昨日A股市场出现了震荡中重心有所下移的态势。但上证指数在击穿2100点之后，未见恐慌盘，反而出现了震荡回稳的态势。尾盘有所拉升，重回2100点。那么，这是否意味着A股已不破不立，重现新的投资机会？

Yesterday a-share market has shock of center of gravity to move down the situation。But the Shanghai index in the breakdown after 2100 points，Did not see panic plate，Appeared instead concussion bounce back situation。End dish to pull to rise，Return to 2100 points。so，Does this mean that A shares has nothing down, nothing up，Recreate new investment opportunities？

指数被期指绑架 Index was period refers to the kidnapping

　　的确，近期A股的走势够磨人的。在前期，上证指数两次探至2100点附近，但又迅速被神秘资金拉起。

indeed，The recent a-share trend of grinding enough。In the early，The Shanghai index two ground to near 2100，But then quickly be mysterious funds pull up。

　　昨日，市场再度因为市场预期中的利好，比如降准、降息等未兑现，而出现失望的情绪化抛盘，导致大盘出现击穿2100点的态势。但即便如此，上证指数在午市后，又一次在贵州茅台(600519,股吧)等蓝筹股的驱动下重回2100点上方。如此的态势说明，当前在2100点附近，市场确实存在着一股神秘的资金，2100点由此成为神秘的数字。

yesterday，Because the market is expected to market again the bullish，Such as drop must、To cut interest rates and outstanding，And appear disappointed emotional PaoPan，The market to appear breakdown 2100 point the situation。But even so，The Shanghai index in the afternoon after the city，Once again in guizhou maotai(600519,guba)The blue chip stock such as driven by return to 2100 points above。So that the situation，In the current near 2100，The market there is a stream of mysterious funds，2100 points will be mysterious figures。

　　不过，有分析人士指出，2100点其实并不神秘，主要是因为股指期货的存在，使得市场的调整显得更为拖泥带水。因为股指期货具有较强的对冲、套利等特征。暴涨与暴跌均会引发平仓盘的套现。所以，多空双方的力量在短期内均无法迅速急剧释放，如此就导致了大盘在近期反复震荡，从而出现磨人的走势。也就是说，指数已经被股指期货所绑架。因此，2100点已不再是重要的心理整数关口，而只是一个符号，其含义相当于2110点、2111点或2112点，并无特别的含义。

but，Analytic personage points out，2100 point actually not mysterious，Mainly because of the existence of the stock index futures，That makes the market adjustment appears more messy。Because the stock index futures has strong hedge、Features such as arbitrage。Jump and collapse all can cause ccount dish to cash。so，Many empty bilateral strength in the short term is not sharp release quickly，So led to the market in the near future shocks repeatedly，Thus appeared the trend of grinding。That is，Index has been kidnapped by stock index futures。therefore，2100 point is no longer important psychological integer gates，But only a symbol，Its meaning is equivalent to 2110 points、2111 points or 2112 points，There is no particular meaning。

阴跌拉长寻底周期 Yin fell spin found bottom cycle

　　正由于上述原因，业内人士认为，周一的走势并不代表底部的来临。这也得到了以下三个信息的佐证：

Because of the above reasons，The personage inside course of study thinks，Monday's trend does not represent the coming of the bottom。This also had the following three information evidence：

　　第一，市场从未出现过先地价再地量的走势。因为周一盘中先现近期的调整新低，而后才现近期的成交地量，所以，根据地量后才现地价的技术规律，大盘仍需要反复震荡走低。想想也是，一个如此低迷的成交量，说明市场未有增量资金的介入。也就是说，A股在昨日的企稳，主要是期货平仓盘引发的部分资金回补仓位所致。这部分仓位目的并不是股指的低企而主动加仓，只是被动的回补仓。因此，难以产生积极主动的攻击力量。

The first，Market has never seen again first land price of trend。Because first Monday plate is the adjustment of the recent low，And then we recent clinch a deal amount of land，so，Base quantity before we land price technical rules，The market still need to be repeated shock slump。Wanting is also，Such a sluggish turnover，It is illustrated that the market no incremental funds intervention。That is，A share in yesterday's stabilises，Mainly futures ccount plate caused part of the funds covering caused by position。This part of the location purpose is not stock index of low qi and active and warehouse，Just passive covering warehouse。therefore，Difficult to produce active attack power。

　　第二，决策层面对货币政策的容忍度远远超出市场预期，这无疑也考验市场参与各方的忍受度。目前国际粮价、国际油价强劲反抽，而由于中国现在是粮食进口国、原油进口国，所以，这些国际大宗商品价格回升，意味着中国的输入性通胀压力依然存在。与此同时，2009年的货币宽松政策释放出来的海量货币仍然在市场游荡，因此，货币政策渐成刀尖上的舞蹈。而证券市场的重大低点、历史性低点，几乎都是由货币政策转变而带来的。所以，只要货币政策继续按兵不动，那么，真正意义上的低点也在寻觅过程中。

The second，Decision-making in the face of the monetary policy tolerance far beyond market expectations，This undoubtedly also test market participants of the allowance。The international food prices、International oil prices strong reverse extraction，As China is now food importing countries、Crude oil importer，so，These international commodity prices rebound，Mean China's input sex inflationary pressure remains。meanwhile，2009 years of monetary easing released mass currency in the market still wandering，therefore，Monetary policy gradually into the dance of the blade。And the stock market major lows、Historic lows，Nearly all, of the monetary policy shift and brings。so，As long as the monetary policy continue to sit tight，so，In the true sense is low in the search process。

　　第三，目前A股板块与指数的剪刀差越来越严重。其中医药股最为典型，近半年来，医药股一路涨升，上证指数一路走低，从而使得剪刀差的叉口叉得越来越大。如果医药股的业绩增速不如市场预期，此类个股极有可能会产生强大的补跌能量。而贵州茅台(600519,股吧)、五粮液(000858,股吧)等个股仅仅因为批发价格端的调整就使得此类个股在上周出现了数波杀跌。因此，一旦医药股出现预期外的政策打击，极有可能产生杀跌能量，从而意味着A股市场仍存在着调整的压力源泉。

The third，At present A share plate and index of scissors more and more serious。The most typical pharmaceutical shares，half-year，Pharmaceutical shares rise all the way up，The Shanghai index dropping，In order to make the scissors of fork fork more and more big。If the pharmaceutical stocks performance growth than market expectations，Such stocks is likely will produce strong complement fell energy。And guizhou maotai(600519,guba)、Wu liang ye(000858,guba)Individual stocks such as just because the wholesale price adjustment will make such stocks appeared last week for wave winners。therefore，Once the pharmaceutical shares in an unexpected blow policy，Probably produced the industrial energy，Which means that the a-share market is still exist adjustment pressure source。

谨慎中关注两类个股 Careful attention in two kinds of stocks

　　综上所述，笔者倾向于认为，指数固然可能会因为指标股的发力等因素而在近期有所企稳，但是，就周K线的趋势来说，调整未完结。正因为如此，在操作中建议投资者继续谨慎操作，适量控制仓位。同时，尽量不盲目追涨。毕竟在无量的地量水平下，很难产生强大的做多能量。

To sum up，The author tend to believe that，Index is may because index strands of hair force and other factors and in the near future to stabilises，but，Just weeks K line for the trend，Adjustment is not。Because of this，In the operation suggested investors continue to careful operation，Right amount control positions。At the same time，Try not to blindly chase after go up。After all, in the boundless land quantity level，It is difficult to have a strong do much energy。

　　当然，毕竟指数已处于3年多来的低点，风险在一定程度上得到释放，因此，对一些产业趋势乐观的品种也可作战略性建仓的准备。一是产业趋势乐观，无产业天花板的个股，比如说第三方检测的华测检测(300012,股吧)，独立实验室的迪安诊断(300244,股吧)等个股。二是产业投资热点，业绩相对确定的品种，比如说四方股份(601126,股吧)、许继电气(000400,股吧)等配网自动化等业务股。

Of course，After all index are already in 3 years lows，Risk in a certain extent release，therefore，For some industry trends optimistic varieties also can make strategic ready to open a position。One is the industry trends optimistic，No industry ceiling stocks，For example the third party testing China testing measurement(300012,guba)，Independent laboratory dean diagnosis(300244,guba)Stocks such as。The second is industrial investment hot spot，Performance relative certain varieties，For example square shares(601126,guba)、XuJi electrical(000400,guba)Distribution network automation, such as the business such as shares。