Strategic view
On Wednesday, the three major stock indexes of Shanghai and Shenzhen mainly had a concussion and rest in the morning and climbed slowly in the afternoon. The Shanghai stock index once recovered the 3100 point mark, but then fell back, and the Contemporary Amperex Technology Co.Limited(300750) call auction was smashed again. As of the close, the Shanghai stock index fell 0.25%, the Shenzhen Component Index fell 0.20%, the gem index fell 0.16%, the Shanghai and Shenzhen 300 fell 0.35%, the Shanghai Stock Exchange 50 fell 0.41%, and the China Stock Exchange 500 fell 0.32%. The number of gainers in the two cities was 2836, lower than the average value of 3114 last week and higher than 1963 in the previous trading day. The limit was 114, lower than the average value of 115 last week and higher than 83 in the previous trading day. The number of decliners in the two cities was 1757, higher than the average of 1475 last week and lower than 2641 in the previous trading day. The number of drop limits was 11, lower than the average value of 30 last week and 34 the previous trading day. The net outflow of northbound funds was 2.278 billion yuan, with an average net outflow of 1.831 billion yuan last week and a net inflow of 5.96 billion yuan on the previous trading day. The turnover of the two cities was 770643 billion yuan, with an average value of 835223 billion yuan last week and 790.36 billion yuan the previous trading day. The market is still at the zero point of direction selection, At present, we maintain the view in "short cycle perspective, high position control": "the probability that the Shanghai stock index can effectively break through 3100 is too small. In the recent stage, the market has created a good long environment under the background of many positive and short kinetic energy depletion, but at present, the amount of energy is still unable to effectively break through the strong pressure area of 31003150 points. It is recommended that investors control positions every high".
Stock index futures trading strategy
Viewpoint: the discount of futures narrowed again, and the short-term index fluctuated strongly
(1) on May 18, the positions of if, IH and IC contracts were 219600, 111400 and 343200 respectively, with daily chain changes of 1.25%, 6.89% and 0.71%;
(2) on May 18, the difference between the contract and spot price of if, IH and IC in the current month was -9.51 points, -2.33 points and -13.69 points, which was 1.99 points, 2.81 points and 5.65 points higher than that of the previous trading day.
Operation suggestion: if2206 mainly throws high and absorbs low, with support level of 3930 points and resistance level of 4010 points
Option trading strategy
Viewpoint: the implied volatility falls again, and the index volatility tends to decline
(1) on May 18, the PCR (positions) of 50ETF option, Huatai 300etf option, harvest 300etf option and 300 stock index option were 0.74, 1.02, 1.11 and 0.79 respectively, of which the PCR values of 50ETF and 300etf options decreased slightly;
(2) on May 18, the implied volatility of 300etf option and 50ETF option were 21.1% and 20.7% 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 the May 4000 option and sell a 300etf to buy the May 4100 option at the same time. The maximum return of a single portfolio is 725 yuan and the maximum loss is 275 yuan; Hedging strategy: None
Risk tips
1. Rapid cooling of market transactions; 2 short term panic continued to spread risk factors.
