Rebound or have already past tense climax

 Orgasm or have a rebound past tense last week
Mo Fan
a relatively large stock market adjustments, especially in the Xiaban Zhou, in the case of blue-chip stable, the other much smaller stocks hit there, a lot of subject shares there have been several a limit. For the next step, many investors appeared in doubt, whether the current rally marks the end of intermediate, or large rally in a small adjustment.
our view is that the current intermediate rally may be over, 2400 is not short-term see the point, the market may choose low volatility approach. major reason is that our fundamentals improve the investment has been in the stock market, while also amended the valuation to a relatively high point. So the fundamentals and performance are not in a great incentive to push stock prices higher.
First of all, we feel that policy to stimulate the peak has passed. Although the first month of credit data than expected, while in February to 800 billion yuan may also, far more than the calendar year. But we believe that Credit has become a spent force, the number of credit into the real economy is a problem, the other most of the flow of capital loans, the economy may 1Q role of short-term boost, but it could start the economy is another issue. The Monetary Policy Report the problem of credit growth the most representative one statement is too fast and too early to encourage credit mainly to enhance production efficiency, long-term improvement of economic efficiency. For the role of short-term earnings upgrade is not, and each plate has reported a wheeled end, its effect in the sector has been fully reflected Lunzhang.
Finally, the change from the market perspective, in January and February market turnover and the number of shares traded are relatively high level, indicating that the market has been full of excited popular, short-term re-stimulate this level of popularity is more difficult.
course, there are many investors think the economy is in recession, but also that China will be the first out of recession, we noncommittal on such judgments, we believe that no matter how short-term market has fully reflected the momentum of this economic rebound . At present, power generation data and the PMI index will rise in the chain, but our view is: replaced by shock.