Su Yu nodded slightly and said: "At present, the basic conditions and factors for the outbreak of the bull market should be almost there, but there is still a lack of wind in the macro policy wind, so as to completely burn the emotional flame of the market." ”

"What is the policy trend on the macro level?" Wang Can pondered for a while, found that he had no clue, and asked, "Boss, what are you referring to?" ”

"Master, you're talking about the liquidity of money in the market, right?" Liu Yuan thought about it and answered.

Su Yu bowed his head slightly, and praised with a smile: "Cleverness is the liquidity of market money funds, as long as the liquidity of market funds can be further abundant, then the energy ecology of the stock market, under the guidance of the continuous expansion of the market money-making effect, will be a completely different situation." ”

"Market liquidity in the first half of the year has been relatively tight." Zhao Lijun said, "Even in the first quarter, many banks had a certain money shortage crisis, but now...... On the macro front, the pace of interest rate hikes by the Federal Reserve will be greatly slowed down, and at the same time, I heard that the central bank also intends to stimulate the liquidity of the market. ”

"That's what was expected, but at the moment, we haven't seen a clear signal." Zhu Tianyang said.

Zhang Guobing said with a smile: "Hazy expectations are the best stage of investment, if the expectations are clear, and there is a clear signal on the market news, then the corresponding investment field may have been speculated a long time ago, but no matter what...... Mr. Su, I think the 'big finance' field in the second half of the year is still worth paying attention to. ”

"Agreed!" Zhao Lijun answered, "If the central bank has any big moves, then 'big finance' will inevitably be a directly beneficial area, and to be honest...... The valuation of banks, as well as the valuation of securities, under the impact of several rounds of money shortage and the continuous bear market torture, is really very cheap, completely under the historical limit of undervaluation, such a valuation level, in the past only 05 years when the Shanghai Index was around 1000 points, appeared, and then in the past ten years, only now. ”

"If banks and securities are to move, the market volume will have to go up at least one level." Liu Yuan thought for a while and said, "I think that in the case that the market volume has not changed further, that is, the current market as a whole has not gotten rid of the stock game pattern, I think we still have to focus on the two main lines of 'infrastructure' and 'military industry' with substantial expectations and speculation support, and we can't be ambitious to lay out the field of 'big finance'." ”

"It's nature!" Zhao Lijun nodded and said, "If you really want to pay attention to the field of 'big finance', you must have to last night's 'infrastructure' and 'military industry' This wave of expected market, really waiting for the market volume to continue to break through and stand firm at 2500 points, after all, the Shanghai Index is below 2500 points, I estimate that the potential investor group outside the market, it is likely to be difficult to have the determination to enter the market on a large scale." ”

"The retail investor group has always had a herd mentality of seeking advantages and avoiding disadvantages." Zhang Guobing said, "In recent years, the Shanghai Index has been subject to the 2,500 point mark several times, and if this position does not break through, then in the hearts of the majority of retail investors in the market, the market does not have the potential to go bullish." ”

"Everyone will think that the Shanghai Composite Index is still running in a long-term box shock."

"And when this expectation occupies the majority, in the face of the local money-making effect of the market, many potential investor groups outside the market must not be so determined to re-enter the market."

"Only when the Shanghai Composite Index really breaks through 2,500 points, everyone's expectations are subverted."

At the same time, new market expectations, under the guidance of emotions and money-making effects, continue to expand and form, and gradually ferment in the hearts of the majority of investors, so as to ...... A large number of potential investors outside the market will gradually let go of their wariness and hesitation and re-enter the market. ”

"As for the bull market......"

Zhang Guobing paused for a while, and then continued: "I think that in terms of macro policy, if the pattern of market money liquidity that Mr. Su said just now does not change, the probability of the market forming a continuous bull market is still quite slim, at least at present, few institutions in the entire market have expectations in this regard." ”

"Of course, no matter how slim the probability of occurrence is, when the basic logic and the major factors that form a bull market are all gradually improving."

"We should still have expectations in this regard, and we should formulate corresponding investment plans."

"Well, the national soldier is right." Su Yu smiled and said, "No matter how the market goes in the future, whether it can form a bull market pattern according to our ideal expectations, in the corresponding investment plan, we should have, everyone in our hearts, we should also have such an idea, don't be blinded by the current short-term market." ”

"Got it!" Hearing Su Yu's warning, many traders in the trading room responded.

And in the midst of the response......

The market time has quickly moved to 1 o'clock in the afternoon, and the two markets ushered in the official trading session in the afternoon.

I saw that after the emotional brewing and news influence at noon, once the market reopened, the two main lines of "infrastructure" and "military industry", after a short adjustment in the morning, rose rapidly again under the rapid pursuit of various funds, and recovered the pullback decline in the disk;

"Hey, Mr. Liu, after the news and emotional impact at noon, the line of 'technological growth', the mood has completely collapsed again." After the opening of the afternoon market, at 1:05, in the Shenzhen market, within the 'Pingyin Asset Management' institution, in the main fund trading room, fund manager Chen Shen sighed helplessly, "In this situation, we pull the two concept plates of 'Internet finance' and 'e-commerce' to stabilize the strategy of the main line of market sentiment of the entire 'technology growth', which is no longer of much use." ”

"And ......"

Chen Shen paused for a while and continued: "I'm worried that if the sentiment of the 'technology growth' line continues to collapse, the market pattern of panic selling has been spreading, and after 2 o'clock in the afternoon, I am afraid that the two major sectors of 'Internet finance' and 'e-commerce' will not be able to hold on." ”

"After all, there are no eggs under the nest!"

"When the two conceptual sectors of 'Internet finance' and 'e-commerce' have truly become the main line of the entire 'technology growth', and the only sector with greater liquidity, the funds that cannot escape from all walks of life will definitely give priority to smashing the chips of these two sectors."

"Because once the wind direction is completely out of the main line of 'technological growth'."

"Everyone will be afraid that the two major sectors of 'Internet finance' and 'e-commerce' will make up for the subsequent sharp decline, and then they may miss the opportunity to reduce their positions and stop losses."

"So, Mr. Liu ......"

When Chen Shen said this, he hurriedly looked at Liu Ziliang again, and said cautiously: "We can't fill in the funds in these two concept plates, we must unconditionally cut the position and stop the loss, otherwise...... When all kinds of funds in the market are further gathered into the 'infrastructure' and 'military industry', the liquidity of the entire 'science and technology growth' main line will only get worse and worse. ”

"According to what you mean, you want to kill the stop loss unconditionally?" Liu Ziliang asked.

Chen Shen nodded and responded: "If we don't kill the market, other funds will also kill the market, at this time, everyone is stepping on the market, there is no second choice, the more you wait, the more you can't get out, because everyone has clearly felt that the investment logic and hype logic of the main line of 'technology growth' are collapsing across the board." ”

"And, look at the check from 'LeTV.com.'"

"This check is so large that today's funds are pressed on the fall limit, according to the degree of digestion of the bearish, as well as the liquidity of the entire main line of 'technology growth', by tomorrow, this check will still not be opened, at least 30% of the loss must be accrued."

"Ke'LETV' this check,It is not only a gem weight constituent stock,It is also the emotional leader of the entire main line of science and technology growth" and the leading stock of the concept main line,Its collapse,The impact is too great,At the same time,"Infrastructure"、"Military industry"The main line of the market is fully sudden,The liquidity of the whole "science and technology growth"The main line of liquidity is getting worse and worse,"Science and technology growth"The opportunity for this line to rebound weakly,It is already very slim and pessimistic。

"In this way, in this situation, we can only take the initiative to kill the market, regardless of stop loss and reduce positions."

"It's the strategy with the least loss."

"Mr. Liu, I think Manager Chen's suggestion is indeed in line with the current market reaction, and it is indeed our optimal strategy at present." Ying He, the head of the trading team named Wang Jinglun, said, "At this time, if we hesitate for a moment, we will have to suffer an extra moment of loss." ”

Gao Yixiang, another trading team leader, thought about it and said: "I also agree with Manager Chen's strategic advice, Mr. Liu, the market direction has completely changed, under the mud and sand, we use the two major concepts of 'Internet finance' and 'e-commerce', and we can't leverage the main line of 'technological growth' at all, no way, since we do the wrong direction, we can only admit defeat, and can only follow the market trend to change and correct the trading strategy." ”

Any trading strategy that goes against the market trend will not end up with good results.

These are the most important principles in trading.

Although everyone knows that General Manager Liu Ziliang is personally laying out the main line of 'science and technology growth', guiding the market to break through to the small and medium-sized board and gem, and creating another round of 'growth stocks' to speculate on the market, after completely failing, he is very unwilling and eager to recover his losses, but the same ...... As we all know, all trading strategies, the final point, must remain consistent with the market trend, otherwise the so-called rescue plan, rescue strategy, will only continue to expand losses, so that the net value of the fund further falls.

"Okay!" Liu Ziliang was silent for a long time, seeing that everyone was opposed to using the two major concepts of 'Internet finance' and 'e-commerce' to leverage the investment sentiment of the main line of 'technology growth', he could only sigh in his heart, agreed with everyone's suggestion, and said, "Then according to Manager Chen's opinion, take the initiative to kill the market, as long as the chips on the line of 'technology growth', all that can be reduced." ”

After saying that, he clearly felt that he was a little disheartened.

Without waiting for everyone to say anything, he walked back to the office of the general manager of the asset management business alone.

With the core main institution of 'Pingyin Asset Management' giving up the two major concepts of 'Internet finance' and 'e-commerce', it turned to the main line of 'technological growth', and desperately cut out the position.

The two markets are trading on the ......

I saw that the two major concept plates of 'Internet finance' and 'e-commerce', which were originally supported by some buying, and their corresponding core concept stocks, dived in an instant, and the disk selling orders emerged in an endless stream.

Among them, the 'Hengsheng Electronics', which once rose by more than 3% in the intraday, fell underwater in just a few minutes, turning from rising to falling, and the 'Sanjiang Shopping', which once rose to the limit, fluctuated all the way down, from the highest price limit position, to a rise of only 3 points, and retraced more than 7% of the increase.

As for other popular concept stocks, they have been in the green and have fallen underwater.

It's just that the decline is more tragic than the comparison, and the film and television media, domestic software, Apple concept and other sectors that rank among the top declines in the industry sector and the concept sector in the two cities, and the two major concept plates of 'Internet finance' and 'e-commerce' that belong to the 'technology growth' have fallen relatively little.

Due to market funds and sentiment, it is further concentrated in the main areas of 'infrastructure' and 'military industry'.

It is also due to the fact that the underlying investment logic in the main line of 'technology growth' has been increasingly questioned by the majority of investors in the market.

As a direct result, the intraday performance of several major indices in the market has become more and more extreme, among them, the scissors difference between the Shanghai Index and the ChiNext Index has reached almost 2.5% at about 1:40 p.m., which has made many investors in the market and the core community look sideways.

However, such an extreme market performance, such an extreme market hot spot.

It also failed to help the Shanghai Composite Index directly cross the 2400 point mark in one go, but made the market trading time after entering 2 o'clock, and the short-term profit-taking orders were more heavy, and at the same time, ...... The time-sharing energy of the market has also begun to gradually decay, and the undertaking of funds has shown obvious shortcomings.

"What's going on? The active capital groups and market hotspots in the market have converged on the two main lines of 'infrastructure' and 'military industry'. At about 2:30, Yu Hang, within Minghui Capital Group, in the main fund trading room, He Hong, as a fund manager, stared at the performance of the two markets, and his expression was suddenly stunned, not very understanding, "Why are you more and more hesitant when the market is getting clearer?" ”

Standing next to He Hong, his eyes were sharp, and Xu Zhongji, who was also staring at the changes in the two cities, heard He Hong's question, thought for a while, and responded: "It's not surprising that today's market trend performance of the line of 'science and technology growth' is too poor, resulting in the overall trend of the market is too fragmented. ”

In other words......

"Although the style of the market has changed, everyone's risk appetite has not increased rapidly, and the hesitant investor groups inside and outside the market still account for the majority."

"But don't worry, this kind of market trend that is too torn apart will not be the norm."

"The line of 'science and technology growth', after yesterday's and today's sharp pullback, the follow-up callback trend should slow down, and when the callback trend of this line slows down, the constraints on the development of the market in the direction of the main board are not so big, and the hesitant investor groups inside and outside the market, in the process of expanding the market money-making effect step by step, the risk appetite will most likely increase rapidly, and at that time, the market will continue to break through, there should be no doubt."

"Today's market trend is indeed too fragmented." He Hong nodded and responded, "But this is also an inevitable reflection of the change in the direction of the market, so it's ......."

He Hong thought for a while and said: "The fermentation of emotions and the recovery of confidence take time, and it doesn't hurt for the market to go slower." ”

(End of chapter)