I saw that the mood of the two cities was brewing at noon, and as soon as the market opened, the Shanghai Index, the Shenzhen Index, and the ChiNext Index fell rapidly, and the main selling force on the disk began to suppress the bullish power more and more.

At 1:01, in just one minute, the Shanghai Composite Index fell rapidly to 1.67%, while the A50 Index fell to 2.69%, "big finance", "big infrastructure", "military industry" The three core main lines continue to be sold by a large number of main selling capital groups, and the corresponding industry sectors, concept plates, and their core weight stocks have also continued to dive rapidly.

At 1:02, the decline of the Shenzhen Index and the ChiNext Index also expanded to 1.5%.

At this time, in the morning market, the three core main lines of 'big consumption', 'mobile Internet' and 'smart phone industry chain', which once showed a strong supporting role, as well as the low-level non-popular 'non-ferrous cycle', 'petrochemical' and 'coal'...... and other mainline-related industry sectors and concept plates, which are also falling rapidly, completely losing the strength in the morning market.

At 1:03, the intraday decline of 'CEFC Securities' reached 3.83%, and the disk turnover broke through to the 7 billion mark.

At 1:04, the stock prices of several leading brokerages ...... 'Huashang Securities, Huatong Securities, and Huatai Securities' fell by more than 3%.

At 1:05, the 'securities' sector index fell by 4% during the day.

At 1:06, under the influence of the sharp decline in the 'securities' sector, the 'Internet finance' sector also dived in a straight line, among them, the popular stocks in the 'Flush' and 'Great Wisdom' sectors fell by 7% again during the day, and the decline of the 'Oriental Wealth' reached 5%.

At 1:07, the banking and insurance sector indices fell by about 2.5% during the day.

At 1:08, the check of 'Harbin Investment Capital' fell sharply by 8%, showing a downward trend.

At 1:09, the check of "Blue Stone Reloading", suddenly, also went straight to the limit again, at the same time, the "military" industry sector index, the decline expanded rapidly, with lightning speed, caught up with the decline of the "securities" sector index, and, within its plate, "Hongdu Aviation", "Aerospace Development", "China Airlines Heavy Machinery"...... and other popular concept stocks, the intraday decline has also reached a position of 5% to 7%.

At 1:10, the 'steel' sector fell hard, squeezing into the top three of the list of industry sectors in the two cities.

1:11 a.m., commercial real estate development, building decoration, building materials, ...... Among them, among the 'commercial real estate development' industry sectors, the stock prices of 'China Fortune' and 'Kumho Group', which were once speculated in the early stage, also experienced a flash crash.

At 1:12, in the main line of 'big consumption', the 'automobile' sector turned green.

At 1:13, the intraday decline of 'CEFC Securities' reached a position of 4%, and the disk turnover is still rapidly expanding, and the disk selling is endless.

At 1:14, the 'Blue Stone Reload' closed the fall limit, and in just a few days, the retracement was more than 25%.

At 1:15, the 'sub-new stocks' concept sector index fell by 2.78% during the day, and four stocks have closed the fall limit at the near end of the sub-new stocks.

At 1:16, the two stocks of 'Huake Jincai' and 'Shanghai Ganglian' fell by 7% in the day.

At 1:17, the 'Internet Finance' sector index fell by 4% in the day, and four stocks in the sector have closed the fall limit.

At 1:18, the demon stock of the main line of "big infrastructure" in the early stage of 'Northern Xinjiang Jiaotong Construction' fell sharply.

At 1:19, the A50 index's intraday decline approached 3% again.

At 1:20, the net outflow of the main funds in the three core main areas of 'big finance', 'big infrastructure' and 'military industry' reached 7.892 billion yuan.

At 1:21, the Shanghai Composite Index fell 2% during the day and fell below 3,600 points.

At 1:22, 'Western Securities' fell by 7% in the day, and in just three trading days, the retracement also exceeded 20%.

At 1:23, the stock price of 'Great Wisdom' hit the limit position.

At 1:24, the 'Great Wisdom' closed the fall limit, and the entire 'Internet Finance' sector index suffered another heavy setback, falling by 5% in the day.

At 1:25, the number of stocks in the two cities has reached 73, and among the 73 stocks that have fallen limit, 70% of the stocks have come from the three main areas of "big finance", "big infrastructure", "military industry" and "new stocks".

At 1:26, among the two cities, in most of the previous half a year, they were all pursued by the main funds of the market, and continued to hit a new high in the 'Yuhang Position Concept' plate index, which fell by 5.65% in the day.

At 1:27, 'Oriental Fortune' fell by 7% during the day.

At 1:28, the 'Internet Finance' sector fell by 5% during the day, and the 'Flush' stock price hit the fall limit.

At 1:29, 'Huaguo Bank', 'Huashang Bank'...... The stock prices of the four major banks have fallen by 2%.

At 1:30, after a half-hour sharp fall, the Shanghai Composite Index fell by 2.33% during the day, falling below 3,600 points across the board, and fell below the 15-day line, approaching the 20-day line rapidly.

At 1:31, a number of industry plates and concept plates in the two cities turned green across the board.

However, in the absence of a red plate in the two cities, the industry sector and the concept sector with a strong correlation between the two main areas of 'big consumption' and 'medicine', as well as their various weighted stocks, are still the first hedging choice and buying target for all capital groups in the two cities.

At 1:32, 'CEFC Securities' fell by 5% in the day, and the intraday decline in the securities sector index also began to reach the 5% position.

At 1:33, the total net outflow of the main funds of the two cities reached 20 billion.

At 1:34, in the field of 'Yuhang concept stocks', many small and medium-sized concept sectors with poor liquidity began to set off a tide of falling limits.

At 1:35, the Shanghai Composite Index fell by 2.5%.

At 1:36, the A50 index fell by more than 3.5% in the day, and in three days, the retracement range exceeded 10%, which will be a group of people in the central bank's interest rate cut, RRR cut, rushed into the amount of capital groups, all buried in the three core main areas of 'big finance', 'big infrastructure', and 'military industry'.

At 1:37, the stock price of the 'Straight Flush' check had no choice but to close the fall limit after struggling for a while.

At the same time, due to the crazy decline of the 'Internet finance' sector index, it has also affected the indices of the two major industry sectors of 'Internet software' and 'Internet application', which have reached a decline of more than 3%, and led to the original support of 'domestic software', 'network security', 'mobile payment', 'smart city'...... and other related concept plates, there has been an obvious trend of collapse and decline.

At 1:38, the Shanghai Composite Index fell by 2.67% to near 3585 points.

At 1:39, after the two cities fell for more than half an hour at the beginning of the afternoon session, fully venting their panic, thinking that the Shanghai Index had strong support near 3500 to 3600 points, and finally began to pour into the market on a large scale, driving the Shanghai Index, Shenzhen Index, and ChiNext Index to fluctuate and rebound.

At 1:40, under the influx of copyers, the intraday decline of 'CEFC Securities' narrowed to less than 5%.

At 1:41, the 'straight flush' opened the fall limit.

At 1:43, the share price of 'Western Securities' rebounded to less than 7%.

At 1:44, in the field of 'big consumption', the core weight sectors such as white goods, automobiles, retail, food and beverages have turned red, and led the industry sectors and concept sectors in the two cities.

At 1:45, 'Huashang Bank, Huaguo Bank, CEFC Securities, Huashang Securities, Huatong Securities, Huaguo Construction, Huaguo Railway Construction, Huaguo Communications Construction, Huagong International ......' and other "Huazitou" stocks have rebounded rapidly, ushering in a relatively strong wave of buying chassis.

At 1:46, the industry sector indexes of 'military', 'securities', and 'steel', which led the market, narrowed their intraday declines to less than 5%.

At 1:47, the two major sectors of 'pharmaceutical business' and 'gene sequencing' moved up.

At 1:48, the 'film and television media' sector also followed the trend higher, rapidly reducing the decline of the disk, and at the same time, the weighted stocks within its sector, 'LETV' quickly rose and turned red.

At 1:49, the Shanghai Composite Index narrowed its intraday decline to about 2% and returned to 3,600 points.

Subsequently, when the Shanghai Composite Index returned to more than 3,600 points, the market followed the trend and began to pour in more and more, and quickly undertook the chips of the major main lines.

"Alas...... It's scary, but ...... It's finally steady. ”

At about 1:55, inside Yanjing and Chenghua Public Fund Company, in the main fund trading room, fund manager Gong Tiancheng stared at the recovery back to the 3600 point mark, and was gradually repairing the decline of several major indexes, and the frowning brows that had been frowning before finally stretched out slightly, and said with emotion: "This wave of killing and falling, it is really violent, I almost thought that the market was going to collapse completely, but it was okay...... It's finally relieved. ”

The last three trading days.

Because their fund products are fully heavy in the main line of 'big finance', and they have not been able to reduce their positions in time.

Therefore, the losses are extremely heavy.

The drawdown of the net value of fund products is also quite serious.

"The short-term influx of chassis interception undertook the panic selling on the disk." In Gong Tiancheng's emotion, in the trading room, Zhou Qiang, as the assistant to the fund manager and the leader of the trading team, was still staring at the real-time changes in the two markets, and replied, "But...... Mr. Gong, I feel that the market is still in this position, it is still difficult to stop falling, and the core main line of 'big finance', after the main capital of the 'Yuhang Department' has fully retreated, there is basically no strong support, and the main funds from all walks of life are all reducing positions and taking profits.

If we continue to lock up positions in this main line area, or increase our positions at a low level and buy the bottom to go long.

I'm afraid it's going to become more and more passive.

Therefore, I suggest that it is better to take advantage of the chassis to come in, and the disk has temporary support and liquidity, so we can take a breath of blood a little, quickly reduce our positions, and temporarily stay away from the core main line of 'big finance', which is in the eye of the tornado, and reduce the drawdown of the net value of our fund products. ”

"Do you think the logic of the core theme of 'big finance' has changed?" Gong Tiancheng asked.

Zhou Qiang pondered for a moment and replied: "There is nothing wrong with the logic of the fundamentals, that is, in the structure of the chips, there are obvious signs of collapse, and the main capital of the 'Yuhang system' has too much impact on the disk and market sentiment, so we have to pay attention to it!" ”

"Since the fundamental logic hasn't changed, why reduce your position?" Gong Tiancheng said, "Just because of the change in market sentiment and the impact of the so-called main funds? Xiao Zhou...... I think that we who invest and trade still can't be easily kidnapped by market sentiment! ”

"Mr. Gong, I don't think it's called kidnapping." Zhou Qiang thought about it, and still tried his best to persuade, "Since we know that the short-term market adjustment in the market has not ended, and the overall chip structure of the core main line of 'big finance' has been loosened, and we have better buying opportunities at a low level, why not leave first, reduce the net value drawdown of fund products, and then wait until the market adjustment is over, and then get back the chips at a low level?" ”

Gong Tiancheng looked at Zhou Qiang and said with a smile: "Theoretically speaking, the trading strategy you said is not wrong, but the short-term trend of the market and the short-term pullback trend, where is it so easy to grasp?" What's more, we have lost the opportunity, at the moment the index has fallen to this position of 3600 points, and the short-term rapid retracement is more than 200 points, at this time...... If we sell it again, I'm afraid it will be a bit of a bearish for retail investors.

Moreover, since there is no problem with the fundamental logic of the bull market.

The fundamentals of the entire main line of 'big finance' have also undergone drastic changes because of the central bank's monetary policy shift and the arrival of the bull market.

At the same time, due to the doubling of the turnover of the two cities, there is also the rapid growth of the balance of the two financial institutions.

It has provided a very strong performance explosion momentum for the 'securities' sector in the main line of 'big finance'.

So, when these fundamental logic and performance expectations are not fulfilled, it is still the same sentence...... All declines are good opportunities to buy.

I don't know what the motive of the main capital of the 'Yu Hang Department' is.

Why choose to take profit near this position, large-scale position reduction and take profit.

However, as far as our trading strategy is concerned, I don't think there is anything wrong with our investment strategy and trading strategy until these fundamental logic changes.

'Don't be afraid of clouds to cover your eyes'!

We must look at the correctness of the investment strategy from a medium- to long-term perspective, and cannot be swayed by the short-term emotions of the market, nor can we be blinded by short-term emotional panic.

No matter what kind of drastic correction the market is happening at the moment.

To put it bluntly, in the development of the market trend, in the process of gradually reaching the top, there are just one or two stumbling blocks under the feet. (End of chapter)