Look at the delivery in June and you will understand that today A shares will usher in the second delivery day of stock index futures listing. Because IF 1005 has basically been delivered in advance about three days before the delivery date, the position is insufficient 1000. In fact, A shares have not really been baptized by the trend of delivery date. Judging from the current situation, the position of IF 1006 is still very high, indicating that the capital contribution is letting go. The simplest truth is that before the Dragon Boat Festival holiday, it should have been the time for funds to lighten their positions with the help of holiday factors (because the long holiday has a great impact on the capital market, and it is easy to suddenly open lower and go higher when they are suspended for a period of time), and the futures margin trading, most afraid of, is likely to make Man Cang people explode their positions or lose a lot of money, so every holiday is the time when their positions drop significantly), which makes the delivery pressure drop and only to find that the positions have dropped. There are three factors. First, both long and short sides have some "gambling" mentality, expecting to open higher or lower, and directly make substantial profits. This kind of risk is extremely high. Yu Ming believes that ordinary investors had better not engage in such high-risk operations. Even if you win the bet in the end, bad habits are hard to change. In the capital market, it is still a game, which is an operation under the premise of paying attention to the balance between risk and risk-return. Even if the high-risk operation finally brings you benefits, a sweet spot will become the biggest obstacle to your future operation, and a high-risk failure means zero wealth. Therefore, it is wise to leave some space for yourself and avoid being desperate. Because there will be a small holiday later, it is suggested that ordinary investors, no matter how many orders, empty orders or profits are before the holiday, mainly focus on lightening positions and reducing risks, so as to make some room for you and let you get more. The second is to lay the foundation for delivering changes. The gap between the current index and the position is two major conditions to judge whether the delivery date has changed. At present, the latter is the main factor of today's delivery changes. Closing positions is the opposite of invoicing, so short positions need to buy back positions and long positions need to sell back, which makes the situation more complicated. Now both long and short positions have weaknesses. At present, bears are profitable. If the short positions are closed at a profit, it will push up the contract, so that multiple orders can reduce losses or make the short game successful, which is beneficial to the bulls. But the bulls are mostly short positions or previous loss orders. If the bulls close their positions, the contract will inevitably fall further, resulting in a situation of killing more, which is the biggest blow to the popularity of the bulls. The contracts in May and June are short wins, which will shake the operation direction of the funds themselves. Third, it is also the root of Yu Ming's belief that this stock index futures has created a mystery, that is, the bears want to gain the right to speak in the market and let the bulls surrender their guns completely. Brokers headed by Guotai Junan are the main components of short positions, and Zhejiang Fund headed by yongan futures is the firm force of bulls. However, from the perspective of two months, the bears won a great victory, and the bulls as a whole occasionally suffered a small loss. The reason why bears still don't close their positions and buy back big profits, but maintain a high level, Yu Ming thinks that it is not excluded that bears want to completely defeat short funds and establish the absolute advantage of the market. Because at present, bears are advantages and profits. Even if they don't take the initiative to close their positions, the final settlement will not affect them, but the bulls are different. Some short positions and those who have been covered by long positions before hope to take advantage of the repurchase generated by short positions to make profits or reduce losses. If the short position is forced to close, it will only be forced to close, otherwise the above-mentioned situation will occur, and the short position will earn more. If the long position is not closed, then only the loss will increase. Therefore, the bears did not give up at the last moment, and even increased their positions, and did not give any pity to the bulls. Either they have a deep hatred for the bulls or they want to establish the right to speak in the whole market. In short, in either case, the initiative is in the hands of the bears. Now there are more than 5,000 contracts in June, which is enough to cause some waves in the market. In addition, don't forget that the intraday position of the IF 1007 contract is close to 2W, which means that the position of 1W was increased on Thursday. Such a large number of bills will inevitably increase the fluctuation of the market itself. With the help of IF 107, and 6. 18 was suggested by Yu Ming in the May strategy, which followed 20091.24, 20 10, and 4. 19 in 2000. Many factors add up, and the trend of this day is very important.