On May 19, 1999, the Shanghai Composite Index started from more than 1030 points, and reached more than 1370 points in just over a dozen trading days. Later, the People's Daily published a comment saying it was a "resuming market."

Shuipi/text

"5·19" is a memorable day in the history of the Chinese stock market. On May 19, 1999, Shanghai Composite Index started from more than 1030 points, and reached more than 1370 points in just over a dozen trading days. Later, " People's Daily " commented on it as a "resuming market." Then, the index broke through 1500 points in one breath, reaching more than 1730 points, and then the index fell back to around 1300 points.

In 2000, the index broke through 2000 points, and in 2001 the index reached 2245 points, completing the entire process of the "artificial bull market". The starting point of "May 19" is actually that after the Southeast Asian financial crisis in 1998, the management listened to the suggestions of some experts and scholars to implement the "wealth effect" to enable the "wealth effect" of the stock market to activate domestic demand.

These experts believe that the money earned in the stock market is easy to come and consume quickly. Therefore, if the stock market performs well, it will form a social money-making effect, and consumption can be effectively driven. The Prime Minister at that time listened to this suggestion and launched the "May 19" market. But in fact, everyone knows that the "wealth effect" is a relatively illusory statement. In fact, the money earned in the stock market is always in and out of the stock market, and consumption and investment are two different accounts. However, the "5.19" market surged and impressive.

Whenever the market is down, everyone expects the emergence of "5·19 market ", and "5·19" has also become synonymous with the management's "artificial bull market". Today's investors also have certain expectations for this, not to mention that last night, the US Dow Jones Index soared close to 900 points, an increase of 3.85%. There will be such an increase because Moderna, a US biotech company, announced new progress in the development of the new crown vaccine, which is said to be effective. After the announcement of this news by Moderna, its stock price rose 20%, driving a sharp recovery in sentiment in the entire market, whether in the European stock market or the US stock market, the increase was between 3% and 4%.

In fact, the sharp rise in the Dow Jones Index is also related to the resumption of work and production in European and American countries. It is generally believed that the critical moment of the epidemic seems to have passed. If there is no second outbreak of the epidemic, life can basically return to normal. Europe has also lifted the air ban, which is to some extent an encouragement to investors' confidence. Although China has long entered the stage of resumption of work and production, ahead of other markets, the global market is interconnected after all, and everyone hopes that the sharp rise in US stocks can drive A shares to open high and close high today.

However, the actual performance of A-shares today is very, very disappointing, not only disappointing bulls, but also disappointing bears. It is understandable that bears are disappointed, because the stock market opened high today, of course, it is the performance of short sellers missing the opportunity, and bears expressed disappointment. But why are the bulls also disappointed? After opening high today, a downward trend followed. In the afternoon, although A-shares also stabilized under the pull of the three major U.S. stock index futures, they also opened high and left a flat trend throughout the day.

Shanghai Composite Index rose only one point, and rose one point when it opened higher, closing 0.81%. Shenzhen Component Index was better, up 1.21%, ChiNext rose 1.38%. After opening higher, it did not completely close higher. Moreover, today's trading volume is also very telling, only 641.53 billion yuan. This trading volume has decreased significantly compared to the past two days.

rose at the close of today's trading stocks and opened . So today the bulls were actually quite disappointed because they felt that the main force was not exerting force at the position. We also said some time ago that now is to maintain the market. For management, the task will be completed without a significant decline in the index. There is no room for upward expansion. The obligation or responsibility to make money for investors is at least not currently available. Therefore, it is the investor's own job to find upward space, and it is the responsibility of management to maintain the market stability to ensure that the index does not fall sharply.

So today's China Merchants Bank is relatively strong, including China Ping An . The strength of these two indicator stocks offsets the relative weakness of the "two bottles of wine" today to a certain extent. The "two bottles of wine" are actually not weak today, but compared with the endless pull-up of the two days ago, it seems a little "weak". But this weakness is a good phenomenon, because the "two bottles of wine" finally know how to advance and retreat, and know that they have to "take a breath". Generally speaking, it is still a stable market. Investors can wait for the situation, but it is actually unnecessary to chase the rise and sell the fall. Now the index is more or less like a suspended state. Today, it is a line from the opening to the closing. The fluctuation itself is not large. The funds are jumping around in individual stock sectors, which is in line with the basic judgment of maintaining stability and relatively stable stability.

commented in one sentence: The main force does not work hard.

Editor in charge: Chai Guanyu