Strategic view
On Monday, the stock indexes of the two cities of A-Shares fell collectively. As of the close, the Shanghai Composite Index fell 0.50%, the Shenzhen composite index fell 0.93%, the gem index fell 2.09%, the Shanghai and Shenzhen 300 fell 0.17%, the Shanghai Composite 50 rose 0.21% and the China composite 500 fell 0.84%. The number of gainers in the two cities was 950, lower than the average value of 2285 last week and lower than 2634 in the previous trading day. The limit was 68, lower than the average value of 93 last week and 77 the previous trading day. Northbound funds were net purchases of 395 million yuan, with an average value of 3.023 billion yuan last week and a net purchase of 9.221 billion yuan the previous trading day. The turnover of the two cities was 1204.6 billion yuan, breaking trillion yuan for the 32nd consecutive trading day. A-Shares soared and fell. In "A shares deny the expectation of RRR reduction?" Chinese analysts believe that multiple positive supports, A-Shares must consolidate the upward trend, but if there is entanglement, rush up and fall, then the market probability will fall again. Monday has essentially reflected the weak side of the current market, but it will be good again on Monday night. The central bank decided to reduce the deposit reserve ratio of financial institutions by 0.5 percentage points on December 15. This reduction is a comprehensive reduction, which will release about 1.2 trillion yuan of long-term funds. The market liquidity is expected to be marginally loose, but the range may be weaker than that in July. From the perspective of the market, the marginal easing of liquidity has been expected, and the market may not be sensitive. On the whole, the RRR reduction plays a role in delaying the decline in the short term, and can not change the market decline and find new support.
Stock index futures trading strategy
Viewpoint: the central bank comprehensively lowered the reserve requirement to ease the market pessimism
(1) On December 6, the positions of if, IH and IC contracts were 182000, 93800 and 275400 respectively, with an increase of 1.05%, - 4.12% and 1.57% on a daily basis;
(2) On December 6, the difference between the contract and spot price of if, IH and IC in the current month was 2.58 points, 4.86 points and -25.26 points, which was -2.6 points, 2.48 points and -11.34 points compared with the previous trading day. Operation suggestions: ih2112 mainly focuses on low absorption and the support level is 3220 points
Option trading strategy
Viewpoint: the implied volatility remains low, and the short-term market is strong and volatile
(1) On December 6, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.84, 1.12, 1.02 and 0.88 respectively. The PCR values of 50ETF and 300etf options rebounded slightly.
(2) On December 6, the implied volatility of 300etf option and 50ETF option were 13.3% and 15.1% respectively, and the implied volatility of 300etf option and 50ETF option remained low.
Operation suggestion: radical strategy: none at present; Steady strategy: investors can buy 50 ETF to buy 3300 in December and sell 50 ETF to buy 3400 in December at the same time. The maximum profit of a single portfolio strategy is 874 yuan and the maximum loss is 126 yuan; Hedging strategy: None
Risk statement
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
