With the sharp rise in the market in the past two days, the news that the management is vigorously cleaning up the non-institutional allocation account is coming. Pen @ fun @ pavilion wWw. ｂｉｑUｇE。 The interpretation of the info market is that because the overheating of the stock market has caused the security of the national economy, it is different from the last rectification, and this time both the banks and the regulatory authorities have moved seriously.

Soon the news flew all over the sky: a certain allocation company that occupies more than 50% of the market share is being investigated by the regulatory authorities, and their CEO has been taken away by the police; The CEO of the company's parent company, one of the top three richest people in China, has been prevented from fleeing by border control; A middle-aged male shareholder in his forties chose to commit suicide because he couldn't bear the loss because he couldn't bear the liquidation; The central bank is no longer prepared to cut the reserve ratio; Industrial capital is fleeing like crazy, and thousands of high-ranking officials have cashed out nearly 60 billion yuan......

With only a weekend to go before the stock market peak, the whole news turned negative, as if a person who was extremely fit had been diagnosed with a terminal illness by a doctor overnight, and the wind direction changed dramatically.

But even so, in the research reports of major brokerages, it has been mentioned that the current capital market has a large degree of shock, but the pattern of the market outlook has not changed much, and there is still the possibility of continuing to rise. Now the regulators are only taking action to reduce the leverage of the market.

Although there has been a jaw-dropping plunge, because of the lessons from the past, neither brokerages nor stockholders are too worried. Therefore, many people also ignore the news that there has been a large redemption on the ETF fund, with 3.594 billion redemptions accounting for 6.15% of the entire ETF fund, and tens of billions of funds have disappeared in the capital market.

Although they continue to sing long in the market, some institutions have quietly left the market. What is also overlooked by many is that among the IC500 and IF300 contracts, there has been a massive increase in short holdings, adding hundreds of thousands of lots in just a few days.

The so-called IC500 contract refers to the China Securities 500 Index, which has just come out in April, and the main target of the new stock index futures is 500 middle-capitalization stocks, with a core area of 10 billion to 30 billion market capitalization companies. In this wave of market, these mid-capitalization companies rose the most ferociously, which also made the IC contract quickly surpass the old IF contract to become the most active stock index futures in the market.

The old IF300 contract, the subject is 300 medium-sized market capitalization and large-capitalization stocks, the IF contract that was born long ago was originally the only hedging tool in the market, but it quickly retreated to the second place after the IC contract came out, after all, the stock fluctuations of large-capitalization companies are far less strong than the stock fluctuations of medium-sized market capitalization companies, and the profits are naturally not as lucrative as IC contracts.

Ordinary investors rarely pay attention to these stock index futures, because the threshold for entry is high, and individual users must have a margin of at least 500,000 yuan to open an account; Another point is that compared to their stock accounts, the hedging effect of stock index futures is too limited.

Generally speaking, ordinary speculators either focus on the stock market or the stock index market, and their capital only allows them to operate in one market at all. Of course, this situation is not absolute, and shareholders with personal accounts reaching tens of millions or even hundreds of millions of dollars can operate in two markets at the same time.

For ordinary investors, they are far from realizing the importance of the linkage between these two markets. However, for institutions, stock index futures have become an important indicator for them to observe the market outlook, so when there is a large fluctuation in IC and IF contracts, institutions immediately observe this abnormal change.

The contract of stock index futures is equivalent to a VAM contract, and there can be a large increase in short positions, which also means that there is an increase in long positions of the same size. The appearance of hundreds of thousands of contracts in the past few days means that there is a clear divergence in the views of institutions on the future of the market.

"Now that your position has been opened, what do you do next?"

On June 18, Zekang Capital Management Company in Suhai Financial Center, ten minutes before the market opened, Zhou Changan had been pacing back and forth for half an hour in Xu Fei's office. After realizing that the situation of the whole market would be reversed, he became uneasy.

Compared with Xu Fei, who was calm and relaxed, Zhou Changan's performance was very calm, and after allocating a full 10 billion funds to Xu Fei's account and signing a 30% profit sharing agreement, he has always shown the mentality of suffering from gains and losses.

The current Xu Fei is equivalent to a private trader, but the value of this trader is too expensive, and the profit share of 30% makes Zhou Changan feel painful. This part of the profit will also be divided into Wang Jinkai, that is to say, in the case of profit, Zhou Changan can only get 40% to 50% of the income, and the risk is completely borne by himself.

Thinking of this, Zhou Changan was a little depressed, but he had nothing he could do. The other party has already laid out the game, and it is the same with or without his funds, in this case, he has no bargaining power, so he can only let the other party make a bid.

When he saw that Xu Fei, who was an old god, was not nervous at all before the big war, he couldn't help but complain, "Boss Xu, are you listening to me?" What's next, what are you going to do? ”

"What are you anxious about?"

Xu Fei let out a long breath, raised his head and glanced at the other party lightly, then lowered his head again, and was silent for a long time before saying leisurely, "Everything is ready, just start it." You just wait and see the market fall, and don't worry about anything else. ”

"That's 10 billion!"

Zhou Changan muttered dissatisfiedly, "Ten billion in cash, that's one-third of my current net worth!" It's nothing compared to those of you who are ready to cash out. But for people like me, that's my lifeline. Hehe, for the sake of this 10 billion, I even have the guts to kill! ”

"Tut-tut, isn't it 10 billion? According to the previous agreement, if something goes wrong on my side, I will bear more than eighty percent of the loss. ”

Regarding Zhou Changan's attitude, Xu Fei scoffed and said disdainfully, "Don't worry, if I can't make money, how can I open my mouth and ask for a thirty percent revenue share?" Hehe, I have been playing in the capital market for so many years, and I have encountered a similar market eight times if not ten times. In the past, I could only try my best to pull up the stock price, but now with the tool of stock index futures, I can make money whether it is up or down, if it weren't for this tool, I wouldn't expect to make your money. ”

"By the way, my 10 billion is in, why don't you short them all?"

His complaints were counted down by Xu Fei, and he couldn't say anything more, Zhou Changan was a little angry in his heart, but he couldn't express it, so he could only change the topic and said, "Since you can determine the future trend of the market, why don't you go all out to short?" What does it mean that less than half a billion short positions have now been opened? ”

"Why don't you say you're a layman!"

Hearing this, Xu Fei sneered, and the sarcasm of his words became even stronger, "Although I can determine the trend of the market, there are many factors that I can't control. In addition, the futures index is a leveraged operation, a price limit is more than 30% of the fluctuation, if you can't make up the position, it will be liquidated in minutes, and the reserve is not only necessary, but also the foundation of survival. ”

"Well, with all that said, I'm not sure if you'll be able to understand it. Now it's almost open, so let's get ready to get started. You'd better not make a noise during the operation, so as not to affect my train of thought. ”

Raising his wrist and looking at his watch, Xu Fei signaled to Zhou Changan, "A magnificent show is about to begin, and it is an honor that we will become the creators and witnesses of history." Not too many people will know what we did, but it doesn't matter, we just need to make a profit, and the false name is not for us. ”

Zhou Changan nodded heavily.

In the trading room, all the traders were ready to go, and when Xu Fei appeared in the hall, all eyes were on him.

"Are you all ready?"

Clapping his palms vigorously, Xu Fei loudly cheered up to everyone, "Zekang has always been the best private equity fund in the market since its establishment, and no peer can compare with us. All of you here, whether you are researchers, analysts or traders, are also the best in the industry. This market cannot be said to be a once-in-a-lifetime opportunity, but it is also a good opportunity once in a decade. And unlike before, we could only passively sell out and avoid the fall, but now everything is different, and we have a chance when it falls. ”

"This is a historic first, but definitely not our last."

Under Xu Fei's encouragement, all Zekang's traders became excited, and many people stood up unconsciously and applauded. Xu Fei nodded with satisfaction and made a final summary in a loud voice, "Gentlemen, go and create your new era!" ”

The scene fell silent instantly, and the traders all nodded heavily, and then sat back in their places in an orderly manner and began to prepare for today's trading.

"4942 points, the main buyer has signs of an upward attack, among the 200 stocks in the index, there are 78 that have risen, 15 that have been bought strongly, and 92 stocks that have risen steadily, and the intention to buy and sell is not strong, and the trading volume is also very average. The other is the falling stocks, among which several companies in the pharmaceutical and new energy sectors have a very resolute intention to sell, which may be the previous profit-taking. ”

Not long after the market opened, the market prices of various stocks that affected the index were summarized in front of Xu Fei one after another.

"The index is rising!"

After continuing to observe for a while, Xu Fei keenly noticed that the rising stocks were increasing one after another, and immediately made a gesture and ordered without thinking, "Sell two energy stocks for me to test the market, and directly give them a share of 500 million." ”

The two energy stocks he is talking about are the two oil stocks, because the market capitalization is huge, so these two stocks are indicators of the market to a certain extent.

Soon the traders carried out Xu Fei's order, and two energy stocks of as much as 500 million yuan soon appeared in the sell column, which immediately curbed the momentum of the index's rise.

The market immediately spotted a huge sell-off in these two energy stocks, which poured cold water on the market's upward sentiment.

For a while, the market couldn't figure out what this meant. Because the 500 million shares appeared on the side like a roadblock, the prices of the two stocks began to stagnate, and soon there was a reversal, and then the index also fell.

"Alright, you can start it too!"

After seeing the reversal of the market, Xu Fei made a phone call, and then said to everyone, "Now we are going all out to sell in the heavyweight stocks, according to the original plan, all the 5 billion quota will be sold, and there will be nothing left." ”

Zekang's traders moved quickly, and soon there was a wave of selling in the banking, finance, energy, communications and other weighted sectors, with amounts ranging from tens of millions to hundreds of millions, and the preliminary estimate exceeded 10 billion. It didn't take long for the market to find out that someone was frantically selling heavy stocks, and the news caused panic in the market, and then this panic spread to small and medium-sized stocks, and soon there was a sell-off in the stock market, and investors began to sell their stocks at any cost, and the index soon fell sharply.

It was so easy, to attack the heavyweights and let this panic spread unscrupulously, and soon the whole market developed in the direction that Xu Fei hoped.

On the same day, the market plummeted by 182 points, or 3.67%. The reason why it has only fallen so much is that after Xu Fei decided that the market had turned, he withdrew all the pending orders that had not been filled, and secretly bought back some of the weighted stocks.

Naturally, he won in another market. (To be continued.) )