A Shares Big Shock Index Short Main Retreat

"What's wrong with the market?" in the early morning, it plunged 14% in the afternoon, closing at a sharp drop of 5.5%. The futures market changed its face on Tuesday, leaving a puzzling question mark and a stunning exclamation mark for domestic investors.

The day before it was still standing on the draught of the bull market, but now it seems to be standing on the street corner in confusion.

The big market in December 9, 2014 is bound to be included in the history of the index market.

In addition to the single day amplitude of 14% to refresh the historical record, the total turnover of 2 million 930 thousand hands hit a new high in the stock market, and the 27244 hand reduction in the day is unprecedented.

Most experts believe that the short-term index will be adjusted in the short term, but the medium and long-term rise pattern has not changed.

Tuesday's index futures trend is comparable to the blockbuster, the main IF1412 contract continued the morning before yesterday's rally, the afternoon opening abruptly from 3471 point high cliff diving, to 14:55 points before and after the day plunged 466 points, the end of the day fell 182.8 points to 3143 points, or 5.5%, the spot Shanghai and Shenzhen 300 index fell slightly, fell 4.49% to 3106.91 points, the water narrowed to 36.09 points.

What is the amplitude of 14% of the day? What is the meaning of intraday amplitude? In rough calculation, investors who are in high positions in the morning will be able to burst positions in the afternoon.

Jiang Mingde, chief economist and deputy general manager of state gold futures, believes that there are many reasons for the sharp adjustment of the market yesterday: first, the trigger factors may be related to the credit card pledge threshold of the stock exchange, which was tightened in the day before yesterday.

Second, the stock index futures and spot index continued to rise sharply in this round, and there was no decent callback. In the process, disk movements would trigger a profit taking.

Third, the rise in the index was mainly driven by financial stocks, and the drop in financial stocks on Tuesday led to a bigger drop in the index.

On Monday night, China securities registration Clearing Corp further tightened the pledge threshold of credit debt on the exchange market. Early Tuesday, the market immediately showed concern about the impact of the debt market liquidity.

On Tuesday, China's interbank market rose 10 percentage points in the first half of the year, which rose by about 30 basis points.

China's 5 year interest rate swap rose 25 basis points to 3.85%, the largest increase in February 2011.

China's 1 - year interest rate swap rose by 23 basis points to 3.61%, the biggest increase since the "money shortage" in June 2013.

This was identified as the main reason for yesterday's collapse.

Liu Bin, deputy general manager of China Securities Futures Research Institute

From the point of view, Tuesday was a huge reduction.

Obviously evacuated, which is more unfavorable to the upside. From the point of view of the game, the empty side substantially reduced its position. Although it made a slight reduction in losses with the help of the pullback, it still had the mentality of concede defeat, and the bull missed the opponent's disk.

Of course, there are not all holders of empty bills here.

Because there is a considerable proportion of hedge funds and arbitrage funds, these funds are not affected by the trend.

From the specific data, yesterday, the first 20 seats of the IF1412 contract were reduced by 10373 more than single hand, with 16372 hands empty, and the empty side left more funds, and the net short position quickly dropped to 11662.

The empty side mentality is different from that of the previous resolute opposition.

Most experts are relatively optimistic about the medium and long term trend.

"Personally, since it is a bull market, even if there is a deep callback, it should be treated rationally.

The risk attribute of capital market will always exist. Investors should participate in investment rationally. The balance of securities financing is bigger and bigger. Financing should be cautious in entering the risk market. The fall on Tuesday is a good reminder for new investors. "

Jiang Mingde said.