legendary trader

Chapter 813 814 Disappointment
On Monday night, Chen Fan walked into the trading room and saw that besides Lin Hong and other traders, Zhang Quan was also sitting there.

Seeing Chen Fan coming in, Zhang Quan got up, holding an A4 paper in his hand.

Chen Fan nodded, walked quickly to his seat and sat down, took the things Zhang Quan handed over and glanced at them.

This is a list, which lists the names of some fund companies, but most of them are in English. Chen Fan also guessed that it might be the list of fund managers who were interviewed by the top management of Enron Company at the weekend.

"Is there any other news?"

There is still some time before the rice stocks open, Chen Fan glanced at Zhang Quan and asked.

Zhang Quan shook his head, "Our people have not been able to figure out what's going on inside."

Chen Fan smiled after hearing this, and shook his head lightly, "It doesn't matter, the market will open soon, and everything will be revealed at that time."

While speaking, it was time for the rice stock call auction. With the entry of buy and sell orders, stocks began to refresh their opening prices. Under the operation of funds on and off the market, the opening prices of stocks fluctuated up and down.

Without getting information on the negotiations between Enron, funds and investment institutions, Chen Fan could only turn his attention to the stock market and guess the outcome of their negotiations through the changes in buy and sell orders during the opening period.

The result of the opening is also obvious. The opening price of Enron's stock was set at 37.61 yuan, directly hitting a new low since this round of adjustment.

The opening price also indicated that the negotiations between Enron and the company's main investors did not make any progress over the weekend, and now these stock holders have chosen to sell and leave.

It has been more than half a year since someone noticed the abnormality of Enron at the end of last year. From the recent stock price movements of these companies, it can be seen that Enron is in big trouble.

Although the stock price continued to fall, it is indeed related to the deliberate suppression of the short-selling institutions before, but judging from the current market characteristics, more and more investors are biased towards Enron's financial problems.

Moreover, in fact, during the weekend meeting, these institutions came more with the intention of testing Enron's financial problems.

Although neither Kenneth nor Jeffrey explicitly stated Enron's financial problems, from their flickering eyes, these fund managers already knew the answer.

Therefore, after they knew the answer, they discussed overnight and finally chose to leave.

No one but the executives of Enron can tell how big the swindle Enron has made this time. After all, the company's finances are the company's top secrets. To the data, and these fund companies and investment institutions are the same.

They can only make a rough guess based on the paparazzi's interview materials and market rumors. Of course, the result is very pessimistic.

In fact, the three major indexes of the rice stock market all opened lower today. Obviously, they have realized that Enron’s financial problems may only be the fuse of a new round of market crash. There are companies with financial fraud in the market, and they are still one of the top [-] companies in the world. What about other companies?

Which other companies, like Enron, have frauds of one kind or another?

Today, those high-growth stocks in the rice stock market have ushered in a dark day. A large number of stocks that have been speculated due to high revenue growth have shown a trend of heavy volume decline today.

Before it is clear whether there are any problem stocks in the market, there will be a large number of buy orders on these stocks.

In the trading room of Oak Tree Capital, Chen Fan, Lin Hong, Zhang Quan and the others watched with excitement as Enron's stock price continued to fall after the market opened. Now there is no need for them to take action, and the snowflake-like sell orders on the market completely overwhelmed the stock price. .

It's just because the news hasn't spread completely. At the beginning of trading, Enron's stock price fell with a rapid increase in trading volume. However, after the heavy volume, the sales orders on the market did not decrease at all. .

Reminiscent of the recent rumors about Enron's stock, they immediately chose to stop.

After a violent increase in volume, Enron's stock price stopped falling around 36 yuan. Of course, the reason for the stop falling was not because of the surge in buying orders on the market, but because there were only scattered and sparse small buying orders left below, which continued to fall The loss is too great.

The big, syndicated buy orders completely disappeared on Enron's stock. In just ten minutes, news about the secret contact between Enron's top management, fund companies, and investment institutions was quickly spread.

Don't blame people for being too gossip, the sharply lower opening today, and the sharp drop in volume after the opening, all show that some of Enron's shareholders have begun to flee.

As soon as I quickly inquired about the funds and institutions that are on the list, the news spread out somehow.

Because there is no buy order below, the temporary stop of the stock price is actually fragile.

Now the shareholders are not optimistic about the company, and they have lost confidence in holding shares. It is only because they can't sell the shares that they can't sell them, so they temporarily stop selling.

However, the market actually only needs one fuse. As long as one institution is determined to kill it, other shareholding institutions will never just watch it, and will also join the team. Now there is a lack of a leader. organization only.

At that time, Chen Fan guessed the reason why the stock price stopped falling in volume. It was too obvious. If he didn't pay the bill, if he continued to sell down, it would be a shrinking and falling trend.

But I'm still a little hesitant. Now the market situation is very clear, but should I take action to kill the stock price.

It is very easy to kill at this time, and it is easy to cause the market to crash. Chen Fan has already noticed the performance of those high-growth stocks today. Chen Fan has never thought about killing the market.

Although Chen Fan did not take action to smash the market, those individual investors holding Enron shares at this time will not dislike the fact that these purchase orders are too small. They themselves do not hold many stocks, and small sales orders are still firmly suppressing Enron's stock price. , although it did not go out of the previous slump trend, but the negative trend also hit the market sentiment very much.

The stock price of Enron fell 3.45 yuan throughout the day, closing at 35.97 yuan, a sharp drop of 8.75%.

After the market closed on Monday, Enron's response to the continuous decline in stock prices can be said to have completely disappointed these institutional investors who hold Enron shares.

At this critical moment, Enron did not release any good news to stimulate the stock price, but Enron's president, Kenneth, attended various banquets as if rushing to the market, and kept saying bullish remarks about Enron amidst the siege of reporters.

But his words did not restrain the current market downtrend at all. Enron's share price continued to fall after the market opened on Tuesday.

Before the opening of the market, Chen Fan learned from Zhang Quan that in addition to the suspicion of the American investment community on Enron's financial statements, he was also disappointed with Enron's management's response to the current situation.

In fact, even if there are flaws in the company's financial statements and there are problems of beautifying the statements, as long as it is dealt with properly, the stock price will not fall to the current level.

It was the carelessness of Enron executives before that stopped the incident from developing into what it is now.

"Those investment banks have been completely disappointed in Enron? If this seems to have fallen sharply, will the stock price be cheap enough for these institutions to enter the market to buy the bottom?"

After Chen Fan listened to Zhang Quan's report, he pondered for a while before asking a question.

"As far as the current situation is concerned, at the current price, those institutions should not enter the market aggressively, but if the stock price falls too hard, it will be hard to say. After all, Enron's plate is there, and the US newspapers reported earlier. Some situations are also very suspicious. In fact, they are visiting many projects that Enron has long since given up on, and they are just using alarmist news to win readers’ attention.”

Zhang Quan thought about it and expressed his opinion.

Regarding Zhang Quan's answer, Chen Fan did not express his opinion, but nodded slightly while listening to express his approval, and then waited for Lin Hong's opinion.

"It's best to continue to keep falling. There has been a lot of falling in the past few days. If you continue to sell down, it may really attract bottom-hunting funds. At that time, they will stand in the opposite camp, and maybe they will help Enron find a way to tide over the difficulties. "

Lin Hong expressed similar concerns to Zhang Quan.

It does not mean that if there is a problem in the company, the stock price will plummet all the way, and when it reaches a reasonable price, there will be enough room for profit, and the market will not lack funds for bottom-hunting.

"Well, it's similar to what I thought, so it's fine to maintain the downward trend, and continue to maintain the downward trend in the past few days. With a little guidance, if those institutions smash the market, let's not worry about it."

The worries of Zhang Quan and Lin Hong played into Chen Fan's hands. He had been worried that the stock price would drop too much, which would cause funds to enter the market. Then he would not be able to control the market as he wanted now, because he had an opponent.

Chen Fan didn't go head-to-head with his opponents for the funds that entered the market several times. In fact, he was worried about the situation of Enron's financial problems. In the end, they all chose to stay away, instead of considering directly smashing the market and crushing their opponents.

For a company of Enron's size, as long as it doesn't admit it, even if it lets the regulatory authorities investigate, it will only consume a lot of time and money. Moreover, the internal finances of such a company are of course very complicated. It is necessary to figure out those transactions. , God knows when it will take.

Chen Fan didn't want to waste too much time on Enron, he just needed to let the stock price continue to fall and quickly exit the market at the low inflection point.

He was in the same camp as the Enron shorts who had no idea how big the hornet's nest they poke was and what it would turn into in the end.

In fact, the stock price has fallen to the present, and Chen Fan is already thinking about when to quit.

After half a year of suppression, Enron's stock price has fallen by nearly 4%, and their 12 million shares of the stocks they borrowed have already made a profit. They brought [-] billion yuan in profit.

The reason why Chen Fan can persist until the end is because every time the light is like that, when Chen Fan intends to quit, the light disappears in real time, which makes him have to continue to wait, obviously now is not the time to leave .

I was also worried about what was coming. When Chen Fan was going to continue to wait and see, Anran estimated that it had fallen below 35 yuan. When Chen Fan inadvertently touched his forehead and looked at the computer screen, the faint light on the Anran stock interface appeared again. .

However, Chen Fan didn't pay much attention to it. Now the stock price is running freely. Although it is falling, the decline is limited. Under such a background, it is normal for the stock price to fluctuate. Maybe Enron's stock price will reverse soon.

That's what Chen Fan thought in his heart. After the opening of the market, they still haven't seen any selling orders from the institutions. This shows that they haven't made a final choice. Maybe they have regretted it after the market opened on Monday. Not much was lost, but the loss was very heavy.

But it didn't take long for Chen Fan to be a little dumbfounded. As the stock price gradually moved away from 35 yuan, maybe those holding institutions lost their last thought. To sort out the platform, most of the institutions on the shareholder list now enter the market here, and the cost of completing the warehouse building work is mostly between 30-20 yuan.

Now Enron's stock price is very close to their shareholding cost, but there is no good news about the company. Even if they want to create a wave of rebound and leave the market, it is impossible. The newspapers and media are still reporting all kinds of rumors and bad news.

I don’t know which institution finally endured such an endless trend and chose to clear the position. Maybe it was the liquidation. The pressure on Enron’s stock market gradually increased, and the decline in the stock price began to accelerate obviously. 34 million yuan was quickly sold. It fell through, and all signs show that today is another big drop day.

In the second half of Tuesday, Enron's stock price fell significantly faster. After the stock price fell below 34 million yuan, it soon touched 33 million yuan, but this did not end. The decline continued until the close, and Enron's stock price finally closed at 31.61 After falling more than 8 points on Monday, the dollar fell again by 4.36 meters on Tuesday, a drop of 12.12%.

On Wednesday, rice stocks continued to be affected by the drop in Enron's stock price, and all three major indexes fell at the opening.

Although Enron's stock price has fallen by more than 30.85% this week, the opening price on Wednesday was [-] yuan, and there is still no sign of stopping the decline and stabilizing.

The trend after the opening of the market was also confirmed. A few minutes after the opening of the market, Enron's stock price hit the 30-meter round mark. When the market thought that this would not form a support for Enron's stock price, Enron's stock price unexpectedly stopped falling.

At this time, the trading volume on Enron's market was not large, which showed that the funds entering the market were not too much, but it was just such a small purchase order, which unexpectedly propped up the market.

"Mr. Chen, let's smash it. Now there are more than 30 shares paid, and it can be easily smashed through."

Lin Hong stared at the Enron disk and thought for a while, then suddenly suggested.

They haven't made a move for a few days, and up to now, all the short-selling stocks that need to be covered have been filled, and now there is a sign that Enron's market is about to stop falling. A new round of decline in Enron's stock price.

(End of this chapter)