Chapter 103 Those who drowned were all able to swim

Today's Shanghai Composite Index opened high at 3999.13 points, and just one minute later, it broke through the key point of 4000 points!

It hit a recent high.

Looking at this long-lost point, investors felt relieved.

It seems that the stock market crash a month ago has completely passed. Even many investors can't control their hands and rush into the market to start grabbing the rebound.

Many uncommon stocks have started to show off again, luring people into the trap. Some stocks have even hit several daily limit increases in a row!

But after just a few minutes of joy, the Shanghai Composite Index began to plummet all the way, and by 10:57, it had directly broken through 3950 points! A plunge of nearly 200 points in one day!

It closed at 3935 points in the afternoon, down 1.46%.

At this time, some investors already felt that something was wrong.

However, before these investors could react, the Shanghai Composite Index started to plummet in the afternoon, falling below 3,900 points just 18 minutes after opening.

After a few dozen minutes, at 14:19, it directly broke through 3800 points and finally closed at 3748 points.

The total trading volume for the day was 722.4 billion, down 6.15%!

The ChiNext Index fell slightly at the opening, opening at 2674 points, and then continued to fall.

In the afternoon, the market plummeted and the bulls were completely defeated. The index broke through 2600 points at 13:32 and 2500 points at 14:42.

It finally closed at 2504 points with a trading volume of 59.7 billion.

In the two markets, a total of 1,647 stocks hit the daily limit.

Thousands of stocks hit the limit down again!

Looking at this astonishing drop and the familiar phenomenon of thousands of stocks hitting the limit down, various rumors began to spread in the market, and people began to look for various negative factors.

"I heard the Securities Investment Fund is transferring stocks. This means they're no longer supporting the market... Now, the stock market has no bottom..."

"Wrong, today's big drop is because the Federal Reserve may raise interest rates in September!"

"You're all wrong. I heard that Guotai Junan is bearish on the stock market..."

“I also heard…”

In the stock market, unconfirmed rumors are the most frightening, and the resulting crashes are even more worrying.

Experienced stock investors all know that this means that the capital chip structure in the market is extremely fragile, and once there is any disturbance, it will cause it to collapse.

Li Feng called Zhao Xinyue.

Before he could say anything, Zhao Xinyue asked, "Is it time to test the bottom again? Is it time to test the bottom of the market?"

Li Feng took his time, pulled out his laptop, opened it, and analyzed, "No one knows. This plunge may be a test of the market bottom, or it may not be, but there will definitely be a market bottom."

"What we need to do is not to rush for rebounds. In a bear market, newbies die at the top of the mountain, and veterans die trying to rush for rebounds."

"Why?"

Zhao Xinyue was extremely heartbroken. She looked at the K-line chart of Gree Electric Appliances on the computer and felt indescribable regret.

I had been planning to clear my inventory today, but when I saw it opened high in the morning, I forgot what Li Feng said yesterday.

As a result, the market plummeted throughout the afternoon, starting with a large order of 10,000 hands at 13:29, which brought the price down to -2%.

Before Zhao Xinyue could think more about it.

At 14:43, tens of thousands of sell orders were placed, driving the price down to a low of -7.61%, and finally closing at -5.71%.

Although it was only a 20% position, it was still a loss of a thousand yuan, which was equivalent to half a month's salary.

Not to mention, if we were to test the market bottom and it really broke 3,000 points as Li Feng said, wouldn’t that be a huge loss?

The more Zhao Xinyue thought about it, the more scared she became.

Li Feng didn't think so much, and continued, saying:

"This is because, in a bear market, novice investors have no experience but are bold. They rush to the front lines at all times, chasing the hottest topics and hitting the hardest boards. Naturally, when the bear market comes, they are trapped at the top of the mountain."

"Furthermore, new stock investors have another characteristic: once they're stuck, they like to hold on. In a bull market, that's fine; they'll eventually get out of the trap and even make a killing. But in a bear market, if they're stuck at the top and don't sell in time, the consequence is they'll get stuck deeper and deeper."

"At this point, new investors will choose to lie down and play dead, starting to deceive themselves, saying that floating losses are not losses, and that if they don't sell, they are not losses. Quite a lot of people will choose to escape, close their accounts, and stay away from the stock market. This is why there are a large number of zombie accounts in a bear market."

"Old stock investors are different. They've suffered countless losses and are relatively timid. Once they find the market is not right, they will flee. Even if they are not agile and get stuck, they will not choose to hold on. Instead, they will cut their losses with a single stroke, eliminating their worries."

"However, veteran stock investors have one characteristic: they tend to be somewhat conceited. They believe their investment system is mature and correct, and they habitually continue to use it. However, they don't realize that when a bear market hits and the overall situation changes, any investment system will fail."

"Not to mention, after the bull-bear transition, the investment logic will change. If veteran investors still don't change their investment logic and insist on going their own way, they will be abandoned by the market and ultimately suffer even greater losses than new investors."

"It's like swimming. Those who drown are those who can swim."

"Cutting meat?"

Zhao Xinyue looked at the loss figures in her account and couldn't bear it.

"What's so difficult about this? It's a little painful the first time you cut flesh, but after doing it many times, you'll naturally become numb to it. Who doesn't have a first time? You'll get used to it..." Li Feng said with a smile.

"oh…"

Zhao Xinyue was perfunctory, but she was concerned about her financial account and had no intention of joking with Li Feng.

Even though they were hundreds of miles apart, Li Feng didn't hear anything unusual in Zhao Xinyue's words.

At this time, the laptop was turned on, and Li Feng skillfully opened the brokerage market software. Naturally, the pages of limit down prices were shocking.

Looking at this terrifying market situation, an idea suddenly popped into Li Feng's mind.

Could Wang Dongdong's borrowing of money be related to the stock market crash?

Although I am not particularly familiar with him, we are classmates after all, so I naturally know that he is a gambler and an adventurer.

Last time, he and Xiao Bo came to me to recommend stocks, and they had a little unpleasantness. Based on his personality, he would definitely enter the market to trade stocks.

If new investors enter the market and encounter a bear market, it would be very dangerous.

Li Feng thought about this and asked casually, "Xinyue, does your hospital have any cardiovascular patients today?"

Zhao Xinyue said strangely:

"This disease is less common in the summer. I happened to be on duty in the cardiovascular department today, and we only admitted one patient, a young man in his thirties. I heard he was a programmer who had a heart attack after staying up all night for a month. Sigh, he really risked his life for money."

"Programmer? Young man? None of them match! What on earth happened to Wang Dongdong?" Li Feng fell into deep thought.

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