Chapter 682: The Initial Trading Pattern of a Massive Sell-Off!

"How could it be that it is only the influence of the stock 'Chengfei Integration'!" Zhao Lijun, the fund manager of 'Yuhang No. 1' who was sitting next to Wang Can, responded with a smile, "Today, the market opened with a huge sell-off. The negative news of 'Chengfei Integration' is just an inducement. The real reason is that the market is at this position, because of the continuous high-profile, accumulated a large number of short-term profit-taking orders, and the index is in this range, and the huge amount of unwinding orders is selling pressure.

Before, the market's bullish sentiment was always in an extremely excited state.

Moreover, regardless of whether the index is good or bad, it always opens higher than expected, and continues to expand upward to create space.

Therefore, in the previous trading time, these profit-taking orders and unwinding orders saw that the market has been in an extreme upward trend, and they held chips in their hands. Even if they had a temporary The desire to sell to take profits was also suppressed by the market's extreme bullish sentiment and the trend that exceeded expectations time and time again.

This led to the previous market index, although there was also great upward pressure.

But it did not encounter such a large selling pressure in the morning today.

But last night, a resumption announcement of "Chengfei Integration" announced the failure of the reorganization. At the same time, it also obviously shook the original expectations and investment logic of the main concept theme of "reform and reorganization of central enterprises and state-owned enterprises".

And the core concept theme of "reform and reorganization of central enterprises and state-owned enterprises".

It is basically the hype foundation that runs through the two previous main lines of "infrastructure" and "military industry".

If this foundation is shaken, the confidence of the capital groups gathered in the main fields of "infrastructure" and "military industry" will definitely be shaken quickly, so... the profit-taking in these two main lines The selling pressure of the unwinding position can be naturally expected, or it is easy to understand that it was concentrated in the early trading today.

The two core themes of "infrastructure" and "military industry" are not low in terms of market value.

In the entire market, the weight of the core index is not low.

Once the concentrated selling pressure of these two core themes is formed, other core themes of the market and the investor groups holding shares will naturally be greatly affected.

Everyone will reflect on whether there is a problem with their holding logic at this time.

Especially for a large number of investors who have made a lot of profits, or have been trapped for a long time in the previous historical market trends, and now have just been unwound, they will definitely worry that the market will fall back at this time, so that they will fall into a passive situation again after finally making profits or unwinding.

So , it is difficult to suppress the selling sentiment of these people.

And when the selling sentiment of these people is concentrated, it is natural that the overall selling pressure of the market, with someone taking the lead, will become larger and more extreme.

This is the reason why the market fell so sharply at the opening stage.

The fundamental reason is not the reason of the "Chengfei Integration" check, but at this position, there are too many floating chips in the market. It is indeed time to clear the floating chips and consolidate the chips before continuing to rise.

But... "

Zhao Lijun said here, he laughed, with a rather optimistic look in his eyes, and smiled: "Although the market looks very heavy and the selling pressure is great today, the core logic of the market has not changed, and there are also many funds that missed the opportunity in the early stage.

As long as the underlying logic of the bull market has not changed, the willingness of the funds that hope to enter the market at a relatively low level has not changed.

Then, even if the index continues to fall sharply,

I believe that the market will quickly recover its lost ground as the funds that missed out on the market rush to buy shares. It will not set a new high in one or two days, but it will definitely continue to follow the trend line. "

"Well, Lijun said it well." Su Yu heard Zhao Lijun's analysis of the market. He was originally staring at the changes in the market conditions of the two markets, and his eyes were full of praise. He smiled and took over the conversation and said, "Moreover, the adjustment at this position is obviously beneficial to the overall market trend and the subsequent market trend.

At this stage, there are still many positive factors that can be expected in the future market.

Such as the opening of the Shanghai-Hong Kong Stock Connect, the opening of the A50 Index Futures and the Huazheng 500 Index Futures, as well as the expected interest rate cuts and reserve requirement ratio cuts by the central bank, the entry of pension funds into the market, and the increase in the standards and scale of insurance trust funds entering the market... These positive factors have not yet been officially implemented.

At this time, the market has adjusted extremely.

Under the stimulation of continued positive factors in the future and the continued deepening of the "bull market expectations", the market will easily recover.

If at this time, the index continues to rise and forcefully attack.

In one wave, the index point, according to everyone's extremely optimistic expectations, will reach 3500 points in one breath, or hit a higher point in a short period of time.

Then, after completely overdrawing the positive expectations.

Once the bullish sentiment weakens, the market will suddenly encounter a negative attack, under the pressure of the original larger profit-taking and unwinding.

I am afraid that the index adjustment will be more drastic.

At the same time, due to too many positive investment expectations, it is difficult to recover in a short period of time.

So, the market trend today is scary on the surface, but from the internal essence, it is actually a good thing. We traders still have to look at both sides of everything, not just the surface, nor only pay attention to the changes in the current market, but also think about the impact of the current market on the future market.

After all, the current means that it has already happened, and the future... is still something we can change. "

"Well, Master is right." Liu Yuan nodded in response after hearing Su Yu's words, "In fact... According to the market trend, it has deviated so far from the main moving averages, and it should have been adjusted back to the moving averages. The original extreme bullish sentiment in the market is impossible to last forever."

"But today, the main line of 'big finance' is still quite tenacious!" Wang Can saw that the main line of 'big finance', securities, Internet finance, banks, insurance and other major weight sectors, did not fall much at this moment, and couldn't help laughing, "Today, the direction of 'big finance' should become an obvious safe haven for funds in the market, right?"

After hearing Wang Can's words, Zhu Tianyang thought about it and responded: "I don't think so. In terms of short-term profit-taking and the accumulation of chips in the unwinding market, in fact, in the entire market, the two main lines of 'infrastructure' and 'military industry' are relatively It is not as serious as the main line of "big finance".

After all, the main line of "big finance" has been squeezed and soared in the past two weeks.

Theoretically, the two main lines of "infrastructure" and "military industry" have been adjusted for more than a month, and the chip structure has been fully adjusted and changed hands. A large number of profit-taking orders accumulated in the early stage, as well as the unwinding orders that intend to sell after this position is unwound, have been sold when the core main line of the market switched from the main line of "infrastructure" and "military industry" to the main line of "big finance".

Today, "infrastructure" and "military industry" were the first to bear the brunt of the early trading, and were concentratedly sold by the main forces of large funds, and were panic-stricken by profit-taking orders and unwinding orders.

Or it was the "Chengfei Integration" check that loosened the investment logic of the core concept theme of "reform and restructuring of central enterprises and state-owned enterprises".

But this does not mean that these two main lines Today, the selling pressure on the line is the greatest.

According to the current market reaction...

In fact, the area with the greatest selling pressure and the most exaggerated main line area is precisely the "big finance" main line area.

The "big finance" main line area did not follow the panic sell-off at this moment. The main reason is that there are enough main capital groups that missed the big main line before. Everyone is eager to grab chips on this main line, so the buying briefly resisted the impact of the selling, so that the corresponding stocks did not fall sharply.

However, this form.

With the further sell-off of other core main lines and the rapid decline of the overall bullish sentiment in the two markets.

It is impossible to maintain.

After all, after the most eager missed funds take over, those potential buying funds who are slightly hesitant and slightly concerned will also consider the current market decline risk, and the takeover will not be that So positive, at the same time... even if everyone's confidence in the future market has not changed much, and there is an obvious opportunity to buy at a low level, then... there is definitely not much willingness to chase high.

In other words, at this time, many capital groups inside and outside the market are waiting for the "big finance" line to make up for the decline and make a rapid correction.

In general, there should be no core main line today.

Under the accumulated and extremely concentrated profit-taking and unwinding selling pressure, it can still be independent. "

"Well, I agree with what Manager Zhu said." At this time, Zhang Guobing, who had been silent all the time, also smiled and took over, with a sharp look in his eyes, "Mr. Su, didn't you ask us to take the opportunity to buy back the core stocks in the direction of "infrastructure" and "military industry", which are biased towards the fields of "mechanical equipment" and "high-speed rail" sectors, and have the expectation of "reform and restructuring of central enterprises and state-owned enterprises"? I think it should be an opportunity after the market falls through today. "

"I also think that after this wave of adjustments, the two lines of "infrastructure" and "military industry" should be about the same, right? "Li Meng, who was standing next to Su Yu, thought about it at this time, took over Zhang Guobing's words, and responded, "Based on the timing of our withdrawal from the two core main lines of "infrastructure" and "military industry", the adjustment time of these two main lines has indeed been almost two months, and this wave is also seriously lagging behind the average market increase.

Under the premise that there are no major changes in the fundamental investment logic of these two main lines, as well as future fundamental changes, macroeconomic policy benefits... and other investment factors.

This adjustment in time and space should be quite sufficient.

What's more, the market has now entered the "bull market" stage, and all the high-quality chips in the market, especially the relatively low-level high-quality chips, are quite valuable. "

Su Yu smiled and glanced at Li Meng, and said: "Since President Li has said so, Guobing, follow up on the trading strategy according to your suggestion! "

Zhang Guobing nodded, and then quickly instructed the traders behind him.

At the same time, the trading team leaders and fund managers of other groups in the trading room also responded hurriedly, and quickly instructed the traders of each group to prepare the corresponding trading strategies.

Just when the entire 'Yuhang Investment' company made new trading strategy adjustments according to market changes.

Just when everyone made an in-depth analysis of the market.

The market trading time has come to around 9:55.

And just as Zhu Tianyang, Zhang Guobing, Zhao Lijun... and others predicted.

The main line of 'big finance' that was struggling to support the market at the beginning of the session, its core sectors, including securities, Internet finance, banks, insurance sectors, etc., finally couldn't stand the continuous concentrated selling on the market at this time, whether it was the sector index or the core component stocks within the sector.

At this moment, they began to explode further and plummeted.

At 9:56, the Internet finance sector index plummeted to more than 1.5%, among which the leading stock Tonghuashun fell 3.5% below the water level.

At 9:57, the securities sector index, insurance sector index, and banking sector index all plummeted to around 1%. The core leading stocks, Western Securities, fell more than 3 points, and Huaxin Securities fell more than 2 points. In less than half an hour of opening trading time, Huaxin Securities' check had already exploded to the 4 billion volume mark. The battle between longs and shorts was extremely fierce.

At 9:58, in the entire market, only the "new stocks" sector could still maintain a red market.

All the funds in the market, especially the active hot money funds, chose the "new stocks" sector for risk aversion when the market weakened and inevitably plummeted. In the "new stocks" sector, the "Huake Shuguang" check, which has already ranked in the top three of the two cities' popularity rankings, still maintained the trend of unlimited daily limit under today's market trend, creating the 12th daily limit since its listing.

At 10:01, the market experienced an extreme sell-off trend for half an hour.

At this time, the intraday decline of the Shanghai Stock Exchange Index has expanded to the 2% mark, and the declines of the Shenzhen Stock Exchange Index and the ChiNext Index are also approaching the 2% mark.

In half an hour, the two markets had a total transaction volume of 250 billion, which is terrifying.

At the same time, many high-priced stocks that had been hyped up before, under extreme panic selling, the stock prices went straight to the limit, and stocks like 'Lanshi Heavy Equipment, Chengfei Integration, Shanghai Construction, Beijiang Communications Construction, Hongdu Aviation, Aerospace Development, Changliang Technology, Huace Film and Television, 2345...' have already hit the limit at this moment and have firmly sealed the limit.

There are almost 2,000 stocks involved in the trading in the two markets.

At this moment, only more than 200 stocks are still in the state of rising in the red market, and the limit stocks, except for the newly listed stocks and the one-line limit stocks with favorable re-trading, the natural turnover limit stocks within the day are less than 10, but the limit stocks in the two markets have increased significantly, reaching 23.

At 10:10, the market in the two markets fell further.

At 10:20, the Shanghai Composite Index fell by 2.5%, and a unilateral plunge has been formed.

At 10:25, after the stock price of Western Securities, a core stock in the securities sector, reached a limit down, the stock price of Western Securities reached a limit down. Although the limit down was not immediately blocked, the overall impact on the market was extremely bad.

At the moment when the stock price of Western Securities reached the limit down.

The securities sector index plummeted to a daily decline of 2.22%, and a number of securities weight stocks, such as Huaxin Securities, Huashang Securities, Huatong Securities, Huatong Securities, and Dongfang Securities, also fell rapidly, and the concentrated selling volume was terrifying.

At the same time, the decline of the Internet finance sector also fell rapidly to the 2.5% mark.

As for the main line of "technological growth", the main line of "infrastructure" and "military industry",

For example, the industry sectors such as "film and television media", "defense and military industry", "architectural decoration", "building materials", and "real estate development" have fallen sharply, and the decline has expanded to more than 3.5%. In the main line of the concept theme of "central enterprises and state-owned enterprises reform and restructuring", related small-cap concept stocks and concept stocks with very small circulation have already set off a large-scale and plunging limit-down trend mode. The number of limit-down stocks within the entire concept theme sector has approached 10.

At 10:30, during the trading time of the two markets, one hour after the beginning of the trading session.

The decline of the Shanghai Composite Index, under the comprehensive sell-off pattern, has further expanded to 3%, and the market turnover has reached more than 370 billion, and the sell-off volume has almost no attenuation.

And facing such a one-sided overall market trend...

Inside and outside the market, tens of millions of investors, especially retail investors, are staring at the market or their stock accounts at this moment, comparing the market's continuous short squeeze and surge in the previous few trading days, and even the previous two weeks, and the situation of their accounts making profits every day.

For a time, it can be said that they were dumbfounded and unbelievable! (End of this chapter)