Strategic view
On Monday, A-Shares were weak, and the three indexes fell more than 1% in the session. Gem refers to the unsuccessful rebound and continued to set a new low. As of the close, the Shanghai Composite Index fell 0.98%, the Shenzhen composite index fell 0.77%, the gem index fell 0.52%, the Shanghai and Shenzhen 300 fell 1.08%, the Shanghai 50 fell 1.24%, and the China Securities 500 fell 0.73%. The number of gainers in the two cities was 2176, lower than the average value of 2567 last week and higher than 594 in the previous trading day. The limit was 96, higher than the average value of 91 last week and 60 in the previous trading day. The number of decliners in the two cities was 2291, higher than the average of 1945 last week and lower than 3952 in the previous trading day. The number of drop limits was 23, higher than the average value of 22 last week, unchanged from 23 in the previous trading day. Northbound funds had a net outflow of 3.788 billion yuan, with an average net inflow of 2.149 billion yuan last week and a net inflow of 1.005 billion yuan on the previous trading day. The turnover of the two cities was 863.495 billion yuan, with an average value of 913.288 billion yuan last week and 992.678 billion yuan the previous trading day. For the main board, due to the financial front, the structure underestimates the value of building materials, industrial metals and energy products. However, under the background of the disappearance of spatial advantages and unclear long-term logic, there is probably a second step back. At the same time, the GEM market may carry the outflow funds of the main board, At present, the gem is close to the adjustment target level after the double headed decline, and is expected to have a strong reaction in the 2700 region.
Stock index futures trading strategy
Viewpoint: long and short funds leave the market, and the index may stabilize in the short term
(1) on February 14, the positions of if, IH and IC contracts were 206600, 109700 and 306400 respectively, and the day on month changes were – 2.69%, – 5.35% and 1.43%;
(2) on February 14, the difference between the contract and spot price of if, IH and IC in the current month was 0.91 points, 1.6 points and 3.5 points, with a change of 7.11 points, 2.71 points and -5.27 points compared with the previous trading day. Operation suggestion: if2203 is mainly bargain hunting, with support at 4520 points
Option trading strategy
Viewpoint: the implied volatility rebounds slightly, and the index may rebound
(1) on February 14, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.69, 0.82, 0.78 and 0.68 respectively, of which the PCR values of 50ETF and 300etf options decreased slightly.
(2) on February 14, the implied volatility of 300etf option and 50ETF option were 15.7% and 16.7% respectively, and the implied volatility of 300etf option and 50ETF option rebounded slightly.
Operation suggestion: radical strategy: sell 300etf and sell 4400 options in March; Robust strategy: none; Hedging strategy: None
Risk tips
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
