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Decline in stock fund positions graded b rally and then restart

Shanghai and Shenzhen stock markets both rose in the past week, the Shanghai composite index rose to 6.54%, Shenzhen are growing exponentially up 7.92% the CSI 300 index 5.81%, gem index up to 10.48%. And the various types of funds rose, stock, the exponential and mixed performance in the top, up, and 7.92% and 5.58%, respectively, bond funds also rose significantly, up to 0.64%. Configuring the bias and small-cap funds in the near future highlighting; closed-end fund shares in closed-end funds did better; benefited from the rise in European and American markets, QDII Fund last week also showed excellent; bond and money funds were flat.

on the money, on Tuesday carried out 40 billion yuan for a 7-day reverse repurchase, bidding interest rates 2.35%; on Thursday carried out 50 billion yuan for a 7-day reverse repurchase, bidding interest rates 2.35%; while on Thursday, the 14-day reverse repurchase expired 40 billion yuan, bidding interest rates 2.7%; 120 billion yuan on Thursday 7-day reverse repurchase expired, bidding interest rate 2.35%. At this point, the funds withdrawn from the Central Bank's open market last week 70 billion yuan. Decline in interbank funding rates, 7 days weighted average repo rate of pledge of 2.38%, down 3 BP previous weekends.

from an emotional perspective, stock fund holdings fell 4.49% current position 62.75%. Among them, the decline in stock fund 3.08%, standard hybrid Fund 4.6%, current positions 80.9% and 61.29%, respectively. Two melting balances 5th consecutive rise. According to the latest data exchanges in Shanghai and Shenzhen, 14th session higher margin balances between the two cities 5.389 billion yuan to 957.787 billion yuan. Last week, trading volume significantly increased investor sentiment rebounded. After rebound 400 points in a row and index encountered resistance near the 60-day moving average on Wednesday, plunged in the afternoon, closing down 3.06% retreated to 3320.68 points, gem is an astonishing 6.63%.

two cities volume amplification to 1.17 trillion yuan. Apart from the banks and insurance stocks, and industry groups fell, more than 800 stocks fell. In this regard, to throw Morgan believes that overall, after consecutive rise, early facing selling pressure accumulated gains more and more, so a short-term correction is inevitable, but does not mean the rebound over.

from a technical perspective, gem that has been labeled operation, adjustment can occur at any time; after the recent warming, IPO recovery expected rebound, or become an opportunity to market adjustment. Medium term, market bottom, liquidity back warming patterns over the market, IPO recovery after release of bearish markets may have a more pragmatic course.