Lin Tingzong pondered for a moment and replied: "According to the disk performance of the major popular mainline concept stocks in the market, as well as the data of today's Dragon and Tiger List, it can be clearly perceived that as an important participant in the market investor group, the capital group is fully retreating. ”

"We all know that capital is the most active main capital system in the market."

"It is also a market participant in the market who is best at provoking investor sentiment and is best at mining and speculating on the concept market."

"Since they are retreating in all directions, it shows that the current market has a very low money-making effect, and the money-losing effect is more obvious, which also shows that the market at the moment, speculation and speculation are not easy, or there is no obvious continuous money-making effect and market hotspots with continuous speculation."

"To put it simply, the overall risk appetite sentiment of the market continues to decline."

"This has directly led to low market speculation, and the majority of retail investors are unwilling to follow the speculation orientation of the investors and follow the trend at a high level."

"And there is no high-level follow-up of the majority of retail investors."

"Natural market speculation is unsustainable."

"When the speculation market is unsustainable, and the active on-site tour capital groups choose to temporarily retreat and wait and see, the market will only become more loose and sluggish without the guidance of these active tour capital groups."

"The continued sluggishness and downturn of the hot spots in the market will act on the overall investment sentiment of the already sluggish market, resulting in bullish sentiment, which will be further suppressed by bearish sentiment, and will also lead to a further reduction in the market's investment risk appetite, resulting in the market entering a vicious circle of bears raging.

"Revisiting today's ......"

"To be honest, under the signs of a full-scale retreat of market capital, this vicious circle of raging bears is already in the stage of occurrence."

"If the market news is on the surface, there is no other positive to continue to stimulate."

"I estimate that the next market trend, whether the index or most of the market stocks, will continue to fall to the bottom, at the same time, it is very likely that the market liquidity will gradually be missing, and the main funds of all parties in the market will come out as soon as possible, or rob the market liquidity, resulting in a flash crash trend of individual stocks and a downward trend of continuous shrinkage."

"Mr. Gu......"

Lin Tingzong paused, and said very seriously: "The market, which seems to be a good and stimulating stop signal, is more likely to be a downward relay, we are in this position, not only can not rashly increase positions, but also have to continue to reduce positions, we must do a good job in position management, like last December to March this year, this stage, long-term conservative trading strategy." ”

"At this time, in my opinion, it is far more important to live than to think about how to live better."

"Moreover, the current market, the majority of investor groups, for the Shanghai Index final adjustment of the landing point of about 2,200 points, is quite consistent."

"It gives me a very bad feeling."

"Based on the history of past market movements, it is unlikely that the expectations that are generally consistent will be met."

"You mean to ...... The Shanghai Composite Index at 2200 points may not be able to hold up, right? Gu Chijiang roughly understood what Lin Tingzong meant, and asked.

Lin Tingzong responded: "Not only that, I'm thinking, if the Shanghai Composite Index can't hold up at 2200 points and falls below everyone's psychological expectation support level, what will happen?" Predictable...... It is bound to be a more tragic concentrated sell-off and stop-loss trend, and if 2200 points cannot be held, it means that the Shanghai Index will fall back to 2000 points to find the bottom in the next stage. ”

"And if the index is in an extreme situation, it really falls back to 2,000 points again."

"Then I think the lethality of this round is more intense than the wave of market adjustment from December last year to March this year."

"It is preliminarily estimated that if it falls like this, many pure equity investment funds in the market will definitely not be able to hold on."

"After all, in April and May, this wave of market continued to rebound, according to the changes in market volume, the inducement of funds, is really a lot, this rapid fall, and now these in April, May new entry of all kinds of funds, basically all have been buried."

"This means that the new hedging disk in the market has increased by hundreds of billions."

"This volume of hedging disk, there is no great positive stimulus, if you want to rely on the market to digest itself, I think it must be quite difficult in the short term, so I expect that the index will most likely have to fall back to the range of 2000 points to 2200 points, and carry out long-term shocks, so as to digest this batch of new hedging chips that follow the trend."

"If the market goes next, it really goes according to this expectation."

"Then, we must reduce our positions in advance, reduce the fund position lower, and leave enough room for market risk defense."

"Need to be so pessimistic?" Gu Chijiang looked a little hesitant.

At present, the fund's position has been reduced to about 50%, that is, almost half a position.

Originally, according to his understanding of the current market, especially in the market, many investors have begun to flip a lot, and when they shouted out the 'policy bottom', he felt that about 50% of the position should be reasonable, but he didn't expect Lin Tingzong's views to be so different from his ideas.

Of course, there is a certain logic in these market analyses mentioned by Lin Tingzong.

It's also possible.

Otherwise, he would not have had such a big hesitation in his heart at this moment.

Lin Tingzong bowed slightly: "Market trading, don't worry about winning, think about defeat first, I think it's still necessary to reduce the position by two percent." ”

"Of course, if it's the next week, or multiple trading days."

"The market trend can get rid of the current state and show a continuous strong state, so we can change it in time."

"In a downtrend, reducing positions on the left side is much less risky than increasing positions on the left."

Gu Chijiang saw that Lin Tingzong insisted on his opinion, and once again stared at the data of the dragon and tiger list disclosed by the two cities, thinking about some of the market problems that Lin Tingzong had just pointed out, and also thinking about the two-percent position, even if it was wrong, and then added it back, it would not take too much time to cost, pondered for a while, then nodded, and responded: "That being the case, then follow the trading strategy you said, and continue to reduce the two-percent position tomorrow, I hope that the market trend will develop according to our expectations, and I also hope that the market will be in the market. Don't get into one of our most pessimistic anticipatory trends. ”

Although the current position of the fund is not heavy, it can withstand a certain risk of market decline.

However, Gu Chijiang still hopes that the market can go a little more ideally, and can get rid of this weak situation of continuous decline as soon as possible and return to the upward channel.

After all, as a fund management company, in the end, ...... It is still necessary to speak by the performance of the fund.

Many investors don't look at your position control, drawdown control, trading strategy change timing and other details, they only look at the performance, for them, no matter how the index goes, what kind of performance it has, the fund products they buy, if they don't make money, it's a junk fund.

"Okay!" Lin Tingzong saw that Gu Chijiang agreed with his point of view, and responded with a smile.

Then, he didn't continue to talk more, lowered his head, and began to click on the market trading interface that had been fixed, as well as the webpages of various financial information platforms, combined with market news, to conduct a comprehensive review of the two market conditions and the performance of individual stocks held by the fund, so as to formulate tomorrow's trading plan.

And at the same moment, Yu Hang, the inside of Anzhao Fund Company, in the trading room.

Qin Qiuyue, the president and fund manager of the company, after a brief review, was full of happiness in view of today's market trend, and said with a smile: "The line of 'military industry' has increased significantly compared with yesterday, which is really rare, according to this situation...... It is estimated that this line will be significantly bottomed out before the market. ”

"Hmm!" Zhou Huiying, the fund manager's trading assistant, said, "From the disc point of view, the main funds of this line today have a total outflow of about 760 million, and a number of short-term active funds chasing this line yesterday should be basically cut and stopped. ”

"Do you think that the share that lurks in the 'military' sector and is broken into pieces, and the funds that are constantly bought with small orders, how much money is undertaken today?" Qin Qiuyue bowed slightly and asked.

Zhou Hui thought for a while and responded: "I'm not sure, but there must be a lot, I stared at the market for a day, and found that this fund has been following up and undertaking when many core constituent stocks in the 'military' sector have been following up and undertaking when the big funds have fallen out of the position, and they have not stopped at all, and the purchase volume must be more than several times ours." ”

"I bought it very resolutely!" Qin Qiuyue sighed, thought for a while, and continued, "Observe and observe tomorrow, if this stock is still being bought, then we will continue to follow the position until the fund position is full." ”

Zhou Hui nodded, but after thinking about it, he couldn't help but remind: "Mr. Qin, I feel that there is still a lot of downward risk in the market, we are so aggressive in the 'military industry' line, in terms of fund risk management, I am afraid we will bear a high risk of uncertainty, really...... No problem? ”

Qin Qiuyue's eyes were bright, and she said with a smile: "Don't worry, what are the consequences, I will bear it, this fund in the 'military' sector, indiscriminately increasing positions and grabbing funds, is by no means simple, since we have found this opportunity, we can't hesitate too much, besides...... Although the market feels that it has not completely fallen, the index is already at the 2200 level, and even according to the most pessimistic market expectations, the risk of its downside will not be worse than when the index is around 2500 points, so ...... Although there are risks, they are completely worth the game. ”

"Okay!" Zhou Hui replied and stopped talking.

Then, at 6 o'clock in the afternoon, the major investment institutions in the market ushered in the end of work.

However, online and offline, the discussion places where the majority of investors gather at this time, such as the discussion area of the trading platform, the stock trading forum, the relevant community, the post bar, the comment area of the financial news website, and the internal investment discussion groups...... And so on, and so on, the heated discussion about the market is still going on.

And, thanks to today's market signals.

A group of investment institutions, brokers, public fund institutional market researchers, the so-called institutional chief analysts, investment strategy experts, have jumped out, long words to express their bullish views on the market, and at the same time, from various angles, interpret the 'Shanghai-Hong Kong Stock Connect' after the opening, the significant impact on the market.

Of course, for the words of these chief analysts, investment strategy experts.

The majority of retail investors in the market are already very few believers and have treated them as jokes.

After all, when the index fell all the way from around 2,500 points, these analysts and strategy experts have never changed their tone, and the investors who believed the advice of these analysts and strategy experts and took heavy positions in the market have also been trapped in the market at this moment.

"Hey, these so-called chief analysts and investment strategy experts, how do they feel one by one, they are all special wine bags and rice bags, and the analysis is the first ...... the truth, and none of the results are right, obviously the market is continuing in the downward trend, but they say that it is a benign step back, a technical adjustment, it is simply "

In the investment discussion area of the financial news platform, some retail investors complained.

"Everything is good, there is no negative at all, hehe...... It is really better to believe in them than to believe in a dog, after all, if you throw two balls of paper with the rise and fall written on it to the dog, the dog may really choose the right one, these so-called analysts and experts, that is really not a point of view. ”

"In addition to singing too much, I still sing too much, and I'm annoyed to death!"

"These guys, they've been roaring for a year or two about the 'bull market', and as a result, is the bull market coming?"

"Anyway, I've already taken their opinions as a joke, and I can't believe a single word."

"It's not to blame these people, from the perspective of the regulators, the regulators must hope that the market will continue to go bullish, these people as the mouthpiece of the market, naturally have to speak in accordance with the intentions of the regulators, so don't you have to find ways to sing more? Even if I am bearish to the extreme, what comes out of my mouth must still be a bullish view, not me...... Give them ten dares, do you think they dare to openly short the market? ”

"Makes sense, these guys...... It's really a conscience to speak. ”

"Don't look at what they say, look at what they do, look at how the market has been doing lately, these people are good at talking, but they are often honest physically."

"Yes, the market can go like this, it is completely the consequence of the guidance of the main capital."

"If these big institutions can practice and firmly implement their bullish views, and carry out large-scale increase and lock-up, can the market go like this?"

"It's ridiculous to say that the market is going like this, and it's all smashed by our retail investors."

"Isn't it just the plate that our retail investors smashed? Haha......"

"Hey, forget it, let's take it as a joke, anyway, these people are also faceless and skinless, their own accounts, they are responsible, anyway, if the Shanghai Index does not step back at 2200 points, I will resolutely not re-enter."

"Well, yes, the more these people sing, the more cautious they should be."

"I'm waiting for Mr. Su's 'Fortune Road' seat to appear again, this market, to explain the light, there is no one who is more bright than Mr. Su."

"Indeed, Mr. Su's 'Fortune Road' seat is really the only one."

"Today's market is finally relieved, let's see tomorrow, if the rebound can continue, maybe there will be a little market here."

"The main funds in the field have retreated in all directions, and I still feel that I can't hold it on the plate."

"Today's rise is because of the direct stimulus of the good, and tomorrow it will be uncertain."

"I hope there will be a good trend in the peripheral market tonight, so that tomorrow the market may still have some hope, otherwise...... I'm afraid I have to go down to the bottom! ”

Many retail investors are in heated discussions......

I saw that the bullish sentiment in the market, compared with yesterday, although it has risen, it is obviously still weak.

And in the current situation where the various logical views and bullish remarks of these institutional analysts and investment strategy experts have basically lost the trust of market investors, this situation is ...... In order to make the bullish sentiment in the market continue to rise, in addition to the continuous investment of real money in the tray and the continuous money-making effect shown by the market, it is completely impossible to rely on the guidance of public opinion and speech alone.

Fortunately, in the evening, the trend of the peripheral market finally got rid of the quagmire of decline.

U.S. stocks rose by more than 2 points across the board, giving a shot in the arm to the domestic financial trading market, which is in a weak rebound.

In the end, stimulated by the good trend of the external market, the bullish sentiment before the market has been greatly boosted.

As a result, on Friday, May 23, at 9:15 a.m., the two cities ushered in a high opening again under the influence of various domestic and foreign market news and various intertwined market sentiments!