"Hard to say!" Su Yu responded, "The first wave of emotional catharsis should be almost, but the negative digestion is not so fast, and the market is still very early from the profit order." ”

"At this moment, in a very short period of time, the index has fallen too much, and many potential selling forces in the field have seen that the index has overfallen, and at the same time, the retracement of the stocks in the hand in a short period of time is too huge, and there are already a lot of funds inside and outside the market, and they have begun to buy the bottom to undertake the disk, so they hesitated, resulting in the selling force in the field, at this moment, weakened, and also made the disk look less ugly."

"And yet ......"

Su Yu paused and continued: "The essential logic of its market trend has not changed, that is, the market long and short situation has not turned, and the potential selling force in the market has not shrunk or weakened. ”

"Predictably...... If the market closes at noon, there is still no good news for the market. ”

"At the same time, in terms of the market's 'national team', there is no move to stabilize the market and increase positions with real money."

"Then, wait until the amount of funds in this wave of bottom-buying is exhausted."

"That is, in the case of the decay of the time-sharing energy, the market is still unable to support the buying, I am afraid that the second wave of the storm will soon come again."

"So...... This afternoon's market, it is estimated that it is still not optimistic, is it? Li Meng heard the meaning of Su Yu's words, and knew that he still maintained a pessimistic attitude towards the intraday and short-term trends of the current market, and couldn't help but reply, "What do you think is the probability that the market's 'national team' will stabilize the market today." ”

Su Yu smiled and said, "It's basically zero." ”

"Basically zero?" Hearing this probability, Li Meng was obviously a little surprised.

Su Yu nodded and said: "Although the market has fallen sharply today, in fact, the trading volume can be very sufficient, and the situation of depletion of liquidity on the disk only appears in a few stocks, and most stocks in the market still do not have the situation of complete exhaustion of liquidity and difficulty in buying and selling." ”

"The first principle of the 'national team' is to prevent systemic financial risks, rather than to stabilize the index."

"For the relatively natural adjustment trend of the market under the negative fermentation, the other party will most likely not intervene, so I said that the probability of the 'national team' participating in the market in the afternoon is basically zero."

"And then there'......"

Su Yu pondered for a moment, and then said: "As the largest main capital group in this market, I think some of them are still relatively clear about the macro trend of the market, and do not think that short-term market adjustment will affect the long-term financial market development strategy." ”

"So in any case, the probability of this group of main funds intervening in the market at this time is not large."

After listening to Su Yu's analysis, Li Meng pondered for a moment, staring at the 'big finance' sector that was obviously changing in the morning, as well as the 'medicine' and 'consumption' sectors where the market trend was relatively strong, and said: "According to what you said, when it was close to 11 o'clock in the morning, what was the reason for the collective movement and contrarian strength of the defensive sectors of 'big finance', 'consumption', and 'medicine'?" ”

Su Yu responded: "It should be some funds inside and outside the market who think they are smart, inducing the mood of the market, and switching between high and low, which can be regarded as the market synergy formed by the investor groups inside and outside the market under a certain cognitive logic, and has nothing to do with the main capital group of the market's 'national team'." ”

"Market synergy under the logic of high and low switching?" Li Meng had some doubts in his heart.

Su Yu nodded and continued: "Yes, the previous 'big finance', 'medicine', 'consumption' several major areas, in the 'infrastructure', 'state-owned enterprise reform' two main market lines continued to rebound and climb in the stage, is in a serious state of stagflation, even if you look at the last two months, in the index rebounded from 2000 points all the way to around 2500 points in this round of rebound market, 'big finance', 'medicine', 'consumption' these major areas, that is also seriously behind the stagflation of the market. ”

"And it is precisely because of the stagflation in these areas in the previous round of rebound."

"As a result, these major areas have become depressions in the overall valuation of the market at this stage, as well as the areas with the least accumulation of profits and selling."

"Coupled with these major sectors, the logical attribute of 'hedging' in the hearts of the majority of investors."

"Under the market crash, in the entire market investment environment, risk aversion is rising rapidly, this valuation depression and hedging area has naturally become a decisive attack area for some smart funds, and has become a market sector for many main funds to increase their positions from the high-level main line areas such as 'infrastructure' and 'state-owned enterprise reform'."

"There's nothing strange about that."

"It's just some of the funds inside and outside the market, speculating and playing emotional games in a situation where the sand is all in the mud and sand."

"Master, but it should be difficult for the market generated under this kind of emotional game to have continuity, right?" Hearing Su Yu's specific analysis, Liu Yuan, who was listening carefully, couldn't help but answer.

Su Yu nodded and responded: "Yes, let's not talk about the 'big finance', 'medicine', and 'consumption' sectors to start the market, they are originally 'big players who eat capital', and these major sectors alone have no obvious changes in market speculation expectations, and the market will be difficult to sustain." ”

"Under the so-called covered nest, Ann has finished eggs?"

"The most profitable areas of the market have completely collapsed, becoming the areas with the most money-losing effects.

"There is a reason for the market to be weak, and there is a reason for the strong to be strong."

"Don't think that when a stock rises in the market, it rises less, then when the market turns down, it falls less, in essence, there is no inevitable relationship between the two, the rise and fall of stock prices, in addition to sentiment and the overall valuation level of the market, the most fundamental logic is the future expectation of fundamental changes."

Let's try it soon, everyone. 】

"I'll just say, I feel that ...... the so-called market hedging sectors of 'big finance', 'medicine' and 'consumption', this trend is obviously tempting." Wang Can continued, "The core stocks in these major fields, one by one, are all worth hundreds of billions of dollars, I really don't know what investors who buy these stocks think at this moment?" Originally, the current market buying volume has been seriously insufficient, and it can still pull this kind of super large-cap stock? ”

"Although they are all hundreds of billions of super large-cap stocks, in fact, there are not many potential sell-off floats on these stocks." Zhao Lijun pondered for a while, and said, "From the logic of emotional games and switching between high and low, there is no problem with these stocks rising, it is continuous...... Doubtful. ”

"No matter how the market changes in the time-sharing trend, we should still focus on resolutely reducing positions at present, right?" While everyone was talking, Zhu Tianyang looked up at Su Yu, who was silent again, and asked, "Mr. Su, should we still follow the trading strategy in the morning and reduce positions indiscriminately?" ”

Su Yu heard Zhu Tianyang's inquiry, came back to his senses, and responded: "Yes, continue to reduce positions indiscriminately, there is a high probability that this is only a short calm node after the first round of storms, and the stronger storm impact may still be in the future, at this time...... If we hesitate and do not grasp the opportunity to reduce positions, then when a new round of storm comes, it will be more difficult to complete our expected reduction goals in the face of worse market trends and market liquidity. ”

"Okay, got it!" Zhu Tianyang completely agreed with Su Yu's analysis opinion, so he couldn't help but respond quickly, and then continued to bow his head and tap on the keyboard, and further placed orders to sell the stocks that still had a certain amount of liquidity.

Similarly, when Zhu Tianyang was operating.

In the trading room, all the traders also quickly continued to execute sell orders, or placed orders at low prices, or actively sold at market prices, frantically withdrawing funds and reducing their position chips.

And with the reduction of the entire 'Yuhang Investment' trading room, it was sold.

In the last ten minutes of trading near the close of midday, the constituent stocks of many industry sectors in the main line of 'infrastructure' and 'state-owned enterprise reform', which had already seen time-sharing shrinkage, began to decline again, and drove the market to continue to soar in panic and selling.

Finally, at 11:30, the two markets closed at noon.

The Shanghai Composite Index also fell to more than 3.2% again, and the number of stocks in the two cities reached 57.

Except for the relatively small decline in the 'big finance', 'consumption', 'medicine' and other major hedging areas, the other main areas have all suffered heavy losses.

Among them, the two popular main areas of 'infrastructure' and 'state-owned enterprise reform', and the related industry sectors and concept sector indexes did not fall below 3.5% at all, and even like the 'real estate' and 'steel' sectors, the decline was close to 6%, which can be called terrifying.

Except, of course, for individual stocks that have performed extremely badly.

The turnover of the two cities also continued to remain at a high level, and the half-day turnover was the same as yesterday, without any sign of shrinkage.

And such a half-day market trend, whether for on-site investors, or off-site investors, it is more than a season, significantly lower than expected, many people thought that today's market trend will not be good, but did not expect to form such a plunge situation.

"Evil, this trend is really no resistance!"

During the lunch break, when the market investment sentiment has been fully one-sided, the discussion in the comment area of the major stock trading platforms and the field where the majority of retail investors gathered, exploded again.

"Hey, a wave of plummeting, directly trapped, and I don't know when I will stand guard this time?"

"Overnight, it fell back from a bull market to a bear market, and sure enough...... Or a bear market is suitable for big A! ”

"After two months of hard work, buying and selling, I finally reduced the cost, and I was about to untie it, and the result was ...... One day straight back to the pre-liberation period. ”

"I can see that every time the market yells 'bull market', the market is not far from a crash."

"Damn the 'IPO restart' news, isn't it good to come out later? Lao Tzu almost got rid of it. ”

"Although the market has fallen sharply in the past two days, there is the negative news of 'IPO restart', but the most fundamental reason is that the accumulation of profit orders on the floor is too serious, and it has failed to break through 2500 points, and it is time for a pullback, right?"

"If there is no negative news, maybe the index will cross 2,500 points."

"At least there is no bearishness, and the index will not fall so badly."

"In the morning, the people who didn't eat the fall limit are all quite powerful people, right?"

"It's only been half a day, and the number of stocks in the two cities is almost 60, and I feel that there is a high probability that 100 stocks will be staged today!"

"The regulators should be satisfied now, after all, everyone really voted with their feet, hehe...... Also open the IPO to suck blood, I look at the market trend, how to suck? ”

"Big A is equivalent to a skinny patient, and if he draws blood, he is really not far from death."

"Die, die! Early death and early superbirth. ”

"I didn't want to treat the disease first, so I thought about drawing blood constantly, and I took it too!"

"When it was close to 11 o'clock, I saw the 'big finance' move, and I thought that the 'national team' was going to protect the disk, but I didn't expect it...... It was strong for a while, and it fell back near noon. ”

"What's the use of protecting the disc when the mud and sand are all down?"

"Yes, confidence has fallen, even if the 'national team' makes a move, it will be difficult to reverse."

"Hey, in the morning, I really feel that all the funds are being thrown, and the market sell-off effect is really worse than yesterday, and the big money is really resolute."

"I know that the market will fall, but I still don't run in this situation?"

"As long as I can sell, if it were me, I wouldn't hesitate to run, but what a ...... The drop stop is locked, and you can't run, which is really speechless. ”

"Hey, I can only hope for the afternoon."

"Don't hope for the afternoon, the afternoon trend may be even worse."

"Since yesterday's peak, the index has fallen by almost 100 points, which should be regarded as a short-term overfall, right?"

"It doesn't matter if it's super or not, just sell it, look at the batch of funds that copied the bottom at 10 o'clock in the morning, and when it closes at noon, is it set again? Novices die chasing high, veterans die of copying the bottom, I really don't think it's the art masters who are bold, don't go to the knife. ”

"Yes, looking at the trend, it's clear that the index is just starting to fall."

"Why do you have to wait for the index to fall near the 2,200 point position of the next support platform before starting to buy the bottom? At this time, I rushed to enter the market to buy the bottom, wasn't it in a hurry to catch the flying knife? ”

"There are also gambling dragons who turn back, right? I look at the check of Beixin Road and Bridge, after the fall limit was sealed in the morning, and by the end of the day, more than 20 million funds were traded. ”

"Hehe, the dragon turned around...... Thinking too much, right? Without the blessing of the 'Fortune Road' seat, which main force is willing to be the head of this injustice and continue to do it up? Don't think you have lost enough? Look at the trend of the two main lines of 'infrastructure' and 'state-owned enterprise reform' after the large-scale reduction of Su Zong's 'wealth road', it is really a flash crash, and the trend of selling is endless, and the buying is rapidly decreasing, and I dare to take over at this time...... That's a real warrior. ”

"Indeed, at this time, buying stocks in the field of 'big finance' is more reliable than going to the two main lines of 'infrastructure' and 'state-owned enterprise reform'...... Wait for a few months after the peak of a number of popular concept stocks, it can only be described as miserable, halved are light, just take Hua Qingbao alone, in the first quarter of this year, the performance report is less than expected, the stock price has fallen by more than 60% compared with last year's high. ”

"Anyway, this flying knife, whoever likes to take it, whoever takes it, I keep it empty."

"I originally wanted to wait for the Shanghai Composite Index to completely break through 2,500 points and make a right opportunity, but now it seems that ...... This right opportunity is gone, it's okay, it's okay...... I resisted the temptation of the market to continue to rise, and I didn't chase higher, otherwise I am afraid that I would even have the heart to cry. ”

"Looking at the trend of this disk in the morning, 2300 points obviously can't hold it."

"There is a high probability that the index will fall back to 2200 points, maybe...... In a pessimistic scenario, it is not impossible to fall back to 2000 points. ”

"Indeed, in our big A, anything can happen."

"Let's wait and see, at this time, if you have a position, reducing your position must be the first choice, and if you don't have a position, you must control it."

"When the market is gone, and the loss effect is bursting, I will definitely not participate."

"Mr. Su has reduced his position on a large scale, and there is no reason to stay in the market anymore."

"The market can't get rid of the bear market pattern, and it's still involved in a fart, empty position, empty position, a few days ago I was really happy in vain."

"Hey, it seems that in the market, all the institutions that sing long can't be trusted."

"I can't believe it, and I know by imagination that the market has a time when the vast majority of people make money? It's just a temptation to cut more leeks, and if you really believe it, then you really take it, speaking of which...... These main funds that continue to sell in the market are really unscrupulous, and they really rely on the advantages of information channels to cut leeks crazily? ”

"It's true, but it's also due to the ecological environment of our big A, and there's no way."

"Hey, system construction is still far behind the mature financial markets abroad!"

"Isn't there a 'new national nine'? Let's hope something changes in the future, right? Let's be honest...... If the investment environment does not change, and there is no main capital willing to make long-term investment, it is really difficult for the market to have a long-term bull market. ”

"Do you want a bull market? Don't be extravagant, if the index doesn't fall back to 2,000 points, it's good. ”

In the extremely heated market discussion, the lunch break passed in a blink of an eye, and the market came to the formal auction trading stage in the afternoon.

I saw that the time had just passed 1 o'clock in the afternoon.

At the same time, due to the rapid rise of risk aversion, as well as the rapid reduction of market investment risk appetite, the wait-and-see sentiment is strong again, and in the case of strong selling, various buying forces in the market are further declining.

In the end, the index completely lost resistance in 2 or 3 minutes, and the decline instantly expanded to more than 3.5%.

Subsequently, the tide of falling and stopping in the direction of the main line of 'infrastructure' and 'state-owned enterprise reform' has fully spread to all the main directions of the entire market.

At 1:10, the Shanghai Composite Index fell to more than 3.75%, and the index broke through the 2320 position, reaching a minimum of 2314.47 points.

At 1:15, the number of stocks in the two cities reached 76.

At 1:20, there were only 82 stocks in the two cities, and they could still maintain a red market, and the money-making effect was sluggish to the extreme, while the money-losing effect was magnified to the extreme.

At 1:30, after half an hour of trading after the reopening, the market turnover hit the 120 billion mark, and at the same time, all sectors related to the two main lines of "infrastructure" and "state-owned enterprise reform" had a total net outflow of nearly 8 billion, of which the net outflow of funds in the "real estate" sector was 3.2 billion, and dozens of constituent stocks in the entire sector, only two stocks that were good for the resumption of trading appeared in a one-word upward limit, and the rest of the constituent stocks did not have a red plate.

At 1:40, the Shanghai Composite Index fell to the 4% mark, while the Shanghai Composite Index refreshed its intraday low and broke through 2310 points.

At 1:46, under extreme panic, the number of stocks in the two cities reached 101, and after almost one year, there was another intraday trend of 100 shares.

At 1:50, it almost completely collapsed, and the disk with the loss of liquidity ushered in a bottom-buying fund again.

At 1:55, the Shanghai Composite Index reached the lowest level of 2306.39 points, almost knocking on the 2300 integer mark, and ushered in a short-term intraday over-fall rebound under the rapid influx of bottom-buying funds.

At 2:01, the Shanghai Composite Index recovered the 2310 point mark, and the decline narrowed to less than 4%.

At 2:02, after the Shanghai Composite Index rebounded from the intraday overfall and the extreme panic sell-off came to an end, many of the main funds trapped in the field began to save themselves.

At 2:03, many stocks that were not completely blocked by the fall limit, as well as many small-cap concept stocks that crashed in the first few minutes, rose sharply.

At 2:05, the number of stocks in the market fell to 92.

At 2:10, the market tick volume can begin to shrink again, and the long and short forces, it seems, in this position, in this short moment, began to approach the balance again.

Subsequently, for half an hour between 2:10 and 2:40.

The Shanghai Composite Index began to fluctuate around the range of 2310 to 2320 points, and the decline was also constant between 3.5% and 4%.

However, when the clock crossed 2:40, it entered the final 20 minutes of the final game.

The selling force in the market began to break the balance again, and carried out another large-scale sell-off on the liquid individual stock market.

At 2:45, the Shanghai Composite Index fell from around 3.5% to 3.83%.

At 2:50, the Shanghai Composite Index fell again to break through the 4% mark, and the index also refreshed the intraday low, refreshing the intraday low to 2303.96 points.

At 2:53, the Shanghai Composite Index lightning fell below the 2,300 integer mark.

At 2:54, after the Shanghai Composite Index broke through the 2300 points in an instant, the lightning retracted, and at the same time ...... After seeing that the index did not actually fall below the 2,300-point integer mark, the market bottom-buying funds poured in again in a large-scale concentration in the last few minutes of the end of the session, and undertook the final market killing and selling.

Eventually, 3 o'clock in the afternoon came, when the market closed.

Shanghai designated at 2313.78 points, down 3.92%, the Shenzhen Index, the ChiNext Index fell slightly less than the Shanghai Index, but they were also in the 3.5% decline above, while the two cities traded a total of 168.339 billion, although the turnover was lower than the previous trading day, but it is definitely a form of volume plummeting.

In addition to the performance of the index, the industry sector, and its individual stocks.

I saw that the two major concept plates, industry sectors, and a number of popular stocks with high market attention in the field, all of which were at the forefront of today's market's declines, were all at the top of the list of declines in today's market.

Among them, the 'real estate' sector index fell by 5.86%, and among the constituent stocks in the sector, more than 6 stocks fell to the limit, and 12 stocks fell by more than 7%.

As for the popular and popular leading stocks that rank among the top in the market.

Such as Beixin Road and Bridge, Beijiang Jiaotong Construction, Shanghai Sanmao, Shanghai Construction Engineering, China Fortune, Kumho Group, Shibei High-tech, Chongqing Development ...... and other stocks, all closed with a falling limit, among which the Beixin Road and Bridge fell limit board closed the order, at the time of closing, it reached 560,000 hands, which can be called terrifying.

In the face of this all-out slaughter of market trends......

In the market, the majority of investors are extremely pessimistic, and countless people feel that the continuous rise in the previous market is like a dream of Nanke, which is not real at all.

Of course, in the midst of this pessimism, sadness, complaining.

Many investors who have not had time to reduce their positions at all, and are locked in the market by the fall limit, still hope for a glimmer of hope, praying that there will be a miracle on the after-hours refreshed dragon and tiger list, and also praying that the regulator will issue some good news to stabilize the market over the weekend when they notice such a miserable trend in the market.

However, when the after-hours Dragon and Tiger list is refreshed, it is left to these most determined market bulls.

Still disappointed.

At 5:30 p.m., the refreshed list of dragons and tigers in the two cities showed that the main fund trading seat of the "Yuhang Investment" company, that is, the "Fortune Road", sold a total of 630 million funds on the list, net selling for two consecutive days, and the total net selling volume exceeded 1.3 billion, which can be described as a real huge reduction in positions.

And, in addition to the 'Fortune Road', which has a great impact on market sentiment.

Such as 'Jiefang South Road', 'Chunhui Road', 'Four Seasons Road', 'Hongqiao Road', 'Yitian Road', 'Yanjing Beiwai Avenue'...... and other top capital seats, which are also in a state of net selling, and seats from various institutions have also appeared on several popular stocks in the main line of 'infrastructure' and 'state-owned enterprise reform' in the medium and large caps on the list.

Generally speaking, it is the main funds that participated in the speculation of the two main lines of 'infrastructure' and 'state-owned enterprise reform'.

At this moment, all of them are in a state of reducing positions and clearing positions.

Seeing such a performance of the Dragon and Tiger List, some market bull investors who originally held a glimmer of hope and the last hope were completely shattered, causing the entire market, whether it was the investor group trapped in the market or the investor group on the sidelines, all fell to the short side.

It can be said that all of a sudden, the major stock forums in the market are in the discussion area and the internal exchange group.

It's all the voices of sadness and sorrow.

Even the most sensitive to market trends and known as the 'smartest money in the market' group of investors, at this moment, are biased towards a collective bearish situation.

Of course, at the moment when the vast majority of investors are fully reversed in the direction of the bears.

There is also one of the most stubborn bullish areas, which still maintains the bullish rhetoric of 'unchanged for a thousand years', still analyzing the bright prospects of the market in the future from various macro and micro directions, and tirelessly telling the majority of retail investors in the market that the future is still good, and the stock market is still bullish.

This field ......

It is a real 'long' group composed of various brokerage institutions, fund asset management institutions, and financial Vs.

However, at this moment, in the case of countless investors in these two transactions, they have suffered a lot of losses in the market, and they are in an extremely sad and angry mood, and their long-term remarks have undoubtedly been strongly questioned and criticized by the majority of retail investors, and even many retail investors have scolded under the analysis and views of these people, and sarcastically These people are 'singing long in words, but in fact short selling', which is simply a cancer in the market.

It's just that no matter how sad and angry everyone is and how disappointed they are with the market.

All developments in the financial market, including actual trends, fundamentals, and news, do not depend on the views and wills of the broad masses of retail investors.

Those rumors that will eventually become facts will still happen.

At 7 o'clock in the evening, when the majority of investors complained and the pessimism of the whole market intensified.

According to the news announced by the regulator, starting from next Monday, that is, starting from May 19, the market IPO review that has been suspended for more than 2 months will be restarted, and the first batch of new shares is expected to be listed and traded in early June.

Of course, at the moment when the bad news lands.

Perhaps the regulators are trying to prevent the market from reacting aggressively, or perhaps to appease investors who are nearing a market crash.

In the IPO plan launched by the regulator, compared with the plan of the last IPO restart, the regulator redrew several new rules, that is, the initial listing review and fundraising scale was reduced, the number of shares discovered at each stage of the new stock was reduced, and the online and offline IPO subscription method and proportion were changed.

On the whole, under the established bearish expectations, it has given a little sweetness that exceeds many people's expectations.

The so-called 'beat a stick and give a sweet date'.

"Fortunately, this negative has finally landed as expected." In the evening, Li Meng looked at the market announcement issued by the regulator, breathed a sigh of relief, and said, "Like the intelligence information obtained by our company before, the regulator has really made some changes in the scale of fundraising, the speed of issuance, and the subscription model, so as to reduce the burden on the market to the greatest extent without affecting the IPO issuance, and at the same time give profits to the majority of retail investors." ”

"Hmm!" Su Yu, who was sitting next to Li Meng, bowed his head slightly, "After setbacks, this time the regulator is really smarter, and this new rule change should be changed like this." ”

Li Mengmeng thought for a while and said: "Now the bearish has landed, and the market has also reflected the bearish in advance in the past two days, and the trend of next week is ...... It shouldn't be too bad, right? ”

"There will still be short-term labor pains." Su Yu responded, "After all, emotions still need to be vented, but this pain will soon pass, and when this wave of emotions is truly vented, the profits in the market are almost cleared, and some people will gradually realize that the fundamentals of the market and the long-term investment logic are gradually improving in an all-round way, and when the time comes, ...... The continuous money-making effect of the market will be re-condensed, and the new market will set sail again! ”