Rebirth of the investment era

"I'm afraid the market will be over tomorrow, right?"

Amidst the numerous discussions on the 'road to wealth', pessimism among retail investors has begun to gradually spread.

"It's endless, I don't know, but what is certain is that the selling pressure in the market tomorrow will definitely be greater than today. First of all, in terms of the K-line shape of the index, the K-line closed today is extremely ugly. I am afraid that the market will inevitably Adjustment, secondly... 1.1 billion has been spent on the Fortune Road list, which is basically a move to clear positions and leave the market. Tomorrow, there will definitely be no less funds to follow the Fortune Road seats. So... under the influence of the two, tomorrow The market trend will definitely not be good, but I think... there is no need to be too pessimistic, after all, the overall trend of the market is still upward."

"Judging from the past data of Fortune Road on the Dragon and Tiger List, every time Mr. Su makes a large-scale sale, it is basically at the top of the market. I think... it is better to be pessimistic than optimistic at this time, even if the trend of the index is If it can continue, the main market trend of 'securities and venture capital' should be over, right?"

"It has been said before that the logic of the outbreak of the main line of 'securities and venture capital' is a bull market. Now that Mr. Su of Fortune Road is clearing chips in this line on a large scale, does it mean that the logic of the bull market is still untenable?"

"If the logic of the bull market is untenable, then the basic logic of the market rise has changed!"

"You can't get over 2,500 points, why are you thinking about a bull market?"

"Fortune Road's large-scale liquidation and selling at this position means that it is bearish on the market. However...what is surprising is that Fortune Road's two core main lines of 'mobile Internet' and 'smartphone industry chain' in the GEM direction, There is still no movement. Does this mean Fortune Road has completed the clearance of its positions on the two core main lines of 'mobile Internet' and 'smartphone industry chain', or has it locked up?"

"Looking at the two main concepts of 'mobile Internet' and 'smartphone industry chain', they have fallen without resistance in the past few trading days, with almost no major funds to protect the market. I think Fortune Road has completed the liquidation, not the lock-up. warehouse."

"So... Fortune Road's large-scale exit from positions on the list on October 17th was the final reminder?"

"Hey, it's a pity. I agreed on a way to get rich, so I did it. In the end, I still took a chance and lost so much money in vain. This mistake... I must not make it again this time."

"If Wealth Road also clears its positions on the two main lines of 'mobile Internet' and 'smartphone industry chain', then it will be really bearish on the follow-up market trend. Alas... unlucky, I chased Oriental Securities higher today. I originally wanted to If the wealth path out of the position is not heavy, I will continue to take it tomorrow to see if I can turn it back. Now... I can only resolutely close the position and stop the loss."

"Indeed, once the logic of the bull market collapses, the subsequent market adjustment... will definitely not be small."

"Apart from the logical problems of the bull market, if Fortune Road is so eager to exit the market, will there be any negative consequences for the market in the future?"

"This is also possible..."

"Anyway, the next step is to be conservative. After all, Fortune Road, a positive guidance indicator for market conditions, seems to have not failed yet."

"Indeed, the sales volume of more than 1.1 billion can be achieved. This is the largest sales volume in a single day since Fortune Road appeared on the Dragon and Tiger List. Believe it or not, the influence of this seat on the market, but such a large sales volume is Out of volume, this kind of selling signal from the main funds must be paid attention to no matter what.”

"In addition to Fortune Road, Jiefang South Road also has two or three stocks on the list for selling today."

"And Yanjing Minghua Road, which has followed Fortune Road several times before, has also been on the sell list of two or three popular stocks."

"Sell, sell, sell... there's nothing to say. Since the bull market is gone, what's the reason to continue to hold 'securities and venture capital'?"

"I don't care about the bull market or not. Anyway, I have one principle when it comes to stocks. If I see Fortune Road to buy, then I will buy. If I see Fortune Road to sell, then I will sell. After all, with the current capital strength of Mr. Su on Fortune Road Quantity, if he has to move in and out of a lot of positions, he will definitely not be able to escape the Dragon and Tiger List."

"Yes, yes... we just need to nail down the Fortune Road seat."

"At the same time, we can't take any chances. Damn it... Even after I sold out the core stocks of the two main line concepts of 'mobile Internet' and 'smartphone industry chain' on Fortune Road, I still hold the main position of Fortune Road. The idea was that I kept holding the chips all the way until now, and lost nearly 20 points in vain.”

After the Dragon and Tiger List was announced, as time went by...

Discussions about the violent exit of positions on Fortune Road are still continuing.

During this period of time, internal news about "the market IPO is about to restart" also began to expand and became known to more and more major institutional groups, as well as some well-informed core hot money players in the market.

"Damn it, I asked you why 'securities and venture capital' have become so strong recently. I asked you why the popular concepts in the early stages of the Small and Medium-sized Board and GEM were repeatedly abandoned by the main market funds. It turns out that the real core logic is actually Here." At this moment, in the magic city, inside Yinghui Fund, Liu Guanhai, who had been furious when the data on the Dragon and Tiger Ranking came out, was even more furious now, "These guys... actually sold out their expectations in advance. It's really a mouthful of soup. They don’t even give anyone a drink.”

If a low price is good, it is a good thing; if a high price is good, it is a bad thing!

After all, it is expected that after the speculation is completed in advance, the benefits will be used to cash in profits and ship goods.

From this aspect, Fortune Road’s violent exit today was extremely accurate.

And at the same time...

Like him, there are not a few core traders and fund managers of major institutions who are full of complaints and depression after hearing this news.

Of course, among them, some people remain relatively optimistic after careful analysis.

After all, in the eyes of some people, it is not necessarily a bad thing that Fortune Road chose to violently liquidate positions and stop profits before the news of the "market IPO restart" has officially spread to the outside world and to the entire market investor group. .

Because the seat on Fortune Road is a double-edged sword for market speculation.

When buying on Wealth Road, making good use of it can quickly stimulate retail investors' emotions and intensify the market's hype; however, large-scale exits at untimely circumstances will also seriously affect the market's retail investors' following sentiment, causing the market's hype to be severely affected. of blow.

Now, Fortune Road is clearing out its stores on a large scale.

But generally speaking, looking at the entire market, the expectations of "securities and venture capital" have not completely disappeared. The hidden line of "market IPO restart" is slowly emerging.

If you make good use of this expected effect, let alone continue this main line of market trends.

At least it can make a decent rebound and reduce the losses caused by the sudden crash of Fortune Road.

In other words... Fortune Road completed the first wave of market harvesting before the news came out, but this line... still has a second wave of market conditions to harvest.

Of course, the premise of all this...

It is because they feel that due to such a large-scale exit of positions, they no longer have many chips in their hands to affect the subsequent market trend.

In this double fermentation of emotions and news.

In the evening, the institutional analysts, financial media, and stock commentators who were still brainless to sing the bulls, as well as the relatively stable trend of the external market, finally gave some hope to the relatively pessimistic investors in the market and reassured some of them who had been suddenly devastated. , the hot mood has cooled down.

So, the next day, Wednesday, October 24, 9:15.

At the beginning of the call auction, the two cities did not show extreme panic and selling sentiment. Although many stocks that were hit by Fortune Road yesterday opened sharply lower, they did not completely lack liquidity and take over orders.

"The situation is better than we expected!"

Seeing such a collective bidding situation between the two cities, at this moment inside the Yuhang Investment Company, in the trading room, Li Meng said with a smile: "There is a lot of money for buying the bottom and betting against it. Overall, 30% of the stocks are red, and the investment sentiment is not at all." It's so bad as we expected, so we estimate that the index's lower opening shouldn't be very large."

"Of course, what's even more surprising..."

"It's 'securities and venture capital', the two main concept sectors that were killed and collapsed yesterday. Today, at the beginning of the call auction, they only opened about 1.5 points lower."

"I learned from Director Lin that the current 'market IPO restart' matter has been formally determined internally, and the issuance review committee will restart the IPO review process, which should be next month, and the earliest estimate is... December , or in January next year, the first new stock after the IPO restart will be listed." Su Yu continued, "The line of 'securities and venture capital' can still be stable, and there is no crash-like flow. The sexual crisis should be caused by the news of "market IPO restart", which has spread from the inside to the outside on a large scale. After all, in the A-share market, there are always a very small number of firm long-term investment funds, but they are invested in the name of long-term value. Under the banner, the majority of funds are actually engaged in emotional speculation.”

"Has it been confirmed?" Li Meng was a little surprised and said suddenly, "No wonder... the line of 'securities and venture capital' can be stabilized again."

Su Yu smiled and continued: "A-shares are a policy market and a news market. Policies and news are conveyed layer by layer. The main funds with the advantage of information channels rely on news and emotions to make expectations. , the drama of big fish eating small fish and small fish eating shrimps has never changed, and there is nothing strange about it.”

"Take a look at the early core popular main lines on the Small and Medium-sized Board and GEM, as well as various popular concept stocks."

"On the small and medium-sized board and GEM board, we did not have any chips yesterday. However... at this moment, the ST sector still almost fell to the limit across the board, and was abandoned by all the main funds in the market. 'Reorganization backdoor', 'intelligent The same goes for stocks related to popular concepts such as the mobile phone industry chain' and 'mobile Internet', which basically have no main funding and are completely free to launch."

"Retail investors may feel that the market trend is strange at this moment."

"But as the news spreads, the core main funds of all walks of life, who have already smelled it, feel clear in their hearts at this moment."

"According to the market trend at the beginning of the call auction..." Li Meng carefully analyzed the ideas in Su Yu's words and said, "Do you think the market will concentrate on the 'securities and venture capital' fields?"

Su Yu nodded slightly and said: "The logic and expectations of the bull market have ebbed, but the hidden line of 'market IPO restart' has just been revealed. For the line of 'securities and venture capital', although the expectations have changed, in general It is said that there are still expectations. On the contrary, in the direction of the small and medium-sized boards and the GEM, under the influence of market expansion, it is all negative. If the news does not materialize, under the negative expectations, the main funds of the market will not dare to boost the small and medium-sized boards. , the direction of the GEM market."

"but……"

Su Yu paused and then said: "After yesterday's trend, the internal chip structure of the 'Securities and Venture Capital' line has been loosened. Many of the funds that chased the highs yesterday were trapped in high places. I guess even if In the following one or two days, before the news actually comes to light, market funds will continue to gather in this direction, and it will be difficult to create new heights."

"After all, the volume was so large yesterday, and the market only took a day or two to turn around. It would be thankless to try to pull it up and free up the funds trapped yesterday."

"So, I guess the market will have a decent short-term rebound at most."

"Then, I'm afraid it will continue to fall."

"Because the market IPO restarts, in essence, it is draining market funds, which is bad news for the entire market. In addition, the time is towards the end of the year, and many main funds have the need for net worth liquidation. They take the initiative to make arrangements and continue to participate in heavy positions. The market is not very exciting.”

"This will cause active funds in the market to further decline, and the overall amount of market funds will be missing."

"Well!" Li Meng responded, "Let's... follow the established strategy and continue to reduce our positions? Actually... I was originally worried that our large-scale appearance on the Dragon and Tiger list would have too much impact on the market. Related The liquidity of the tickets has been greatly reduced, and we cannot continue to sell out and reduce our holdings. Now it seems... I am overthinking it. With the news of the resumption of IPO in the market, there is really a lot of money that wants to lick the blood."

Su Yu smiled and said, "That's right. After all, everyone thinks they are smart people and they all think they can get away after reaping profits."

"such a pity……"

Su Yu shook his head and continued: "The 80/20 rule of the market is valid at all times."

While the two were talking, the time had already reached 9:20.

I saw that after the initial call auction period, after many false pending orders were completely removed, the phenomenon displayed by the market was very different from before.

All industries and concept sectors in the two cities showed a low opening trend.

Of the nearly 2,000 stocks, only about 21% of the stocks are still in the red.

The ‘securities and venture capital’ concept sector, which had previously performed slightly strongly, still performed slightly strongly despite market acceptance, but the decline also fell to about 2.5%.

Among them, the popular stocks Oriental Securities opened lower by 4.51%, Huatong Securities opened lower by 3.72%, Huaxin Securities opened lower by 2.36%, Huaxin Securities opened lower by 6.75%, Eastern Venture Capital opened lower by 4.79%, and Zhezhou Oriental Securities opened lower by 2.88%. Beijing High opened a new low of 4.62%, and Wanqi Enterprises even opened the market directly below the limit. From yesterday's high, it wiped out a drop of more than 30% in one breath.

As for the popular concept sectors related to the small and medium-sized board and GEM, which have basically no major funds to undertake, as well as popular stocks.

Its low opening range is above 3%.

In particular, Huaqingbao, Changqu Technology, LeTV, Wangsu Technology, Fenda Technology, Xinwei Group, Xinwei Communications and other concept stocks that were hotly speculated in the early stage and were at high levels are now opening at a low of 5%. The above range, compared with the intraday high hit the previous week, the average retracement range has reached about 28%.

Of course, what is even more tragic are the related shell stocks and ST sectors that are on the verge of delisting.

Related core concept stocks in these two major fields have already occupied the top positions in the decline lists of the two cities before the official opening of trading in the two cities.

but……

Although various industries and concept sectors in the two cities opened seriously lower.

However, at 9:20 and 9:21, after two minutes of emotional catharsis, the market's panic effect and the number of extreme selling did not continue to expand. Instead, the bottom-hunting funds at low levels began to slowly suppress the selling and push the stock price down. , sector index, and concept index all pulled back upwards.

Finally, when the time reached 9:25, the collective bidding in the two cities ended.

The Shanghai Stock Exchange Index only opened 1.23 points lower, reporting at 2351.11 points, holding the 2350 mark; as for the ChiNext Index... it was relatively weak, opening 1.73% lower, breaking through 1300 points, and falling back to 1293.85.

In addition to indexes, sectors and individual stocks.

The industry sectors and concept sectors in the two cities still showed an overall low opening trend.

Among them, the securities sector opened lower by 1.16%, the venture capital concept sector opened lower by 1.43%, the 'mobile game' concept sector opened lower by 2.33%, the 'Apple concept' opened lower by 1.75%, the 'film and television media' concept opened lower by 2.36%, and the ST sector It fell 2.89%, and the concept sector related to 'restructuring and backdoor' also fell 2.11%.

As for the popular concept stocks ranked in the two cities...

Orient Securities fell back to 3.22%, Huatong Securities fell back to 2.56%, Oriental Ventures fell back to 3.17%, Wanqi Enterprise opened the limit, and the decline fell back to 6.85%; Huaqingbao, Changqu Technology, LeTV Net, Wangsu Technology... and other GEM stocks have maintained sideways fluctuations compared with before, and the decline has not changed much.

"Judging from the trend of the entire call auction stage, the stocks that Fortune Road sold quickly yesterday were all retracting their losses, and a lot of funds were received. Instead, they were some early-stage small and medium-sized stocks that Fortune Road did not sell on a large scale yesterday. , the popular stocks on the GEM are actually languishing, and there is no trace of main funds taking over or buying the bottom. It’s really strange.” Seeing the opening scene of the two cities, Yuhang and Jingda Investment still didn’t learn anything about the market Gu Chijiang, who was completely confused by the news of the resumption of IPO, wondered, "When did Fortune Road's crash turn into a good thing for the market?"

"Today's call auction trends in the two cities are really strange." Next to Gu Chijiang, fund manager Lin Tingzong frowned and said, "The GEM and small and medium-sized boards are too weak, but these two index sectors and their related core Concept stocks... were obviously adjusted more fully yesterday. Is there no reason why there is no main capital to do the trading?"

"Could it be..."

Lin Tingzong paused, thinking of a possibility, and turned his head to look at Gu Chijiang: "Mr. Gu, have you heard any obvious bad or good news in the market? Yesterday, Fortune Road sold out its positions in a large scale. I feel strange that today's market Such a trend is even more strange. Looking at this situation... I feel like there is some important news guiding it?"

"I haven't heard of it!" Gu Chijiang replied subconsciously, then thought for a moment and added, "Maybe my information is blocked, so I'll let people inquire again."

After saying that, he took out the phone and dialed.

Then, after about a minute or two, he hung up the phone in shock.

Lin Tingzong felt that something was wrong with Gu Chijiang's expression, and asked anxiously: "What's the matter? There is indeed a situation!"

"I heard that the IPO market is about to restart." Lin Tingzong said, "The news coming from within Huaxin Securities should be correct."

"No wonder!" Lin Tingzong stared at the temporarily suspended market, and all the doubts in his heart were solved. "No wonder yesterday, only the fields of 'securities and venture capital' were able to remain stable under the collapse of the whole industry. It is no wonder that the small and medium-sized boards were still stable." A large number of concept stocks such as GEM and GEM, which have only expectations but high valuations, will be completely abandoned by funds and will continue to fall."

"Since this news is expected, why is Fortune Road running so hard?" After Gu Chijiang inquired about the news, he became even more confused. "Is it possible that Mr. Su from Fortune Road is lagging behind our news channels?" , didn’t know the news that the market IPO was going to restart, so... got out of the game early?”

"It's possible!" Lin Tingzong said, "Mr. Su from Fortune Road, although his ability to speculate on the market is extremely fierce, he is a new player in the market after all. He cannot be very deep in market intelligence and the laying of news channels. It is entirely possible that the news may be delayed.”

Gu Chijiang thought about it again and felt that this was the only logical explanation, and said, "Look at it this way... I'm afraid there will be a second wave of market prices for 'securities and venture capital'!"

"It's hard to say." Lin Tingzong replied, "As the news of the IPO restart in the market continues to ferment and spread, there will indeed be safe-haven funds, and active funds will converge in the 'securities and venture capital' sectors that benefit from the IPO restart, but this news, Overall, it is still a big negative for the market at the macro investment level. The fields of securities and venture capital are not small main lines. If a second wave of market is to occur, huge incremental funds are needed to promote it. I am afraid it will be a negative for the market at the macro level. Under the influence, there are not so many incremental funds to promote the market.”

"but……"

"Although it is not certain that there will be a second wave of market conditions, the concept of stabilizing the current situation should still be great."

"Restarting the IPO market?" As the two of them were talking, Mu Yao appeared behind them. "No wonder, no wonder... now we can be saved!"

After saying that, he eagerly exited the fund trading room and returned to the computer he was operating.

Gu Chijiang glanced at Mu Yao, who was obviously acting a little abnormally, and wanted to scold him, but when the words came to his lips, he found that the figure was gone, so he endured it.

And on the other side...

Mu Yao, who had already heard the news, looked at the market that had started to beat.

All the funds he had just borrowed were poured into the market of Huatong Securities again, hoping that today's securities sector would be able to reverse yesterday's trend under the fermentation of the news of the market's IPO restart, allowing him to make a desperate comeback and make up for it. Looking back on the daily losses in the past few days.

And just as he expected...

After he invested money, this time, the market began to change exactly as he expected.

I saw that the 'Securities and Venture Capital' sector, after the official opening, continued to rise rapidly, driven by various bottom-hunting funds. At the same time... the Shanghai Stock Exchange Index, the Shenzhen Stock Exchange Index, and the GEM Index also broke away from the convergence to varying degrees. The shadow of panic during the bidding gradually fluctuated upward, covering the gap opened low today.

At 9:35, Oriental Securities, Huatong Securities, and Zhezhou Oriental became popular.

At 9:41, ten minutes after the opening, the Shanghai Stock Index fell back to less than 0.5%, covering the gap, and is still slowly rebounding upward.

At 9:52, Orient Securities and Huatong Securities rose by more than 1%. Among them, Huatong Securities’ turnover exceeded 600 million. The core stocks of the two securities sectors seemed to have completely gotten rid of the shadow caused by the sudden market crash of Fortune Road yesterday. It shows a strong anti-conversion trend attitude.

At 9:58, the Shanghai Stock Index turned red, and the securities sector and venture capital concept sector also turned red and rose.

At 10:06, even the GEM Index's decline shrank to less than 1%, filling the gap at the opening.

At 10:16, unexpectedly, Hengxin, who had the potential to break out of the sky-and-ceiling trend yesterday, made a strong move up from the lower limit in early trading this morning when the position was still locked up on the road to recovery, and actually broke out of the floor-to-ceiling trend at this moment, forming a The trend of 10 boards in 11 days continued to open up space for market speculation.

Subsequently, Zaiqian Hengxin embarked on an unparalleled trend of 10 boards in 11 days.

The investment sentiment of the entire market began to pick up significantly, and everyone's expectations for market counter-insurance also began to grow crazily in their hearts, and then continued to rise.

At 10:21, Zhezhou Dongfang, which had been going smoothly, with an increase of 3%, suddenly plunged again, and a series of large orders of 10,000 lots were directly hit.

At 10:22, Zhezhou Oriental, the leader of the "Three Oriental Musketeers", encountered a series of large-scale orders with tens of millions of funds. The trend turned from red to green, which directly affected the trends of Oriental Entrepreneurship and Oriental Securities, resulting in the loss of these two companies. The stock also encountered strong selling, and the trend began to turn downward.

At 10:23, the "Three Musketeers of the East" turned around one after another, causing the rebounding sentiment in the "securities and venture capital" fields to begin to ebb quickly. Related sector indexes and core stocks also experienced surges and retreats. "

"Unexpectedly, this rebound trend was actually brought down by Zhezhou Oriental." Seeing that the market was frightened and the recovering investment sentiment began to fade away, Li Meng, inside Yuhang Investment, was slightly surprised and said, "I just smashed Zhezhou Oriental." What is the purpose of this fund...?”

Su Yu looked at Zhezhou Oriental's market, pondered for a while, and replied: "The time for the benefits to be realized is approaching. Mr. Wu of Zhezhou Oriental Group is afraid that he will make a plan to reduce his holdings, so La La who knows the news If you want to invest funds, you must withdraw them in advance, and you will not wait until the moment when the market really ends."

"Hey...I thought that after the emotional catharsis this morning..."

"As the news of the market's IPO restart gradually ferments, and driven by these main funds licking the edge of the knife, the market will have a short-term strong rebound."

"Look now...the market is frightened."

"Zhezhou Dongfang, the popular leader that was built up, collapsed, and the strong rebound may not be possible."

"So..." Su Yu paused and continued to tell Li Meng, "Continue to reduce, there is no need to hesitate, the market will not reach higher heights today."