Chapter 672 The Basic Logic of the Bull Market!

Xu Xiang, who was sitting next to Zhou Kan, squinted his eyes and looked at the changes in the market patterns of the two markets, and responded with a smile: "This is the bull market! As long as there is continued incremental capital entering the market, as long as the market's outlook continues to improve, as long as the market still has a relatively strong money-making effect, as long as the market's investment sentiment and investment confidence are still in a relatively active stage, then the trend that has already emerged will continue.

The short-term long-short divergence in the market is actually not a bad thing.

The financial trading market is a very free buying and selling market. If someone sells, someone will naturally buy.

If the market wants to continue to move forward, only if the chips are constantly exchanged, and the structural center of gravity of the market chips is constantly changing hands and gradually moving up, can a continuous "bull market" be created.

In addition, a relatively aggressive market trading atmosphere

Especially at this stage, when the risk appetite of investors in the entire market is in a continuous upward stage.

All positive news will be amplified by this emotional effect, and all negative news will be subconsciously ignored by this emotional effect, and the influence will be weakened.

Even if there is no clear positive impact, under the strong bullish emotional effect.

Most investors will subconsciously dig out the corresponding vague positive news to build new confidence for their positions.

Therefore, when the market enters the bull market stage.

Even if the index shows extreme intraday trend adjustments, it is generally difficult to hurt the daily sentiment.

What's more, the foreign market trend last night was very good, and many institutions in the industry are also changing their expectations for the future of the foreign market in all directions.

In this way, The domestic market showed a differentiated adjustment during yesterday's trading.

Once again, the market opened higher, and the investment sentiment of the entire market did not retreat but advanced, which is easy to understand.

However, although the index is likely to open higher or continue to hit a new intraday high under this emotional effect, it is not realistic to expect the index to form the kind of continuous large positive line explosive breakthrough in the previous week's trading time when the index enters the historical concentrated locked-in area and the short-term profit-taking concentrated selling desire is getting stronger and stronger.

It is very likely that the index will enter the situation of two steps forward and one step back, or small steps of continuous upward fluctuations in the subsequent market trends.

After all, if the target of the index is above 5,000 points.

The historical trapped position of 3,000 to 3,500 points If the position of the locked-in position is very heavy, without a thorough adjustment of the chip structure in the general direction, the pressure on the index to impact a higher position in the future will only be greater, and the height of the bull market will also be seriously restricted. "

Hearing Xu Xiang's analysis, Zhou Kan pondered for a moment and responded: "So the boss thinks that the market has a large divergence between long and short positions in this position, which is completely normal, and it is better to break away from the high-profile mode of the previous week and enter a fluctuating upward trend than to continue to be high-profile?"

"That's natural!" Xu Xiang nodded and said, "Since the last round of bull market, the index has not touched the range of 3000 to 3500 points, and the locked-in chips in this range have never been digested.

According to the holding psychology of the majority of retail investors.

At the beginning, the funds that were trapped at 4000 points, 5000 points, and even 6000 points felt that there was no hope for the index to recover these historical highs. It is very likely that they will cut their positions on a large scale and stop losses over time. However, the majority of retail investors who are trapped in the range of 3000 points to 4000 points.

Their psychology is completely different from that of investors trapped above 4000 points.

This range is neither high nor low.

In other words, they still have some hope in their hearts, thinking that one day the index can break through this range and let them get out of the trap, so many funds and chips trapped in this range are usually not easily cut at a low position, give up the glimmer of hope in their hearts, and admit losses and exit.

And the index has stopped at 3000 points for many years.

It has always given these people hope, but it has never made these people's hopes come true.

This has led to the accumulation of locked-in positions in this range, which should be the most stressful range in the upward stage of the index.

However, if there is no strong and continuous turnover and no sufficient exchange of chips in such a large pressure range, and the market only relies on the continuous positive impact of the news and the extreme emotions, it will quickly cross the range in a high-profile manner, which will inevitably lead to the unclear clearance of the chips in this range, and the unstable chip structure in this range.

Once such a situation occurs.

After the index is high, the sentiment will decline rapidly.

What awaits the market will be continuous and drastic adjustments, which is very likely to be a vicious extreme sell-off.

Once such a situation occurs, the market will not be able to bear the concentrated selling of a large number of chips that have not been cleared in the 3000-4000 point range.

When the market cannot bear it, the subsequent space of the bull market will not be opened.

Only by allowing the index to remain in this high-pressure range, through continuous shocks and continuous turnover, so that the chips accumulated in this range can be fully exchanged and both shorts and longs can have sufficient understanding, can we consolidate the market support at this position.

It can also make the market more stable and make the bottom foundation of the bull market more solid.

In general, at this time, the development of the index should be slow rather than fast.

We have to wait for the market bullish sentiment to ferment further, the expectation of the bull market to be recognized by more investor groups, and the OTC fund group to flow into the market more. The trading volume of the two markets can continue to explode to a higher level, and the main bull market will really come.

At this stage, it is just that the curtain of the bull market has just been opened, and the market is still in the period of long and short interweaving.

At this time, we have to see the actual trend of the market, and at which stage, we should be more patient with the market and have more determination to hold positions. "

"I agree with what the boss said." Zhou Kan said, "But once the market pattern returns to the trend of the previous few months, the main line of "big finance", especially the core investment logic of the securities sector, will not be so strong!"

"The general market volume of 600 billion and the balance of two-way financing of trillions of yuan cannot support the fundamental transformation of the securities sector? "Xu Xiang smiled and said, "What's more, the main institutional groups were not optimistic about the 'big finance' sector before. In the early days, everyone's holdings in this main line were not high, which led to this main line. There is no shortage of large capital groups to follow up and undertake.

And it is almost clear that the central bank's monetary easing policy is expected.

I judge...

Even if the index slows down, the market of the main line of 'big finance' will not slow down, and it is very likely to continue to accelerate.

Don't forget that the real driving force of the market is not the real fulfillment of expectations.

But the expectations themselves.

As long as the logic of the bull market in the market has not changed, as long as the central bank's intention to promote monetary easing policies has not changed, as long as the market volume can continue to maintain an extremely high level, as long as the balance of margin trading can continue to grow and approach the trillion-yuan scale, as long as the holdings of many institutional groups in the industry in the direction of 'big finance' have not reached a higher water level like the main lines of 'infrastructure' and 'military industry'.

Then, the current market trend of the 'big finance' line.

There is only one way to go, which is to rise and keep rising.

Looking at the entire market at present, there is no core main line with such positive and strong expected logic for the future market as the line of "big finance".

Since we judge that the bull market in the market will not stop.

It is judged that the interval position of 3000 points to 4000 points will be broken through despite repeated fluctuations. It is judged that under the guidance of the continuous money-making effect, the risk preference of market investors will gradually increase, and the incremental capital group will continue to pour into the market.

Then, we should have firm confidence in holding shares in the line of "big finance".

Regarding the firm market...

General Su of the "Yuhang system" has set a good example for all of us.

The entire "Yuhang system" capital group should now basically shift the focus of holdings to the main line of "big finance".

It can be seen from the holdings of the main fund products of the "Anzhao Fund" company controlled by the "Yuhang system".

After the other party intervened in the main line of "big finance" with almost full positions more than a month ago, it basically did not move its positions.

We should also have this kind of determination and confidence.

The curtain of the bull market has just been opened. As the vanguard of the bull market, "big finance" has always been "the bull market has not moved, but securities have taken the lead", and the entire market, the vast majority of smart main capital groups, have the same expectation. In this case... then we have to follow this expected logic and follow the actual trend of the market to invest and operate. "

Zhou Kan saw that Xu Xiang's eyes were full of confidence in the future market while he was talking, and he was also full of confidence in the distribution of fund holdings in the main direction of "big finance". He nodded with a smile and said: "Okay, let's take it forever and continue to lock the position, waiting for the full realization of the main line expectations of "big finance". "

Xu Xiang nodded, and then put his eyes back on the trading disks of the two markets.

At this time, the two markets had passed the initial call auction period and entered the real call auction period at 9:20.

And after the initial call auction of the previous 5 minutes.

At 9:19, a large number of false pending orders were withdrawn.

The market situation of the two markets, compared with the moment at 9:15, has obviously fallen back, and the general high opening pattern is not so obvious.

Among them, the relatively high main line areas such as "infrastructure" and "military industry" that were hit hard yesterday.

It is already general The trend of a slight opening is everywhere.

Especially for the stock of ‘Lanshi Heavy Equipment’, which is still highly concerned by the two markets, the proposed matching order displayed on its disk at this moment has already caused the stock price to fall by 4.21%.

Of course, as the core hot main line of the two markets that the majority of investors in the market and the main core main institutional groups focus on, the main line of ‘big finance’, especially the securities sector and Internet finance sector, which have continued to lead the market in the two markets in recent days, the performance of the call auction at this moment is still very strong.

The index increase of the securities sector is about 1% higher.

For the core component stocks in the sector, Western Securities opened 1.55% higher, Orient Securities opened 1.13% higher, Huaxin Securities opened 0.89% higher, Huashang Securities opened 0.76% higher... Among dozens of component stocks, only about 10% of the stocks opened flat or slightly lower.

The performance of the Internet finance sector is even better than that of the securities sector.

The Internet finance sector index has risen by 1.35% at this moment. For the core component stocks in the sector, Tonghuashun completely withstood the selling pressure when it failed to close the board yesterday, and opened at around 5.21%. Hengsheng Electronics opened 2.33% higher, Jinzheng Shares opened 2.11% higher, and Oriental Fortune opened 1.55% higher...

As for the core theme of "technological growth", which was seriously differentiated yesterday,

The 'Film and Television Media' sector, which performed the strongest yesterday, now maintains a slightly higher opening trend. Other branch concepts such as 'Internet Software', 'Internet Applications', 'Smart Phone Industry Chain', etc., are gradually falling back, showing a flat opening or a slightly lower opening trend.

Other main lines such as 'Big Consumption', 'Nonferrous Cycle', 'Pharmaceutical Business', 'Petrochemical', etc.

The performance at this moment has also gradually fallen from the general high opening at 9:15 to the current general flat opening or a slightly lower opening trend.

Finally, when the time gradually moves forward from 9:20 to 9:25.

When the two markets end the call auction.

The Shanghai Composite Index finally settled at a 0.23% increase, opening only slightly higher; the Shenzhen Composite Index and the ChiNext Index remained flat; the SME Index opened slightly lower by 0.21%, and the strongest A50 Index, also supported by the continued strength of the "big finance" main line, opened at 0.52%, continuing to lead the rise of several important core indexes in the two markets.

Moreover, in addition to the index performance.

The transaction volume of the two markets during the entire call auction process increased again compared with yesterday.

This shows that although the mood in the early trading was very good, the internal selling pressure has not been digested, and the market's differentiation trend will most likely continue.

Faced with such a market opening situation...

Inside and outside the market, the vast investor group feels that it is somewhat lower than expected.

After all, U.S. stocks surged last night and foreign markets were all booming. Even if there was no substantial positive news support, according to everyone's expectations, the opening high of major market core indexes should have been at least 0.5%. Now it is only a slightly higher opening trend, which is obviously far below expectations.