Chapter 565 The Journey of the Bull Market (Ten)!

"Don't say it yet, it's really possible!" Xu Xiang pondered for a while and said, "If the active capital groups in the market continue to be siphoned off by the main lines of 'infrastructure' and 'military industry', everyone's expectations will further concentrate on the blue-chip stocks with heavy weight on the main board. , causing the entire market weight of blue chips to be revalued, the market trend... there is a high probability that it will be directly one-sided in the direction of the Shanghai Stock Exchange. "

"Revaluation of weighted blue chips?" Zhou Kan said in shock, "Isn't this... impossible?"

"Why isn't it possible?" Xu Xiang asked with a smile.

Zhou Kan thought for a while and responded: "First of all, the overall fund activity in the market is not high. The intraday transaction volume is still below the low market level. The overall market is still in the game stage of existing funds, and there is a serious shortage of incremental funds. It cannot support the sustained market trend of heavyweight blue chips.”

"Secondly, the overall investment confidence in the market has not been restored, and it is difficult for potential market investor groups to be quickly attracted to the market. At the same time... now the 'Internet finance' industry has exploded, and P2P has become popular, which has attracted a lot of active capital groups in the market. , which has resulted in relatively tight liquidity in the market.”

"This situation, if the market is not stimulated by a sustained money-making effect or a bull market effect, it should be difficult to fundamentally change."

"Finally, on the macroeconomic front, although the data in the second quarter are better, the improvement is extremely limited."

“At the same time, after the global economy has emerged from the impact of the 2008 financial crisis, it still has not completely gotten rid of the long-tail effect of the crisis. There is still considerable uncertainty, and from a technical analysis of the US stock market, it does seem to be shaky. The worries are huge.”

"Technical aspects, financial aspects, macro aspects...have not yet completely reached an inflection point."

"Under such circumstances, it is really hard to believe that the market's heavyweight large-cap stocks can achieve a revaluation driven by a sustained wave of big market trends driven by continued large capital."

Xu Xiang heard Zhou Kan's analysis and said with a smile: "Your analysis makes sense to a certain extent, but in fact, the points you mentioned are only based on the current situation. In terms of static logic and dynamic logic, the Fed's decision The news conference has already released some positive signals.”

"What signal?" Zhou Kan was a little confused and continued to ask.

Xu Xiang said: "According to the news from the recent Federal Reserve interest rate meeting, the Federal Reserve has slowed down the pace of future interest rate hikes and is not in a hurry to tighten money. And this impact... will inevitably spread to central banks of various countries, thereby indirectly affecting various countries." Basic financial policies, and even financial trading markets.”

"For our country..."

"From last year to this year, the two bank money shortage crises should have sounded the alarm within the financial system."

"According to my recent observations, because the emerging 'Internet finance' market has absorbed too much active funds, there is an obvious lack of liquidity in the entire economic market, and the current Federal Reserve has slowed down the pace of future interest rate increases. This in disguise gives our country’s central bank some room for policy implementation.”

"Boss, what do you mean..." Zhou Kan's eyes visibly lit up and he continued, "The central bank will release liquidity on a large scale in the future?"

Xu Xiang nodded and said, "That should be the case."

"An interest rate cut or a RRR cut?" Zhou Kan said excitedly.

Xu Xiang responded: "I can't say for sure, but whether it is an interest rate cut or a RRR cut, it can release some capital liquidity on a large scale. When the capital liquidity in the market becomes abundant again, then for the stock market, The so-called shortage of funds and the obvious lack of funds in the active market are no longer valid. "

"Coupled with the direct stimulus effect of interest rate cuts and RRR cuts on finance."

“And under the national ‘big infrastructure’ strategy, the market is gradually gathering strong investment expectations in the direction of ‘infrastructure’, ‘military industry’ and other main boards.”

"There is also the main line of 'technological growth', which is no longer enough to accumulate funds and distracts the market's attention and disguised support from funds."

"Multiple factors influence each other and interact with each other."

“In the blue-chip sector of the main board, investment expectations are getting deeper and deeper, triggering a wave of revaluation. It is actually entirely possible.”

"As long as the main board's blue-chip weight area is concerned, the logic of value revaluation is established, and it is expected to be recognized by everyone."

"Then, if the Shanghai Index breaks through 2,500 points, there will basically be no huge pressure."

"As for after the Shanghai Stock Exchange Index breaks through 2,500 points..."

Xu Xiang smiled slightly, paused, and then continued: "Then if we continue to move forward, it will be an open world without obstacles. At that time, market investment confidence will quickly recover, and the market's overall investment expectations will also increase. Come stronger and higher."

"And as the index continues to rise."

"When the money-making effect of the market expands step by step, potential investor groups outside the market will not be able to withstand the temptation and accelerate their entry."

“Even the large amount of market active funds locked up by the emerging ‘Internet finance’ industry.”

"Under the influence of the ultimate money-making effect and the induction of higher profits, companies will gradually flow out of the original industry and enter the stock market."

"That is, as long as the two fires of 'infrastructure' and 'military industry' burn brightly enough and can truly open up the market space and make money, and make market expectations further concentrate on the main board field, then... we have all been looking forward to and talking about it for a long time. A 'bull market' may really appear here."

Zhou Kan was getting more and more excited when he heard Xu Xiang's magnificent market analysis. He laughed and said, "Boss, your ideas are really great. I would never dare to think directly in the direction of a 'bull market'. However, according to your analysis, after careful consideration, it is really possible."

"Make bold guesses and verify them carefully." Xu Xiang said with a smile.

Zhou Kan nodded and responded: "That's true, but according to your conjecture, the holding structure of our fund may have to be adjusted."

"Yes!" Xu Xiang nodded and responded, "We have to slowly clear out the chips in the 'Technology Growth' line. Although we don't have much chips in this line now, since we know that there will be no market in this main line in the short and medium term, there is no need to keep some chips and waste funds here."

Zhou Kan smiled and said: "I think so too."

After that, he began to direct a group of traders in the trading room to further reduce and clear the chips in the 'Technology Growth' main line held in the fund account.

"Oh, right..." Zhou Kan just finished giving the order and said, "What do you think of the two concept sectors of 'Internet finance' and 'e-commerce'? According to today's market trend, these two concept sectors seem to have not met expectations, and the capital speculation and attack strength are still relatively strong. Our fund has some chips in these two fields. I'm wondering, should we reduce them at this time or not?"

Xu Xiang squinted his eyes and took a look at the trend of these two concept sectors, and said: "From the performance of the market, the expectations of these two concept sectors are indeed not met, and the capital speculation strength and the market emotional reaction are not bad. There are some obvious differences from the trend of other concept sectors in the main line of 'technological growth'."

"From what the boss said, are you optimistic?" Zhou Kan said, "Then I'll let everyone wait a while before reducing their positions."

Xu Xiang shook his head slightly and said, "Don't get me wrong, I don't mean to be optimistic. Admittedly, the current trend of these two concept sectors is not bad, and there are still future expectations, but the big hype logic of these two concept sectors is still following the line of 'technological growth'."

"In other words, when the expected logic of the main line of 'technological growth' is beaten down by weight stocks such as 'LeTV', 'Huayi Brothers', 'Netspeed Technology', and important concept sectors such as 'Film and Television Media', 'Domestic Software', and 'Smartphone Industry Chain', it will definitely restrict the expectations and emotions of the two concept sectors of 'Internet Finance' and 'E-commerce'."

"In other words..."

"The strong sectors in the weak main line are not that strong even if they are strong."

"When the logic of the entire 'technological growth' main line continues to collapse, and future expectations are gradually declining, the entire market's active capital groups are gradually moving away from the stocks in the 'technological growth' main line. Even if the two concept sectors of 'Internet finance' and 'e-commerce' still have certain expectations in the future timeline, it is difficult to break away from the overall 'technological growth' expectation logic and move out of the independent market."

"Instead of sticking to the strong sectors in the weak main line, it is better to move funds to the strong main line that the market has already determined, follow the direction of the market's active capital groups gathering and chasing, and follow the strongest trend."

"According to my judgment... ”

“Even if the two concept sectors of ‘Internet finance’ and ‘e-commerce’ do not follow the other main concept sectors of ‘technological growth’ in a sell-off under certain future expectations, the corresponding market liquidity will certainly become tighter and tighter, and it will not be able to break out of the independent market. It will be good to maintain a strong sideways trend at most.”

“In short, since we have come to the financial trading market, the most fundamental purpose is to make money.”

“And if you want to make money, you can’t go against the original trend of the market and do things against the trend and corresponding trading operations.”

“I understand!” Zhou Kan was moved after listening to Xu Xiang’s insights, and immediately ordered all the traders in the trading room to continue to reduce their holdings in the fields of ‘Internet finance’ and ‘e-commerce’.

And as his instructions were issued.

When the entire ‘Zexi system’ sold all the stocks in the main field of ‘technological growth’.

In terms of market performance, the performance of the main line of "technological growth" and the two main lines of "infrastructure" and "military industry" has become increasingly differentiated, and the gap between the Shanghai Composite Index and the ChiNext Index has further widened over time. The entire active capital group in the market has further gathered in the fields of "infrastructure" and "military industry" for risk aversion.

Even when the market trading time entered after 11 o'clock in the morning.

The gap between the Shanghai Composite Index and the ChiNext Index once opened to 2%.

In this extreme trend change, the selling of a number of core hot stocks and core component stocks in the main line of "technological growth" has not weakened, but has continued to increase. The behavior of funds actively killing the market and frantically stopping losses and fleeing has become more and more intensified.

Among them, there is another main institution in the Magic City.

Inside Yinghui Fund Company, the two fund managers of the "Yinghui No. 1" fund product and the "Yinghui No. 2" fund product have gloomy faces at this moment, and they keep telling traders to rush to close positions regardless of everything and regardless of cost.

Especially Shao Xiaoyun, the fund manager of the 'Yinghui No. 2' fund product. He looked at the extreme changes in the market and saw that the three stocks he held in the fund he was in charge of fell to the limit across the board. He couldn't even sell one share, so he could only I had no choice but to bear the sharp drop in the fund's net value, and my inner anger was about to explode.

Originally, a week ago, his main position was still on the main line of "big infrastructure".

As a result, due to the news signals released by the offline investment strategy in Modu, as well as the market news from the so-called acquaintance of Yifangda CEO, he could not bear the continued riots in the 'technological growth' line. At a relatively high level, The fund's main holdings were all converted into a holding structure with "LeTV, Huayi Brothers, Crystal Optoelectronics, and Internet Speed ​​Technology" as the core. As a result, he was not able to eat any meat, but also suffered several sap blows in a row and was short-term. The surge in prices due to the restart of 'big infrastructure'.

"What the hell..."

Shao Xiaoyun gritted his teeth, but couldn't help but cursed in the trading room: "What a bullshit Mr. Gao, it's really harmful to people. It makes me unable to move forward or retreat, and the losses are so heavy."

Seniors in the industry have warned him more than once before to stay away from so-called inside information.

He didn't take it seriously before, but this time... it finally taught him a profound lesson. The increase in the fund's net value that he had worked hard to accumulate for several months was instantly wiped out.

"Manager Shao, complaining now will not help." Amidst Shao Xiaoyun's scolding, Liu Changling, the trading team leader, sighed softly and said, "We can only find ways to adjust and change the trading strategy to prevent it from happening. The losses incurred further expanded.”

Shao Xiaoyun gritted his teeth, suppressed the anger in his heart, and said: "I also know that it won't help. Tell me...what else can we do now?"

Liu Changling thought for a while and responded: "Let's clear out all the 'Technology Growth' position chips that can be reduced. At this moment, all the conceptual hot spots related to 'Technology Growth' and the corresponding theme sections have been lost. In addition, after the weak rebound in early trading, the market's bottom-buying funds have also been buried. This means that there will be no large-scale active capital groups in the follow-up today. We have rushed into the main line of 'technological growth' and carried out corresponding undertakings. ”

"And this also means that in the line of 'technological growth', major themes and conceptual hotspots will be included."

"The subsequent trend will only become more and more tragic as the funds received are getting weaker and the selling is getting stronger. We can't wait any longer, nor should we consider anything at this time. Due to the cost of reducing positions, more opportunities to reduce positions and clear positions and stop losses are missed.”

"If we had been decisive..."

"Before Crystal Optoelectronics and Huayi Brothers fell to the limit, we were able to reduce a lot of positions on a large scale, but now it is too late. We can only take the initiative to kill the decline at all costs and reduce our holdings in other 'technological growth' stocks that have not yet fallen to the limit. Concept stocks, in order to seek net worth and reduce losses.”

“At the same time, after funds withdraw from the line of ‘technological growth’.”

"We must decisively add our positions back to the 'infrastructure' and 'military industry' fields that have formed a trend upward and are unanimously expected, and we cannot miss any more market opportunities."

After listening to Liu Changling's analysis and strategic suggestions, Shao Xiaoyun, although he did not object, still hesitated a little and said: "I have no objection to clearing the positions in the 'Technology Growth' line, but at this time, the funds that will be cleared and withdrawn will be pursued at a high level. Isn’t the core bargaining chip in the main line areas of ‘infrastructure’ and ‘military industry’ a bit too radical?”

After being repeatedly slapped in the face by the market, he now has some lingering fears about pursuing high prices.