The next morning.
The first abnormal data appeared after the market opened.
Not Wuliangye.
Nor is it Shanxi Fenjiu.
But it's Core Assets, another several stocks that have experienced equally obvious gains.
Prices are still high.
However, the active buying orders at the handicap decreased significantly.
After a large order was withdrawn, subsequent orders were not replaced as quickly as in the past few days.
Chen Xi looked at the screen and frowned slightly.
"The Buying Pressure of these stocks are different."
Zhao Chen is looking at another screen.
"What's the difference?"
"The price has not dropped significantly."
"But the pace of active buying has slowed down."
Zhao Chen came over.
"Zoom in."
Chen Xi calls up the transactions one by one.
Transaction records quickly filled the screen.
In the past few trading days, as long as there are hundreds of thousands of sell orders, a new Buying Pressure will soon take over.
Today is different.
There is no significant increase in sell orders.
It's just that the order replenishment is slow.
A few seconds slower.
A few seconds slower.
Prices remain firm.
But the handicap is no longer as thick as before.
Zhao Chen looked at it for a while.
"Don't move yet."
"Keep watching."
Nine forty-three.
Wuliangye is still strong after opening.
Shanxi Fenjiu also has no obvious adjustments.
Henglong Capital Phase Two The plan to reduce positions has not changed.
Trading Desk is still running according to the execution rules of previous days.
Sell when there is liquidity.
If there is insufficient liquidity, just wait.
The first stroke.
Deal.
The second stroke.
Deal.
The third stroke.
Deal.
The market can still absorb it.
Zhao Chen did not suddenly speed up the reduction of positions of Wuliangye and Shanxi Fenjiu because of slight changes in other Core Assets.
This is not a trading signal.
At least not yet.
Chen Xi also understands this.
She put all the stocks that had just changed into her watch list.
Next to the name, there is an extra yellow mark.
Marginal changes in capital.
10:05 am.
A second change occurs.
A certain Core Assets, which had a large increase in the early stage, suddenly fell back quickly.
The drop is not that big.
But Trading Volume quickly zoomed in within minutes.
The researcher immediately broke down the funding structure.
There has been no apparent large-scale withdrawal of institutional funding.
What really increased were short-term sell orders.
Some early profit funds began to be cashed out.
Chen Xi looked at the data.
"For the first time, someone started cashing in."
Zhao Chen nodded.
"It's normal."
"After it has been rising for so long, there will always be someone to sell it."
"But it's not clear yet whether it's a trend or not."
He zoomed out on the stock's chart.
"Let's see if anyone picks it up after it falls."
A few minutes passed.
The price stopped.
But the rebound didn't happen.
The market began to fluctuate at a high level.
Chen Xi said nothing.
Neither does Zhao Chen.
They all know it.
What is really worth observing is not the first sell order.
But after the sell order appears, the original buyer is still there.
Ten forty-seven.
Wuliangye is still going strong.
Shanxi Fenjiu also remains high.
The market even started to show a very strange divergence.
The core leader is still strong.
Some stocks that also fall under the logic of grouping have begun to loosen up.
Some fluctuated at high levels.
Some surged higher and fell back.
Some Trading Volume are obviously enlarged.
Chen Xi arranges several stocks on the same screen.
"It's starting to differentiate."
Zhao Chen took a look.
"Not a bad thing."
Chen Xi is a little surprised.
Zhao Chen explains:
"It is impossible for all stocks in a sector to rise together forever."
"What really needs attention is whether funds will return to the leading position after the differentiation."
Chen Xi nodded.
"What if we go back?"
"It means the group is still there."
"What if you don't go back?"
"That means funds are starting to be re-selected."
Zhao Chen looked at the screen.
"Let the market choose first."
Eleven twenty-four.
Henglong Capital Trading Desk sent confirmation.
Phase Two position reduction continues.
Liquidity today is not as abundant as yesterday.
So the trading system automatically reduces the execution speed.
No one urged.
No one actively lowers the price in order to achieve a certain number.
After some of Wuliangye's sell orders were completed, a gap briefly appeared in the market.
A few seconds later.
New buy orders reappear.
The same goes for Shanxi Fenjiu.
Zhao Chen looked at this scene.
"Continue."
Chen Xi asked:
"Speed restored?"
"No."
"Maintain the current speed."
He paused.
"The market has begun to diverge."
"We don't need to grab it at this time."
noon.
Research Institute Meeting Room.
Chen Xi threw the morning's data on the wall.
There are a dozen stocks in total.
Most of them are still rising.
But four of them have already shown obvious retracement from their high levels.
Although there are several stocks that have not fallen, they have a common characteristic.
Prices hit new highs, but active funds did not hit new highs simultaneously.
This time.
Zhao Chen did not ask anyone to file it immediately.
Instead, Time-sharing Chart of one of the stocks is enlarged.
"Here."
He pointed to ten fifteen in the morning.
"Price Breakout."
Then point to the capital curve below.
"There is no breakthrough in funding."
Chen Xi said:
"Departure."
Zhao Chen nodded.
"Change of hands at high position."
"We can't call it low tide yet."
"But the cracks have appeared."
One o'clock in the afternoon.
The market reopens.
My mood did not deteriorate rapidly due to the morning's differentiation.
Instead, there was a brief recovery.
Several stocks that had just retreated began to rebound.
The media quickly provided an explanation.
High shock.
Change hands normally.
Fund allocation.
Core Assets market is not over yet.
Chen Xi saw these titles.
"The market quickly found an explanation."
Zhao Chen smiled.
"Of course."
"As long as the price doesn't really fall, everyone is willing to explain the fall as a change of hands."
He did not continue the discussion.
Because the real answer has not yet emerged.
One forty in the afternoon.
Wuliangye surges higher again.
Shanxi Fenjiu rebounds simultaneously.
Henglong Capital continues to reduce positions according to Phase Two plan.
Buying Pressure becomes thicker again.
Transactions resume.
This time, Zhao Chen did not pause.
"Give."
Chen Xi Confirm.
"Continue selling?"
"Continue."
Trading Desk starts execution.
The chips sold were quickly picked up by the market.
This allows Henglong Capital's Phase Two position reduction to continue to advance.
At the same time, the rebound of several other group assets did not go so smoothly.
Prices are back near morning highs.
But I just can't break through.
Fund inflows also did not return to early trading levels.
Chen Xi looked at the data on both sides.
Finally realized.
The market is not weakening as a whole.
Instead, obvious layers began to appear.
Funds are being selected.
2:18 p. m.
Core Assets, which had a large increase in the previous period, surged higher again.
Prices are less than a percentage point away from the morning high.
Then it quickly fell back.
Trading Volume suddenly zooms in.
Sell orders appear continuously.
This time.
Buying Pressure was not fully accepted immediately.
The price dropped a few points lower.
The researcher looked up.
"Here we go again."
Zhao Chen said nothing.
He stared at the capital curve.
Active buying does occur.
But the intensity is obviously weaker than the previous times.
The price failed to rise for the second time.
Then it fell back again.
Chen Xi said softly:
"This is no ordinary change of hands."
Zhao Chen nodded.
"You can now continue marking."
"But not yet Phase Three."
Chen Xi looked at him.
Zhao Chen said:
"Let the market make its first real choice first."
Two fifty-five p. m.
There are five minutes left until the close.
Wuliangye is still going strong.
Shanxi Fenjiu did not show any obvious position break.
However, several other group assets have been significantly weaker than in early trading.
The same section.
The same logic.
A completely different trend began to appear.
On the big screen of Research Institute, red and green began to alternate.
It's no longer as tidy as it was a few days ago.
Chen Xi stands in front of the screen.
"The cracks are becoming more and more obvious."
Zhao Chen has no answer.
He just glanced at today's Phase Two execution record.
The sale has been completed.
Those that should not be sold are not moved.
The trading plan did not change due to intraday fluctuations.
This is the most important.
Three o'clock in the afternoon.
Close.
There was no real panic in the market.
Wuliangye and Shanxi Fenjiu remain high.
However, the first round of clear differentiation has occurred within core consumption.
Some stocks are still hitting new highs.
Some stocks have already started to pull back.
Although the prices of some stocks have not fallen, they have lost the funds to continue to make breakthroughs.
Zhao Chen walks into Small Meeting Room of Research Institute.
No one was asked to summarize the market situation.
Just reload today's capital structure chart.
In the past few days, for the first time, those several upward curves that were almost synchronously showing different directions.
Prices are still high.
However, funding began to diverge.
Emotions remain strong.
But it's no longer neat.
Zhao Chen watched it for a few seconds.
"Put today's data into Phase Three Model."
Chen Xi asked:
"Phase Three Start now?"
Zhao Chen shook his head.
"No."
"Just getting ready."
He turns off the screen.
"Real adjustments don't require us to make them."
"The market will tell us itself."
Meeting Room became quiet again.
The city outside the window is still full of traffic.
In the capital market, for the first time, a small crack appeared in the group market that lasted for several months and was not easy to detect.
It hasn't been torn apart yet.
It is far from disintegrating.
Just starting from today,
No longer are all stocks moving in the same direction.
Some people are still at Add Position.
Some people started cashing in.
And the real differences in funding,
It often starts when these two seemingly ordinary things happen at the same time.