Strategic view
On Tuesday, the Shanghai Stock Index fluctuated throughout the day, and immediately fell back after rising to 3279 points in the afternoon. The gem index was slightly weak, Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) all fell. As of the close, the Shanghai stock index rose 0.19%, the Shenzhen Component Index fell 0.49%, the gem index fell 1.39%, the Shanghai and Shenzhen 300 fell 0.08%, the Shanghai Stock Exchange 50 rose 0.30% and the China Stock Exchange 500 fell 0.01%. The number of gainers in the two cities was 1964, lower than the average value of 2452 last week and 3202 in the previous trading day. The limit was 95, higher than the average of 92 last week and lower than 138 in the previous trading day. The number of decliners in the two cities was 2606, higher than the average value of 2221 last week and 1369 in the previous trading day. The number of drop limits was 13, lower than the average value of 44 last week and higher than 2 in the previous trading day. The net outflow of northbound funds was 922 million yuan, the average value of last week was 3.338 billion yuan, and the net outflow on the previous trading day was 8.419 billion yuan. The turnover of the two cities was 963654 billion yuan, with an average value of 1111255 billion yuan last week and 1016098 billion yuan the previous trading day. Due to the continuous rise of a shares, the divergence of funds on the floor, the superposition of the white hot stage of the Russian Ukrainian war and the rebound of international commodity prices, these factors have suppressed the risk appetite of investors. Therefore, at present, it has entered a process of narrow volatility, waiting for a new direction. The market has shrunk on Tuesday. For the short-term market, this tangled state will not last long. Once it is impossible to break through in large quantities, It is suggested that investors should be cautious to withdraw the short-term market to 3200 and return to the high point again.
Stock index futures trading strategy
Viewpoint: futures maintain high discount, mainly short-term shocks
(1) on March 22, the positions of if, IH and IC contracts were 205400, 92600 and 313200 respectively, with a change of 1.66%, – 2.87% and – 0.53% on a daily basis;
(2) on March 22, the difference between the contract and spot price of if, IH and IC in the current month was -42.1 points, -15.57 points and -50.11 points, which was 1.65 points, -0.46 points and 4.23 points higher than that of the previous trading day. Operation suggestion: if2204 mainly throws high and absorbs low, with support level of 4170 points and resistance level of 4270 points
Option trading strategy
Viewpoint: the implied volatility continues to fall, and the index fluctuates or falls
(1) on March 22, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.6, 0.75, 0.7 and 0.76 respectively, of which the PCR values of 50ETF and 300etf options rebounded slightly;
(2) on March 22, the implied volatility of 300etf option and 50ETF option were 20.2% and 19.7% respectively, and the implied volatility of 300etf option and 50ETF option decreased slightly. Operation suggestion: radical strategy: none at present; Steady strategy: buy a 300etf to buy 4300 options in March and sell a 300etf to buy 4400 options at the same time. The maximum return of a single portfolio is 710 yuan and the maximum loss is 290 yuan; Hedging strategy: None
Risk tips
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
