Live Beautification System

Hearing Ding Mu's words suddenly became sharper and more confident, the young woman and the middle-aged man were scratching their heads. They began to see the boy's cooperation and thought he was scared. Unexpectedly, he was really not scared. He treated this place as his own home. Not worried.

The middle-aged male policeman still had some experience and shouted: Ding Mu, you are a student at a prestigious university with a bright future. However, if you are found guilty of illegal detention, the university will probably expel you.

Ding Mu chuckled and said proudly: First, I have money, so I am not afraid of being fired. Second, I am right, there can be no stain. Third, you don't even have a note to arrest me, and you haven't even filed a case. According to this, According to the laws of Dahua, the public security organs must interrogate a detained person within 24 hours after being detained. If the detained person is approved for arrest, the case will be heard in accordance with the Criminal Procedure Law. Criminal detention is not a punishment or sanction. If he is later acquitted, the detainee, that is, I can still apply for state compensation.

The middle-aged male police officer saw that Ding Mu obviously knew the law and was an expert, so he secretly complained in his heart. This kind of person is the most difficult to deal with. He has a high IQ, good psychological quality, and a deep understanding of how violent institutions like Dahua operate. I can't fool him.

Ding Mu also said proudly: Look, we must be based on facts and the law. In fact, I did not do anything to manipulate the stock market, but only used reasonable and legal means to speculate, but I made the right investment. , just made a little money.”

The female police officer was more direct. She said: Since you also know the law, let's talk about something practical. Even if you don't file a case, the longest period of criminal detention is 7 days. Look at your pampered appearance. How many days will you really stay there? , it must be uncomfortable. If you confess and truly prove your innocence, then we can consider not detaining you.

Ding Mu thought for a moment and said, It's a long story. It's mainly a technical issue. I said just remember it. I'm thirsty. Can you get me a glass of water?

Yes. Okay. The policewoman poured Ding Mu a glass of warm water.

Ding Mu drank the water slowly and saw that the male policeman's face was getting worse and worse before he said: I have to talk about a concept first, called hedging. Hedging is a normal and conventional hedging method. In stock index futures There are two theoretical approaches, one is to hold the spot and then put a short order, the other is to buy a long order after selling by selling securities.

Due to our national conditions in Dahua, there is basically only one at present. The form of short selling and buying long orders is theoretically and almost impossible to occur in practice. Therefore, hedging is definitely the main force in short selling.

What I actually do is hedging, but the time point I judge is very accurate. After hedging, there was no damage to the spot market, it was all done by retail investors themselves. What does it have to do with me?

Seeing that the two policemen were almost stunned by the terminology, Ding Mu continued: Although it is a hedging institution, after hedging, his spot prices will not be smashed. However, 85% of the A-share market is retail investors. , and according to data from Chenxing Investment, more than 90% of institutional private placements do not open stock index futures. The overnight position of futures index is basically at the level of 100,000 lots, and the maximum intraday increase is more than 20,000 lots. These 120,000 positions are hedged The spot stock is very limited, which only reduces the above-mentioned 5% selling pressure, but the 90% increase in selling pressure in the opposite direction actually increases the selling pressure by 85%.

The other one is that futures guide spot. The role of futures index in real trading is equivalent to that of a commander. When the futures index starts to fall, a large number of hedging orders are opened and the time-sharing chart dives. What do people holding spot stocks think at this time? Once you see the trend of the futures index and feel the momentum of the short position, the spot holders who have not opened a short hedging order cannot avoid risks and can only sell the spot spot to seek less compensation. This is people's instinctive escape reaction. Such people and funds account for more than 90% of the spot.

Seeing that both the male and female police officers were confused, Ding Mu said: I'll take playing games as an example. If in a game of humans vs. zombies, a group of people are fighting zombies, and suddenly a large wave of zombies comes, ten thousand zombies. Rushed over. Among the twenty teammates, one person immediately opened the energy-absorbing shield, and then happily racked up points there. The other 19 people, without shield props, were dumbfounded. What should they do? They just If you run home as if you can escape for your life, the final result will definitely be a large-scale loss of human positions, and the remaining humans will have to retreat step by step, and the people who opened the shield will still sneer after the explosion.

After hearing Ding Mu speak so vividly, both of them basically understood what Ding Mu meant.

The female police officer asked: Then what do you think the problem is?

Ding Mu said: This is mainly because the system is not good. The threshold for stock index futures is high and retail investors have no chance, so retail investors cannot hedge to protect themselves. 80% of the A-share market is retail investors, and 90% of the buying and selling power consists of chasing the rise and killing the fall. funds. This high threshold has resulted in 90% of the funds being unable to be hedged, and this part of the selling pressure cannot be reduced. This is the decisive short-selling factor.

To put it another way, the way of stock trading does not keep pace with the times. I don't pay attention to futures. I often see that when futures are weak and about to fall, the main force activates a certain hot spot and then closes the market. Then the futures index dives, the spot index also dives, and then the market crashes. Most people still don’t know what’s wrong. In fact, the problem is very simple, that is, the main force did not study futures.

Ding Mu told the two policemen some information he got from the depths of Yuan Xixue's soul: Institutional investors are the main body in foreign markets, and futures are already mature products. In the U.S. market, pension funds and hedge funds are the main players in the market. The former is Long-term value investment will not be involved in short-term fluctuations. The latter are all hedging funds, and they operate on both stock and futures indexes, so they can stabilize fluctuations. The structure of A-shares determines 80-90% of the market's rise and fall. Retail investors and private placements, but they did not open futures, so this decisive force is unstable. Therefore, 5% of the selling pressure was stabilized, but the decline in futures forced out another 90% of the selling pressure. This It’s a typical case of losing a big for a small gain.”

Okay, that's very good! Outside, a man in Chinese tunic suit walked in. This person's face looks quite young, and his hair is a little gray. Asked Ding Mu: This little brother, please talk about why the national team's bailout is so ineffective. How do you judge it?

Ding Mu didn't know who this person was and how he could come in. He didn't ask about this person's identity and said directly: Essentially, there is no amphibious operation between stocks and futures, and it won't work even if you spend a trillion. In fact, the futures index Trends are related to people's expectations. If the expectations are not met, it will be even more difficult to do it. Psychological factors are particularly critical, and the speed of new news release may not keep up. After the futures index weakened, the main players did not dare to launch new hot spots, because they considered The market is going to change at any time, maybe today or tomorrow, so we don’t dare to start the market rashly. This is the critical moment. As soon as the futures index breaks the position first, the market will collapse. Therefore, we must change the system and include stock index futures as a focus. Consider the scope.”

The man said to Ding Mu: I am Meng Gang. Although the occasion is not right, I am happy to see you again.