"However, looking at the performance of the major main lines and industry sectors of the market, there is no obvious vitality of the main line or industry sectors." Li Meng responded, "It's almost a trend of falling and collapsing across the board, and new market opportunities and market hopes, I'm afraid it's still far away!" ”

Su Yu smiled and said: "Everything has a process, market trends and mood changes, there is also inertia, we just need to understand what kind of trend the market is currently in, and then wait for the node of market trend and emotional change step by step." ”

"It's still the same sentence......

Su Yu paused and continued: "Before finding a clear investment opportunity, patience and waiting are the most important and appropriate trading strategies in market trading. ”

"That's right!" Li Meng nodded with a smile and said, "In market trading, 90% of the time is the so-called garbage time, and the real market development time only accounts for 10% of the entire trading process, which means that we are waiting for 90% of the time." ”

"It only takes 10 seconds to make a trading decision." Su Yu said, "But judging the market buying and selling point, but often have to wait for a long time, in the trading market, we traders are like hunters, the funds in our hands are bullets, the whole market is a forest, and the investment opportunities for buying and selling are the prey we are waiting for." ”

"A successful hunter can always hold a shotgun and wait patiently for the prey to slowly approach within range before pulling the trigger in his hand."

"All the same, a successful trader."

"We must also have this kind of patience, waiting for the investment opportunities to be bought and sold in the market, and really exposed to the field of vision, before decisively investing the funds in our hands."

"And ......"

Su Yu paused and continued: "The opportunities in the market are unlimited, but the investment funds in each of us are limited, which means that whenever we make investment strategies, choose investment opportunities, and invest funds, in fact, when we choose an opportunity, we are also giving up some opportunities. ”

"It's like one person, it's impossible to sit in two chairs at the same time."

"In our trading, we can't think about both, want, and want, once we are too greedy and want to grasp every opportunity in the market, it is very likely that we will not get anything."

"You have to be patient, but you also have to know how to choose opportunities, that's what Master means, right?" Liu Yuan heard Su Yu's analysis of the trading mentality, thought for a while, and continued, "Falling on the current market, the master is telling us to see more and move less, and if we can't see it, we are willing to miss the short-term rebound opportunity, and we can't go against the trend that has reversed." ”

Su Yu smiled and said: "Don't think too much, I'm just talking about it casually." ”

"Why don't you just say it casually." Li Meng chuckled, "You are clearly bearish on the market at this stage, and remind everyone to operate cautiously and turn the aggressive operation strategy into a conservative strategy." ”

"After the 2300 point breakdown, when everyone realizes that the market has no obvious support here, the market should further accelerate the decline, right?" At this time, Wang Can also answered, "I feel that if the Shanghai Composite Index can be strongly supported at 2200 points, the index will most likely be able to take a head and shoulders pattern!" ”

"That would be perfect." Zhu Tianyang, who was behind Wang Can, responded, "I'm afraid that after the market sentiment turns bearish, the Shanghai Composite Index 2200 will not be able to hold on, in that case...... The index has fallen back into the big box of 2,000 to 2,200 points, which means that the breakthrough market trend created by our company's previous instigation of the two core main lines of the market, "infrastructure" and "state-owned enterprise reform", is completely finished. ”

"I don't think it's going to fall back to square one." Zhao Lijun pondered for a moment, and also said, "'Infrastructure', 'state-owned enterprise reform', 'Internet finance', 'Shanghai Free Trade Zone' and other major main line investment expectations, compared with before, have obviously changed a lot, and the fundamentals of several main line areas are also gradually getting better...... Even if the market bullish sentiment declines sharply and the market valuation level falls back to the original point, the stock prices of these core constituent stocks of the main line are unlikely to return to before the start. ”

"Indeed, I think too." Zhang Guobing, the leader of the third trading team in the trading room, nodded and responded, "It can be pessimistic in the short term, but in the long run, it must be relatively optimistic." ”

The crowd briefly discussed......

At this time, the market trading time has reached 9:25, and the call auction between the two markets has ended.

After a total of 10 minutes of call auction, the Shanghai Composite Index finally opened low at 2275.35 points, down 1.12%, while the Shenzhen Index and the ChiNext Index fell 1.09% and 1.17% respectively.

In addition to the major indices that opened sharply lower, the performance of market industry sectors and the main line of concepts.

It is also significantly lower than the expectations of market investors.

Among them, the "infrastructure", "state-owned enterprise reform", "Internet finance", "Shanghai Free Trade Zone" and other popular main lines in the early stage of the big open sharply, the core industry sectors in the main line area, such as "building materials, building decoration, cement, steel, real estate, film and television media" and other industry sector index, the lower opening range is greater than the Shanghai Index, showing a comprehensive trend of leading the industry sectors of the two cities, the performance is extremely weak.

As for the popular stocks in these main line areas, it is even more miserable.

For example, the most popular leader in the two cities, Beixin Road and Bridge, directly opened with a falling limit, with more than 11 million transactions in the entire collective auction, and more than 130,000 opening orders on the falling limit; The two popular stocks of Shanghai Ganglian and Shanghai Sanmao, the leading companies in the concept of "Shanghai Free Trade Zone", both opened low near a 7% decline, and the disk sell-off is also endless; The two stocks of China Fortune and Kumho Group, which are the real estate 'double heroes', opened at a low price of around 5%, and the net outflow of the main funds that had just opened reached more than 5 million.

There are also such as Beijiang Jiaotong Construction, Oriental Fortune, Huayi Brothers, Chongqing Development, Shanghai Construction Engineering, Huaguo Metallurgical, Shibei High-tech, Waigaoqiao...... and a series of popular stocks.

All of them have lost any of their previous strong state, and they have significantly underperformed the broader market index.

And on the disk of each of its stocks, the performance of the buying and selling orders showed a state of comprehensive suppression of selling orders.

This shows that in the case of a comprehensive decline in market bullish sentiment, a comprehensive retreat in market speculation, and a sharp decline in market risk appetite, all major funds are desperately reducing their positions to escape from these stocks at a relatively high level in the market, and from the perspective of market volume changes, most of the funds that have been reduced and escaped from these relatively high stocks have not flowed into relatively low stocks with low risk, but have completely flowed out of the market and chosen to wait and see.

"This opening is really seriously lower than expected."

Seeing the opening situation of the market, the Shenzhen market at this moment, inside the Xinniu Fund Company, in the main fund trading room, Mu Zhengxing, the head of the trading team, stared at the temporarily stagnant disk, couldn't help but sigh lightly, and said: "Looking at this situation, it is estimated that the market is going to enter the stage of accelerated decline under the guidance of the emotion of a comprehensive short, at least the two core hot main lines of 'infrastructure' and 'state-owned enterprise reform' are completely dead." ”

Hearing Mu Zhengxing's words, fund manager Fang Xinsheng said: "The confidence of market investors collapsed, their hopes were dashed, and the regulator did not announce new market good news for two consecutive days after announcing the IPO restart, which led to a significant decline in the market's trust in the regulator to maintain the market, so ...... Under the resonance of market news and sentiment, coupled with the fact that the funds of the 'Yuhang system' continue to sell large sums on the Dragon and Tiger list, it is even more difficult for the index to stabilize at the 2300-point line. ”

"2300 points can't be kept, everyone's expectations will naturally fall at 2200 points."

"Market investors are expecting the index to fall back to 2,200 points, and once this expected consensus is reached, it is quite logical that the index will enter an accelerated downward channel."

"Once the trend reverses, market confidence collapses really quickly!" Liu Xin, general manager of Xinniu Fund Company, who was standing beside Fang Xinsheng and also paying attention to the big screen of the two cities, said with emotion, "Fortunately, we changed our trading strategy in time, otherwise according to today's situation, I am afraid it will be difficult to complete a large-scale position reduction operation." ”

"Indeed." Mu Zhengxing responded, "Once the expected consensus of the market is generated, no matter whether it rises or falls, the trend accelerates, and it is really getting faster and faster." ”

"Look at the check ...... Beixin Road Bridge"

"I really didn't expect this popular stock to be able to hit the fall limit directly at the opening today."

"This kind of straight up and down trend, I feel that even if the stock price is cut in half, it can't be stopped, and the decline of this stock is not stopped, and it is estimated that the two core main lines of the 'infrastructure' and 'state-owned enterprise reform' markets will hardly have a turnaround."

Fang Xinsheng smiled lightly, staring at the short-term frozen disk of the two cities, but he had different ideas, and said: "I think that the expected consensus of the market has emerged, and it is not a bad thing for the index to enter an accelerated downward channel." ”

"How?" Liu Xin hurriedly asked.

Fang Xinsheng pondered for a moment and responded: "The A-share market, due to the particularity of the structure of investors participating in the market, in fact, in terms of long and short performance, it is greatly affected by emotions, and often likes to go to extremes. ”

"And the market swings from one extreme to the other."

"The emotional overreaction and the accelerated decline of the index have contributed to the rapid arrival of the other extreme."

"In other words, this extreme emotional reaction will help the market to quickly produce in the next stage, which is also the fundamental reason and underlying logic of what we usually call 'continuous plunges are better than continuous negative declines' in trading."

"Got it!" Liu Xin nodded, "Indeed, a plunge is better than a yin fall, a continuous plunge will prompt the investors who are trapped in the market to quickly cut their flesh, and the continuous decline will only make the investors in the market continue to hold on to a glimmer of hope, and then be completely trapped, in other words...... A continuous plunge can make the chip structure in the market quickly adjust in place, while a continuous decline cannot do this. ”

"That's right." Fang Xinsheng said with a smile, "Once the chip structure in the field is readjusted in place, it will not be far from the emergence of a new market, and vice versa...... The blunt knife cuts the flesh of the negative mode, will only infinitely lengthen the adjustment time and space of the market, the erosion of the confidence and sentiment of market investors, is also the most serious, simply put, is a rapid plunge mode, can make the market quickly fall through, and the continuous downward trend, can not do this at all. ”

"Hey...... After Mr. Fang's explanation, I suddenly felt that the future seemed to be quite optimistic. Mu Zhengxing said, "Maybe the market will pick up again next month." ”

Fang Xinsheng thought for a while and said: "I'm not so optimistic, I guess if the market situation wants to reverse, how can it be possible to wait for the IPO to restart the negative situation to completely land." ”

"You mean that the first batch of new shares will be listed, right?" Liu Xin asked.

Fang Xinsheng nodded and responded: "Yes, when the IPO is restarted, the real blood-pumping effect of the market will be reflected, and it should be about the same." ”

"That seems to ...... Then it's time to compete with patience. Liu Xin smiled and said.

Mu Zhengxing responded: "Since we have to wait for the listing of new shares after the new regulations, the market trend may usher in a reversal, then we are afraid that we will have to continue to reduce our positions and avoid risks!" ”

"Go ahead and minus!" Fang Xinsheng said, "Even if it is 2200 points as the final support point, the Shanghai Index will have at least 5 or 6 points of decline, such a decline, put on individual stocks, especially the main line of 'infrastructure' and 'state-owned enterprise reform' that has been temporarily abandoned by the main funds of all parties in the market, there is at least 10% room for decline, our current position is still relatively heavy, and we have not reached the safe position area. ”

"Good!" Hearing Fang Xinsheng's order, Mu Zhengxing hurriedly nodded in response.

Then, quickly place trading orders to a large number of traders in the trading room.

With his trading order, at this time, the market time has slipped to 9:30, and the trading market of the two markets, which has been stagnant for 5 minutes, began to beat again under the short-term emotional brewing.

I saw that under the huge time-sharing volume changes, the Shanghai Index, the Shenzhen Index, and the ChiNext Index quickly fell further, and the decline expanded instantly, and at the same time, it ...... The corresponding core and popular main areas of 'infrastructure', 'state-owned enterprise reform', 'Internet finance', and 'Shanghai Free Trade Zone', as well as a number of related industry sector indices and their constituent stocks, have also fallen rapidly and have been completely abandoned by the main funds in the market.

At 9:31, the Shanghai Composite Index fell to 1.2%, and Beixin Luqiao and Shanghai Sanmao fell to the limit.

At 9:32, the Shanghai Composite Index fell to 1.3%, the ChiNext Index fell nearly 1.5%, and the decline of Northern Xinjiang Communications Construction and Oriental Wealth expanded to 7%.

At 9:33, real estate, building decoration, building materials, the three major 'infrastructure' core industry sectors, related industry sector indices have expanded to more than 2%, of which the core stocks, such as Huaguo Construction, Huaguo Metallurgical, Huaxin Cement, Conch Cement, Gemdale Group, Poly Real Estate and other stocks, have fallen rapidly, and at the same time, the trading disk has also been continuously sold by 10,000 large orders.

At 9:34, the banking sector index in the field of 'big finance' turned red, but the decline of the Shanghai Composite Index was still expanding.

At 9:35, the top 10 popular stocks in the market attention all showed a downward trend, and the core industry sectors of "real estate", "steel", "building materials" and "building decoration" reached 1 billion yuan, and the outflow continued to accelerate with the passage of time.

At this time......

Faced with a sharp lower opening of the market, it continued to fall rapidly.

The vast number of investor groups inside and outside the market have completely collapsed in their hearts, and the pessimistic voices of 'liquidation, stop loss, and clearance' are also instantly filled with discussion areas of major trading platforms, major stock investment exchange forums, and all corners of major investment communities.

It seems that overnight, the 'extreme bear market' that scares the majority of investors has returned.

The 'bull market', which once made the majority of investors excited and had countless expectations, once again faded away and quickly disappeared in the hearts of investors.

(End of chapter)