The Son of Finance of the Great Age

  Chapter 307 Strong rebound

  Hong Kong's counterattack against international speculators was quickly reflected in the London market. The Hong Kong dollar exchange rate in the London market that night was quoted at 7.7485, which was much higher than the 7.7490 of the previous trading day. Although the speculators speculating on the Hong Kong dollar began to push the Hong Kong dollar exchange rate to the lowest point of 7.7494 points, it was stabilized by the HKMA. Seeing that it failed to break through 7.75 again, international speculators began to turn around and buy Hong Kong dollars to cover their positions.

If the previous small short selling was a test of the determination of the Hong Kong Monetary Authority to maintain the Hong Kong dollar, then at this time the international speculators are sincerely covering their short positions in the Hong Kong dollar and are determined to withdraw from the Hong Kong dollar foreign exchange market, because they have fully achieved their goal , and gained huge profits in another battlefield. But now, if you delay in the foreign exchange market for one more day, you will add a high cost for one day. Even international speculators cannot afford the 300% high lending rate cost.

  At this time, the roles of short sellers and buyers seem to be reversed. As the largest seller in the market, how can the HKMA give up this good opportunity to beat the dog in the water? Traders began to cover their stocks and sell only a small amount of Hong Kong dollars to push up the exchange rate step by step. And their operation strategy was quickly understood by the commercial banks, so the foreign exchange trading department of the bank also began to sell them.

  Because of the excessive attack by international speculators on the Hong Kong dollar, nearly 50 billion Hong Kong dollars were sold in the entire market. This figure is definitely not something that any commercial bank can sell in the short term. Coupled with the reluctance of the largest seller, the HKMA, the sellers of Hong Kong dollars that were still flooding in the foreign exchange market suddenly disappeared without a trace, and international speculators were unable to buy a sufficient amount of Hong Kong dollars, which greatly exceeded their expectations.

   There is no way, international speculators can only collect the spot in the market by continuously increasing the quotation for buying Hong Kong dollars. As a result of this operation, the price of Hong Kong dollars against U.S. dollars keeps rising, from a minimum of 7.7494 to 7.7400. After reaching this threshold, they bought part of the Hong Kong dollar spot one after another, but due to this rise, the banks were more optimistic about the short-term rebound of the Hong Kong dollar, so they were even more reluctant to sell, and this lack of liquidity made speculators It is more difficult to buy, so the Hong Kong dollar rises again after reaching 7.7400.

  When the market closed, international speculators were almost crying, 7.7350, which was the highest quotation they gave, and also the closing price of the Hong Kong dollar in the London market. This quotation has exceeded their cost price for opening positions, which means that speculators seem to have suffered losses in the offensive and defensive battle of the Hong Kong dollar. Although these were expected, the most terrible thing is that even so, they still did not buy enough Hong Kong dollar spot to cover their positions, because the HKMA did not release too much currency at all, which means that the Hong Kong side has a lot of money for this Quotation is still not satisfied!

  It seems that the quotation will be increased in the next trading day! International speculators can only comfort themselves in this way. However, they are not too worried, and the Hong Kong Monetary Authority will not let the price of the Hong Kong dollar be pushed too high. Now they only need to find out the psychological bottom line of the HKMA. In this complex and contradictory market sentiment, international speculators ended their day's trading and silently swallowed the price of a day's high lending rate of 300%.

  The recovery of the value of the Hong Kong dollar in the foreign exchange market also strongly stimulated the stock market the next day. Before the opening of the Hang Seng Index the next day, analysts talked about the relationship between the foreign exchange market and the Hong Kong stock market. They all mentioned that with the recovery of the Hong Kong dollar, international speculators will also stay away from the Hong Kong currency. In other words, The Hong Kong dollar is no longer in danger of depreciation. Under such circumstances, it is bound to stimulate investors' confidence. The panic-like plunge caused by the increase in the lending rate in the previous trading day will inevitably rebound. Therefore, it is recommended that investors enter the market as soon as possible to grab the band, or enter Opening positions in the market lowers the average price. In short, as long as you buy, you are right.

  Slick-tongued analysts are not as simple as just showing off their lips, they also need to have a certain theoretical foundation and logical reasoning ability. Although they usually talk in a cloud of clouds and fog, making people unclear what they mean, but in the early trading today, almost all TV analysts declared with one voice that Hong Kong stocks would rise sharply, which made investors' confidence soar. What could be more important than the results that all analysts agree on? The result is naturally a large amount of money pouring into the stock market.

As a result, what is surprising is that after the initial bidding stage, the Hong Kong stock market actually broke out a trend of opening lower, opening 10226 points, which is 200 points lower than the 10426 points of the previous trading day, which made almost all The analysts were ashamed, and what was even more embarrassing was that during the initial trading hours, the Hong Kong stock market was still dropping, with the lowest point falling to 10187 points, a full drop of 39 points.

  At this time, some analysts on TV were ready to change their tune. These analysts are originally people who follow the wind, so they naturally know when to say what to say. Those who react faster have already thought of a lot of excuses, such as "speculators are not willing to fail" and "come back" and so on. Some investors were a little confused by the two-headed words, and didn't know what to do for a while.

Just when some analysts were talking about "unclear trend" and "prudent stock selection" on TV, the Hang Seng Index started a new round of skyrocketing, and 10187 points became the lowest point of the day, and then large amounts of money began to rise one after another. Enter the market and push up the price of Hong Kong stocks step by step. The integer points such as 10200 points, 10300 points, and 10400 points have been surpassed one after another. Among the entire sector, financial stocks and state-owned enterprise stocks were the most gratifying, which also made investors frantically pursue these stocks while they were overjoyed.

   This phenomenon of first falling and then rising made some analysts who were talking on TV broke their glasses. They never thought that the previous decline turned out to be a false shot. At this time, the analysts who just expressed their cautious attitude towards the prospects of Hong Kong stocks wanted to slap themselves in the face. This inconsistent attitude will definitely bring their reputation among investors to the bottom.

   Later, according to statistics by interested people, as many as 15 real-time TV analysts were eliminated by just such an abnormal market. Of course, these are all things to come.

At this time, those analysts who are still regretting that they did not change their views on the market in time are naturally overjoyed. Because of their momentary hesitation, they have become gold medal analysts in the eyes of investors. The group of people began to support the Hong Kong stock market with one voice, and even compared the closing number.

Among this group of people who play tricks, there are really a few real talents. They carefully analyzed the fluctuations in the Hang Seng Index and the futures index market, and then told investors that the previous decline was due to the eagerness of the short sellers to sell. Therefore, during the bidding stage, they sold at a low price frantically, suppressing the Hang Seng Index, and thus liquidated their positions in the futures market. This is just a feint, and the deeper purpose is that the short side is starting to feel scared, and they will not hesitate to suppress the Hong Kong stock market and sell the sell orders on hand.

And the bulls obviously saw their intentions, and after experiencing the initial decline, they didn't mess up their positions. Instead, they would rather lose money than hold back the main force of the bears, and even open their opponents at a low position, making the bears want to even out. Cang has nothing to do.

Because of the entry of supporting funds, the repurchase of listed companies, and the extremely good news, the sentiment of the entire market exploded, and the Hang Seng Index rose strongly all the way. At the end of the day, the Hang Seng Index fully rose 718 points, closing at 11144 points, an increase of 6.89%, the largest single-day increase since September 3.

  Almost all investors involved in buying today are satisfied, except for those who are naturally short.

  However, there is still a group of people. Although they do not participate in the investment activities in the market, this day is the most thrilling day for them.

  …

  After hanging up Zhong Shi's phone call the day before, Yu Detong didn't dare to make his own claims, and quickly reported the situation to the company's senior management. In fact, because Zhong Shi's position is too large, the slightest disturbance in his position attracts the attention of this brokerage house all the time.

After hearing that the client wanted to add 2,500 sell orders, the entire management was stunned, but this was an excellent opportunity for them to raise commissions, and they also declared the corresponding risks to the client, at least from At the legal level, they have no responsibility, so even if Zhong Shi made such a seemingly suicidal request, they were happy to accept it.

It's just that 2,500 empty orders were taken in a day, which was too heavy a burden for a brokerage house. As a result, all the traders in the brokerage house were dispatched to make a single order for Zhongshi, and it turned out that they finally closed before the market closed. Absorb enough sell orders.

  Because of the skyrocketing of the Hang Seng Index, the bulls are full of confidence and continue to place long orders for the next month, which also saves Yu Detong and others a lot of effort in absorbing sell orders. After all, in the case of the Hang Seng Index soaring, there are not many speculators who have the guts to take the opponent's market, and in this case, there is a large sell order in the market, and the bulls will naturally not let it go.

The result is that traders just buy a sell order at a price, and the next second they find that this sell order has suffered a loss, and as the market rises, the loss of this sell order will become more severe. The short-term traders were scared to death, and they all asked Yu Detong to contact this big trader to find out what was going on.

Unable to withstand the pressure, Yu Detong had no choice but to call Zhong Shi again. In fact, he was also a little scared. Seeing that these positions continued to lose money, even exceeding 10 million Hong Kong dollars, although Zhong Shi's account was at least There is still a surplus of more than one billion yuan, but Yu Detong still feels helpless.

   Zhong Shi who answered the phone naturally gave him a good reprimand, and hung up the phone without even listening to the amount of the loss. Yu Detong was speechless for a while, and finally he could only pass on Zhong Shi's original words to the trader, "It's just for hedging risks. My position in the stock market is much larger than this, so you don't have to worry about it. In addition, your one The so-called analysis and strategies are useless to me, so don’t sell them.”

  Naturally, the group of traders looked at each other in dismay. They never expected to meet such a client who didn't play cards according to common sense. But this also made them feel relieved, and the subsequent operations would naturally increase the price gradually, reducing losses. Even so, in the end, the 2,500 new sell orders lost 43 million Hong Kong dollars at the closing time.

   So far, Zhongshi has completed all the short positions in October. In addition to the previous positions, he has opened 2,500 new lots today. The average price is around 10,800. The temporary loss on the book is 43 million Hong Kong dollars. It is also difficult for Yu Detong and his colleagues to raise the average position to such a high level when the index is extremely unfavorable and both long and short sides are suppressed at the same time.

  …

   "Finally part of it has been sold!" After the market closed, Billy King heaved a sigh of relief.

During this time, he was in charge of the Hong Kong stock futures market. After yesterday’s sharp drop, the entire Tiger Fund’s earnings on the Hong Kong stock futures index reached an astonishing 3 billion Hong Kong dollars. This is because Julian Robertson underestimated the Hong Kong market. generated below. If the "tiger" really dares to let go, I am afraid that this number will soar several times.

  The next step is how to settle these floating profits, because such a large-scale liquidation will inevitably lead to the pursuit of the bulls, which requires strategies.

  So, the Hong Kong stock market fell as soon as the market opened today, just to match the escape of the short side of the Hang Seng Futures Index. Under the violent sell-off, Billy King successfully escaped nearly 3,000 sell orders, but then his purpose was seen through by the bulls, and in the end he could only hold more than 7,000 sell orders to slowly level. Enduring the loss of floating profit little by little, and finally controlled the entire position at 7,000 at the close.

"If the Hong Kong stock market is allowed to continue to rise, our floating profit will continue to decrease, and it may not be able to make up for the loss from the foreign exchange market!" Billy King shook his head helplessly and complained to his boss Robert Sitron .

  Robert Satron also had a dignified face. This time the attack on Hong Kong stocks was far from achieving the expected returns, which had a lot to do with their ignorance of the Hong Kong market. Specifically, they did not expect that the Hong Kong market would be so fragile. A rumor that seemed almost ridiculous to them scared investors to pieces, and the entire market almost collapsed. Not even Julian Robertson expected it. Otherwise, they would not have shorted more than 10,000 sell orders.

"You're right!" Robert Satron replied absent-mindedly, but then he seemed to think of something, and subconsciously added, "However, I believe the boss should have a backup, we'll just wait and see." !"

   Thanks to book friend wangxueliang and book friend 130326191528200 for voting monthly! The author has been working **** the word count recently, and I hope everyone will support it!

  (end of this chapter)