know that this is only a public fund with a hard position regulation, and as for those private equity funds with larger scale and more relaxed regulations, I don't know how many hundreds of millions of funds have flowed out.

As soon as this news came out, many retail investors realized that at this stage of the index rise, they actually became the "pick-up man" of the market. This discovery alarmed them, and the high-level trapping is almost a nightmare for stockholders, and this nightmare is about to be staged again, how can they not feel alarmed?

Secondly, some institutions have successively published their forecasts for the PMI index for the previous month. This index directly reflects the confidence of the manufacturing industry, where 50 is the boom and bust line, above 50 means that the manufacturing industry is expanding and the economy is improving, and below 50 means that the economic situation is the opposite.

Among the forecasts of these agencies, it is generally found that none of the figures exceeded 50, with the highest forecast being 49.1 and the lowest being 47.2. To put it simply, they also generally believe that the PMI has not returned to above the boom and bust line, which means that the manufacturing sector continues to decline and the economic situation is still not optimistic.

Among the supporting indices, the new orders index, the new export orders index, the output index, and the employment index have all declined, both month-on-month and year-on-year. The market quickly developed a consensus that even tomorrow's official index will not be much stronger than these forecasts. Last month, the economic situation continued to decline, and it seemed inevitable that it would be.

In addition, because the stock index fell sharply on the futures delivery day, the financing scale of the entire market was reduced by as much as 20 billion. This news is consistent with the nature of the news of the reduction of public funds, reflecting that customers with large funds in the market are reducing their operations and leverage. As the so-called Chunjiang Plumbing Duck Prophet, because the market fluctuates violently in the short term, it is not uncommon for customers with large funds to appropriately reduce their operations. But this news, which was released on the same day, gave investors a sign that the bulls were backing down.

The final downside is that the large transactions in the previous month of August are decreasing, and this news is not too new, as the outflow of funds continues. But for ordinary stockholders, the news also had an impact on their psychology to a certain extent.

In addition, on the same day, because of the continuous depreciation of the RMB, the U.S. stock market fell by 2.06%, which also formed a negative impact on China's capital market to a certain extent.

If people with a little investment logic are not difficult to find, in fact, these so-called negative news are not too convincing. Among them, the three news of "public fund reduction", "reduction in financing amount" and "decrease in large transactions and sluggish trading volume" are basically the same event, but they are interpreted in different aspects, and then different information is formed. The most important point is that the reduction of public funds is not during this time, but continues to reduce holdings, why there is no relevant news before this, but choose to break out on this day, the meaning is very interesting.

As for PMI, it can be said that it coincides with the meeting, and it can also be said to be carefully arranged, because the release of PMI data has always been on this day. And the last U.S. stock fell, and the logic was a bit nonsense. Although the two markets are not isolated and separated, looking at the performance of the entire China stock market, the connection between the two is really minimal, even to the point of dispensability.

But in any case, as soon as these five bearishness were thrown, they immediately dealt a major blow to the confidence of institutions and ordinary shareholders, so that as soon as the day opened, the market fell by 55 points.

Some professional bulls did not take these bearish measures seriously, and began to try to attack upwards after the opening, and the index also rose slightly, but this was only under the premise that the bears had not yet exerted their strength. Soon, obscuring shorts appeared in every corner of the market, whether it was blue chips, weights, gems or hot theme stocks, the bears without exception carried out large-scale selling.

The market is just as predicted by those news, which intensified the panic in the market, and soon more funds joined the sell-off, and the stock index plummeted, turning its head and starting to fall sharply at the speed of free fall.

"No, this can't continue!"

At the headquarters of Huatou, seeing the rapid decline of the index, Zhou Deping, Li Rong, Zhao Fei and Wang Jintang's faces changed, and they gathered together and discussed in a whisper, "Now it has reached a new low before we take over, if we don't do it, the early efforts will be completely wiped out." ”

"But ......"

After listening to Zhou Deping's analysis, several people looked embarrassed, they didn't know that the situation was critical, but they were also very aware of their current difficulties, among which Li Rong said, "We only have about 10 billion funds on hand, and this amount of funds can't compete with the general trend at all." ”

"But no matter what, we have to do something!"

Zhou Deping said undoubtedly, "Although we can't compete with the general trend, we must let the market know that the bailout funds are working hard." If we don't show up, then the market won't be able to look at it. ”

"So I'm suggesting to start with two weighted resource stocks to send our signal and give the market a positive reaction, while pulling the market's index higher as much as possible. What do you mean? ”

Among the people present, Zhou Deping was the oldest and his usual style was the most calm, but at this time, he couldn't hold it back, so he proposed such a radical plan.

"I have no opinion."

"I agree."

"It seems that this is the only way to go!"

After the other three looked at each other, they did not hesitate at all, and they all spoke in agreement.

Soon, the trading order was issued to the trader, and then tens of millions of funds poured into the stock market of PetroChina and Sinopec, the two giants, and with the intervention of this strong capital, the stocks of these two companies, which were originally still green, quickly stopped falling, began to gradually regain lost ground, and miraculously turned green into red after half an hour, and actually successfully rose.

"Does it work?"

Xu Fei, who was far away in Suhai, naturally saw all this in his eyes, and after carefully observing the market, he found that as expected, the bailout funds only appeared on these two giant companies, and other companies, including the stocks previously disclosed that had bailout funds, did not find a huge amount of new funds, and immediately he smiled slightly and ordered the trader to say, "Regardless of these two companies, continue to suppress the index." ”

He came directly to avoid it without fighting.

The news that the bailout funds appeared on the two giant stocks quickly spread throughout the market. There are also some investors who begin to buy rashly without knowing what to do, because according to the previous law, it is generally the rescue funds that first release signals on some heavyweight stocks, and then launch a large-scale attack in the following time, and then reverse the situation in one fell swoop. This trick has been tried and tested for them many times, so when they learned that the bailout funds appeared, they immediately followed their previous experience.

But this time it was different, and despite the vigor of the two heavyweights, the bailout money never appeared in the other stocks. On the contrary, with the further increase in the intensity of short selling, the index fell further, and soon 3600 points were lost.

Towards noon, the index had fallen to 3,550 points.

Some investors were still confident in the bailout funds, but by the time of afternoon trading, they were completely desperate. The release of PMI data confirmed the previous day's news that the economic situation in China did not improve, which not only wiped out the bulls' counterattack, but also made the market's sentiment deteriorate sharply. In addition, not only did the bailout funds not appear in other stocks in the afternoon, but even the previous two heavyweights were fiercely attacked by the bears, gradually narrowing the gains, and finally turned green.

The discoloration of the two heavyweights eventually became the last straw that crushed the market.

Since then, the index has been moving lower, successfully falling below 3,500 points at 2:30 p.m., and the lowest level has dropped to 3,490 points. Then the last profit-taking and adjustment finally stopped at 3507 points.

The stock market fell 156 points, or 4.27%, on the day. Compared to 4,000 points five trading days ago, it has fallen by nearly 500 points. But that's not the end of it. (To be continued.) )