Strategic view
On Tuesday, the three major stock indexes in Shanghai and Shenzhen bottomed out and rebounded in early trading, and the gem index once rose more than 2%. In the afternoon, the brokerage sector took a sharp turn downward, the Bulls broke up again, the three major stock indexes in Shanghai and Shenzhen continued to hit a new low at the stage, and Contemporary Amperex Technology Co.Limited(300750) was smashed at the end of the day and closed at the lowest point of the day. As of the close, the Shanghai stock index fell 1.44%, the Shenzhen Component Index fell 1.66%, the gem index fell 0.85%, the Shanghai and Shenzhen 300 fell 0.81%, the Shanghai Stock Exchange 50 fell 0.09%, and the China Stock Exchange 500 fell 2.53%. The number of companies rose to 1767, both lower than the previous two weeks. The limit was 45, lower than the average value of 71 last week and higher than 33 in the previous trading day. The number of decliners in the two cities was 3965, higher than the average value of 2897 last week and lower than 4603 in the previous trading day. The number of down limits was 299, higher than the average value of 75 last week and lower than 765 in the previous trading day. Northbound funds had a net inflow of 1.543 billion yuan, with an average net inflow of 111 million yuan last week and a net outflow of 4.396 billion yuan the previous trading day. The turnover of the two cities was 838944 billion yuan, with an average value of 797746 billion yuan last week and 896958 billion yuan the previous trading day. Maintain the previous judgment and focus on caution before the festival. Due to the delay of the economic bottom caused by the epidemic factors, we believe that the effective rebound of A-Shares will also be postponed to mid May, waiting for the marginal improvement signal from China's economic fundamentals. With the impact of China's epidemic gradually entering the final stage, after the resumption of work and production, the high-frequency indicators will once again confirm the resilience of China's economy, and the A-share market is expected to usher in a real rebound.
Stock index futures trading strategy
Viewpoint: the index continues to adjust, focusing on short-term weakness
(1) on April 26, the positions of if, IH and IC contracts were 233100, 112900 and 369100 respectively, and the day on month changes were - 3.38%, - 3.96% and 0.95%;
(2) on April 26, the difference between the contract and spot price of if, IH and IC in the current month was -2.12 points, 0.17 points and -63.21 points, with changes of 2.99 points, 4.38 points and -10.29 points compared with the previous trading day.
Operation suggestion: ic2206 mainly sells at high prices, with resistance level of 5290 points
Option trading strategy
Viewpoint: the implied volatility is lower and the index remains weak
(1) on April 26, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.53, 0.62, 0.65 and 0.6 respectively, of which the PCR values of 50ETF and 300etf options decreased slightly;
(2) on April 26, the implied volatility of 300etf option and 50ETF option were 28% and 28.2% respectively, and the implied volatility of 300etf option and 50ETF option decreased slightly. Operation suggestion: radical strategy: sell 300etf to buy 3800 options in April; Robust strategy: none; Hedging strategy: None
Risk tips
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
