Strategic view
On Wednesday, the Shanghai stock index was dominated by a narrow shock in the morning. In the afternoon, the real estate and coal sectors continued to expand their decline, the Bulls gave up resistance, and the index fell again Contemporary Amperex Technology Co.Limited(300750) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) suffered short burst, both fell sharply in volume, Contemporary Amperex Technology Co.Limited(300750) withdrew from the trillion market value camp, and the gem index reached a new low in the continuous record stage. As of the close, the Shanghai stock index fell 1.35%, the Shenzhen Component Index fell 2.07%, the gem index fell 3.66%, the Shanghai and Shenzhen 300 fell 1.55%, the Shanghai Stock Exchange 50 fell 0.92%, and the China Stock Exchange 500 fell 2.22%. The number of gainers in the two cities was 1308, lower than the average value of 1882 last week and 2713 in the previous trading day. The number of limit trading houses was 66, lower than the average value of 73 last week and lower than 73 in the previous trading day. The number of decliners in the two cities was 3367, higher than the average value of 2789 last week and higher than 1905 in the previous trading day. The number of drop limits was 43, higher than the average value of 51 last week and lower than 44 in the previous trading day. The net outflow of northbound funds was 5.287 billion yuan, with an average net inflow of 719 million yuan last week and a net outflow of 1.944 billion yuan on the previous trading day. The turnover of the two cities was 820742 billion yuan, with an average value of 907097 billion yuan last week, compared with 779475 billion yuan the previous trading day. A shares fell in large quantities, and the change window chose to go down again. At present, the bottom structure of many indexes in Shenzhen stock market appears. When paying attention to their allocation value, there may be a short-term repair rebound at the bottom.
Stock index futures trading strategy
Viewpoint: in the short term, we should not be overly pessimistic, and the index or low level should stabilize
(1) on April 20, the positions of if, IH and IC contracts were 217100, 105600 and 339200 respectively, with a change of 3.82%, 0.24% and 3.5% on a daily basis;
(2) on April 20, the difference between the contract and spot price of if, IH and IC in the current month was -16.19 points, -1.35 points and -52.72 points, which changed by -16.09 points, -4.78 points and -26.92 points compared with the previous trading day. Operation suggestion: if2205 is mainly bargain hunting, with support at 4020 points
Option trading strategy
Viewpoint: the implied volatility continues to rise, and the index may rebound
(1) on April 20, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.66, 0.82, 0.86 and 0.74 respectively, of which the PCR values of 50ETF and 300etf options decreased slightly;
(2) on April 20, the implied volatility of 300etf option and 50ETF option were 21.9% and 22.1% respectively, and the implied volatility of 300etf option and 50ETF option rebounded slightly.
Operation suggestion: radical strategy: sell 300etf and 4000 options in April; Robust strategy: none; Hedging policy
Omitted: not yet
Risk tips
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
