New York time, 12:03 noon.
The price of Silver has returned to 31.60 US Dollar.
The brief retracement just now seemed as if it had never happened.
The Buying Pressure on the screen became dense again.
31.62.
31.65.
31.68.
On Options Chain, a large number of short-term Call transactions reappeared.
Chen Mo stared at the trading terminal.
"Here we go again."
Zhao Chen said nothing.
He just looked at the constantly beating handicap.
A very typical thing is happening in the market.
The first retracement did not kill the mood.
On the contrary, more people believe--
A pullback is a buying point.
Shen Zhiyi quickly retrieved the data of Research Institute.
"During the retracement just now, retail investors' net buying did not decline."
"On the contrary, it increased."
Zhao Chen nodded.
"This is a high-position change of hands."
Su Wantang frowned.
"Shouldn't someone start taking profits?"
"Of course."
Zhao Chen answered.
"But what really matters is who takes the chips sold by those who take profits."
He pointed at the screen.
"Someone is selling it."
"Someone is picking up."
"The people who took over the orders became more and more convinced that what they bought was a correction opportunity."
Shen Zhiyi stared at Model.
"So the retracement just now completed a chip transfer."
"That's right."
Zhao Chen said.
"And that's exactly what we need."
He picked up the coffee on the table.
It's already cold.
But he didn't drink.
"When the market is really dangerous, not everyone is making money."
"But everyone thinks that they will not be the last one to take over."
Twelve eleven.
Silver breaks through 31.70 US Dollar.
Then it rushed towards 31.80 again.
In the CNBC live broadcast room, the host began to discuss whether Silver might continue to challenge 35 US Dollar or even 40 US Dollar.
The discussion on social media also got completely out of control.
Some people posted dozens of times their profits.
Someone started to calculate how much the Call in hand could become if Silver rose to 40 US Dollar.
Some people even started to propose:
"Why not just buy Options which is farther away Strike Price?"
Shen Zhiyi glanced at the phone.
"They started to actively chase the remote call."
Zhao Chen nodded.
"This is the liquidity we really need."
Chen Mo asked:
"Phase Two Continue?"
Zhao Chen looks at the time.
Twelve thirteen.
"Continue."
Phase Two position reduction order is started again.
This time, the target is no longer the batch of short-term calls just now.
Rather, they are some of the medium and forward contracts that have risen sharply and are the most liquid.
Still no big orders.
Still split.
Still executed separately by Six SPVs.
Leave enough space between each transaction.
Look from the market.
It's just an ordinary market change of hands.
No one knows.
Behind this crazy rise, a large group of funds is quietly retreating.
Twelve twenty-six.
The first batch of orders were completed.
Twelve thirty-one.
Second batch.
Twelve thirty-seven.
The third batch.
Chen Mo kept staring at the background.
It wasn't until 12:45 that he whispered:
"Phase Two Half done."
Zhao Chen asked:
"Is there something unusual about the market?"
"No."
"What about the price?"
"31.76."
Zhao Chen smiled.
"Very good."
Su Wantang looked at him.
"You seem to be hoping more and more for it to go up now."
"Of course."
Zhao Chen answered.
"If it falls directly now, it will be difficult for us to sell."
"Why?"
"Because when the market panics, liquidity disappears quickly."
"And what we want now is liquidity."
After he finished speaking, his eyes returned to the screen.
"So, the best environment for liquidation is never a plunge."
"But it's rising."
At one o'clock sharp in the afternoon.
Silver rushes to 31.80 US Dollar.
Trading Volume Zoom in again.
Options Implied Volatility refreshed the high point again.
Chen Mo suddenly said:
"Research Institute Model has changed."
Shen Zhiyi looked over quickly.
"Gamma?"
"Start descending."
"Are you sure?"
"OK."
She quickly confirmed several pieces of data.
"Passive buying demand for Market Maker begins to decline."
"That is to say..."
"The craziest Gamma push phase is coming to an end."
Zhao Chen nodded.
"This is the signal we are really waiting for."
Su Wantang asked:
"Is it clear now?"
"It's not time yet."
Zhao Chen shook his head.
"Model just started to change."
"The real top will not come immediately just because an indicator appears."
He paused.
"I'm going to see the first real divergence in the market."
Shen Zhiyi asked:
"What kind of disagreement?"
"Prices hit new highs."
"But the active Buying Pressure no longer hits new highs."
The room was quiet for a moment.
Chen Mo I understand immediately.
This is what Zhao Chen has been waiting for.
The divergence between price and capital.
1:17 p. m.
Silver surges higher again.
31.92.
It is only one step away from 32 US Dollar.
Financial Media quickly started reporting.
"Silver approaches $32..."
Sentiment on social media is heating up again.
But this time.
Shen Zhiyi did not get excited with the rising prices.
She stared at the data of Research Institute.
A few seconds later.
She raised her head.
"Active Buying Pressure has no new high."
Zhao Chen looked at her.
"Are you sure?"
"OK."
"Where is Trading Volume?"
"It's still increasing."
"But the proportion of active buying has declined."
Zhao Chen finally smiled.
"Found it."
This is not the top.
At least not yet.
But this is a very important signal.
The market price is still rising.
The story continues.
The real forces driving prices higher are beginning to show signs of weakness.
Zhao Chen Pick up the headphones.
"Chen Mo."
"Here."
"Phase Two remaining position, accelerated by 20%."
Chen Mo Execute immediately.
Six SPVs began to increase the transaction frequency.
Prices are still rising.
31.94.
31.97.
31.99.
Then--
32.01.
Silver stands on 32 US Dollar for the first time.
The entire market boiled instantly.
But just at this moment.
Their sell orders are also continuing to be filled.
One side is the highest point of market sentiment.
On the other side, the positions in their accounts continue to decrease.
Chen Mo looked at the background.
"Phase Two completed."
"The remaining positions have been reduced to about 30% of the original level."
Zhao Chen nodded.
"Pause."
Chen Mo was stunned for a moment.
"Pause now?"
"Yes."
"Why?"
Zhao Chen looked at the number 32 US Dollar.
"Because the market needs a new story."
"And we've given it enough leverage."
One thirty-one p. m.
Silver started to trade sideways.
32.01.
31.98.
32.03.
31.95.
The first real high-level shock appeared.
It did not continue to rise rapidly.
There was no immediate plunge either.
It just keeps pulling back and forth near 32 US Dollar.
Shen Zhiyi looked at the screen.
"The market is starting to diverge."
"Yes."
Zhao Chen nodded.
"From now on, the most important thing is not the price."
"It's about whether the mood can continue to be maintained."
Su Wantang asked:
"What if it continues to rise?"
"Then keep waiting."
"What if it falls?"
Zhao Chen is silent for two seconds.
"Then prepare for the final stage."
Just then.
The news of Lin Shicheng came again.
Shen Zhiyi opens the encrypted channel.
"Nickel Spot."
Zhao Chen turned around.
"Say."
"Rotterdam storage node completed the third batch of deliveries today."
"Shanghai has also completed a batch."
"The current total has continued to increase."
Zhao Chen asked:
"Is there anything unusual?"
"No."
"Has anyone noticed from outside?"
"Not yet."
Zhao Chen nodded.
"Continue as planned."
Shen Zhiyi looked at him.
"We already have so many nickels."
"Want to continue?"
"Continue."
Zhao Chen spoke very softly.
"No one is paying attention to it now."
"This is the best time."
He looked at Silver again.
The price near 32 US Dollar is still fluctuating violently.
All media are discussing Silver.
All retail investors are discussing Options.
No one cares about the silent metal in the warehouse.
Zhao Chen is very clear.
Silver gave them a short but lucrative financial battle.
As for nickel, what is really waiting for is the industrial chain storm in a few years.
Just now.
No one knows yet.
2:07 p. m.
Silver fell back to 31.80 US Dollar again.
For the first time, social media is clearly divided.
Some people started to take profits.
Some see this as a buying opportunity.
Others began to question:
"Is silver topping?"
After this sentence appeared.
Just a few minutes.
Related discussions increased rapidly.
Zhao Chen took a look.
"Coming."
Chen Mo asked:
"The final stage?"
Zhao Chen did not answer immediately.
His eyes stopped at 31.80 US Dollar.
Another look at the Capital Flow Model of Research Institute.
Then he said slowly:
"One more time."
"Wait for it to bounce back."
"If it rebounds, it can reach new highs."
"We will complete the final reduction of positions."
Chen Mo nodded.
"Understood."
Zhao Chen Lean back in your chair.
New York outside the window is still noisy.
The financial market will never stop just because one person leaves the market.
Silver will not stop rising just because they clear their positions.
There's only one thing they can do.
When you think it is most appropriate, give the chips to someone who is willing to take them.