"Jiangshan, another 15,000 hands, the direction and target are the same as before, 0609 and 0610 months increased by 5,000 hands, 0703 and 0704 two months of contracts increased by 10,000 hands, the total number of hands increased to 45,000 hands."

On August 25, when the August contract trading ended, the main natural gas contract was transferred to September and October, at this time, because the funds in August began to divert, the liquidity of other far months contracts increased, so this is a good time to open a position. After clearing all the sporadic positions in August, Hu Ping finally decided to launch an attack on the positions of the Withered Fund.

After thinking about it, Hu Ping added: "In addition, to increase the short position of 5,000 lots in the options market, there must be a corresponding allocation in these four months. ”

Jiang Shan is a member of Hu Ping's trading team, graduated from Yale University with a master's degree in finance, and is proficient in mathematical analysis and derivatives pricing calculation. The young man was young, and there were pimples on his face that had not completely subsided, and after hearing Hu Ping's words, his face suddenly changed, and he immediately retorted: "Boss, do you want to increase your short options position?" Isn't this part of the position hedged? If that's the case, shouldn't we be a combination of long and short instead of blindly shorting? ”

With the development of the natural gas market, the related options market has also developed rapidly, and at present, in the natural gas options market of NYMEX, whether in terms of the underlying amount or the size of the transaction, the natural gas option contracts in each month far exceed the level of natural gas futures trading. Of course. The main reason is that compared with natural gas contracts, which often start with tens of thousands of dollars, the price of option contracts with a price of only a few tens of dollars or even less is extremely low.

And that's just for NYMEX, and it's even more exaggerated on the ICE Intercontinental Exchange. Because it is a European-style option, there are clear regulations on the pricing and strike date, so compared with the American-style option, its transaction size and underlying amount are even more than that.

For Hu Ping's current position, using options to hedge is undoubtedly a good hedging method, as long as you do an arbitrage combination in the opposite direction, you can stop loss at a certain distance. But what Jiangshan doesn't understand is. The operation that Hu Ping asked for was not what he imagined. It's a naked addition of air, which is hard for him to understand.

"Nope! You're completely wrong in your thinking! ”

Hu Ping waved his hand and said proudly: "What we are thinking about now is not how to avoid risks, but to use risks to become as big as possible." Putting pressure on the non-withering fund in an all-round way. In this way, it is possible to succeed by going all out. If you are timid. I didn't think about winning first, I thought about how not to lose badly, so I couldn't show my hands and feet. ”

Hu Ping is such a person, he will not make up his mind lightly. And once you make up your mind, you will go on without hesitation. So his current strategy is aimed at the post-collapse gas market, which will happen after he defeats the Withered Fund.

Jiang Shan pursed his lips and didn't say anything more.

……

On August 28, the main funds and institutions officially moved to the first trading day of the September contract, because there was a sharp liquidation at the end of the previous August, which made investors cautious about this month's trading, and the price of $6.51 was $0.64 less than the closing price of $7.15 on the previous trading day. Seeing this situation, the long and short sides concentrated in September began to reassess the direction of the market, and then started to fight as always.

"6.50, September contract, sell 100 lots, October according to the opposite direction of operation, buy, market order."

In the trading room, Hu Ping quickly issued an entrustment order after discussing with several core figures in the team.

Due to the sudden decline of the near-month contract, the long-month contract also fell, although there were ups and downs between different months, but because of the particularity of portfolio arbitrage, the contract spread in the two months of 0703 and 0704 did not rise but fell, from the previous $2.5 to $2.25.

In this case, Hu Ping naturally hoped that Tong Guò would more actively suppress the contract price of the spot month and raise the price of the far month contract to achieve his goal, and now that an obvious opportunity was delivered to the door, how could he not grasp it firmly.

The pending order of 100 lots soon appeared in the market, because the bearish situation was extremely strong on this day, so it was stunned to hang in the sell single column for a long time, and there was no deal. After thinking about it, Hu Ping decisively withdrew the pending order and re-attached a 100-lot contract, and the price was set at $6.45.

This number of contracts is obviously nothing compared to the thousands of contracts traded per day. But the problem is that the daily trading volume is frantically brushed out by a few or dozens of hands, and hundreds of contracts are already considered to be the largest number in a single transaction, so when the 100 contracts are hung out, they immediately become the focus of the audience, and investors are speculating about what the main funds are going to do.

It's just that before they could guess the reason, they decisively opened a new position and directly took the sell order at a price of 6.45. As soon as the news of the double opening was announced in front of the computer screen, many people immediately realized that there was a disagreement among the larger institutions about the direction of the market, at least in their opinion.

Then a few or dozens of contracts began to swipe the screen frantically, and hundreds of contracts were difficult to see. As the transaction continued, the price of the natural gas contract gradually fell, and soon approached the 6.40 mark.

As the near-month contract continues to decline, the corresponding far-month contract also declines, and the spread between the two is further narrowed. Although this narrowing is subtle, a slight narrowing of the spread can mean a million-dollar loss compared to the large position of the withering fund.

So, they need to withstand in the market!

“6.40。 Hang a sell order of 500 lots! ”

At the critical time, Hu Ping naturally would not be ambiguous, and directly threw out a big deal. The bulls didn't seem to expect the bears to exert their strength here, and they were caught off guard by the bears' large-scale selling orders, and the September natural gas contract also fell, quickly breaking through 6.40 and falling into the 6.30 range.

It was only soon that the bulls eased up, and three new long positions of 100 hands poured into the market, and together with the previous sporadic bulls, they held up the 500 large pending orders on the bears' side, and stopped the decline at $6.36. Then a buy order of 1,000 lots was placed directly at the position of 6.36. It means that today's decline is over, and if you want to continue to short, you have to step over these 1,000 hands, which can be described as provocative.

And to see this scene. Most bears in the market wait with bated breath for a "surprise" in the market. Anyone can see it. This is a provocation to the bears just now. The clever bears began to close their positions immediately, and the spread just now was enough for them to be satisfied, a defensive order of 1000 lots. Except for the big short just now, even if all the bears in the market attack together, I'm afraid they won't be able to eat for an hour.

After five minutes, the price of natural gas in the market jumped at 6.37 and 6.38, and the transactions were a few hands, dozens of hands, and there were no hundreds of large orders that people were looking forward to.

And with the news of this frustration of the bears, the September natural gas futures contract also began to turn around, after all, from the last trading day to the current price, has fallen by more than 9%, this figure is extremely amazing, and as a transfer of short positions at this time has made a lot of money, it is a matter of course to close when it is good.

The price began to rise and soon broke through the 6.40 gas contract and re-entered the normal trading track. Pending orders with a small number of lots are frequently traded, and the price also fluctuates on this basis, but the amplitude is not very large, and large institutions do not seem to be very interested in today's market, so the number of shots is not much.

……

"Why didn't you just make a move and knock them down at once?"

Shortly after the end of the deal, Hu Ping's team held a one-day wrap-up meeting, and the September natural gas contract was finally pegged to $6.46, down 9.65% from the previous trading day. This market can be said to be quite volatile, but when it comes to the market that was pulled up by rumors in the previous month, this range can also be said to be within the normal range.

Although they worked hard, Hu Ping's team only opened less than 1,500 new positions on this day, with a total of 3,000 hands, and because they were distributed in various months, it did not look so dazzling. However, this lot size is obviously quite different from the position to be accumulated. When repeating today's market, Jiangshan was the first to stand up and refute Zhongshi, who stopped the action at that time.

Although he knows that the other party is a big boss who invests in the capital, Jiang Shan is particularly unbearable for this kind of pointing in the process of trading, and he always thinks that he is the most professional.

"We've hit him where it hurts, and the reason why he's put on a 1,000-hand stance is to force us out!" Zhong Shi touched the tip of his nose, his expression was slightly embarrassed, and he only smiled faintly at the dissatisfaction on Jiang Shan's face, then waved his hand and said, "If we are in the open, he can find out our details through various temptations, and when the time comes, they will close the position and leave the field without waiting for us to attack on all fronts, which is definitely not what we want to see." ”

After a pause, he continued: "Virtual, real, real, virtual, this is the true meaning of trading. If you just blindly fight and expose your intentions, you will die in this market very quickly. If I'm not mistaken, as soon as the market opens tomorrow, they will definitely pull up the price like crazy, widening the gap between the near and far months as much as possible. ”

"What do you mean......" Hu Ping's eyes, who had been silent, lit up, and when he looked at Zhong Shi again, he saw the other party nodding at him, and said boldly at the moment, "The price difference between the current positions has caused them losses, so they can't wait to show a fierce posture in the market, so as to scare off other people who dare to covet them?" ”

"That's how it should be!" Zhong Shi stretched out a finger, nodded slightly at Hu Ping, and then said, "Today's market is quite strange, on the one hand, it may be the reason for the moon change, and maybe there are other factors, it may be that the natural gas delivered last month is afraid to return to the market, although this possibility is very small." But in any case, the spread due to the decline in recent months has affected the profit of their position, and they will pull the spread back into the range they tolerated. ”

"So, tomorrow the market will go up sharply?" This time, Jiang Shan hurriedly asked.

Zhong Shi naturally knew about his careful thoughts, but he didn't plan to break it, and said without hesitation: "Yes, that's what I think!" ”

Jiang Shan didn't say anything more, just turned his head, exchanged a quick look with the familiar trader, and continued to listen to other analyses calmly.

This bell stone is nothing more than that! In his heart, he thought so. (To be continued......)

PS: Thank you very much for your active support during this time! In the future, the author will plan the progress of the writing as well as possible, so as not to have continuous interruptions, so as to ensure that everyone can see the new content at any time, and strive not to disappoint everyone. I hope you will continue to support and give the author more motivation, thank you!