Bull market has stabilized to see the two signals to adjust.

<P>: Http:// hearing, although the A share market on Wednesday, Yang K line, implies a "warm" means, but has drastic changes on Thursday, stocks in brokerage stocks, steel stocks and other species, driven by sharp .down, the Shanghai index plunge 271.76 points, has been an important support fell below 5500 points, making follow-up to trend of the market becoming more pessimistic. .Basis by the challenge of the bull market </ P> <P> for a bull market, it must have two elements: First, abundant capital, and second, the growth performance. .</ P> <P> the other hand, the current round of market, abundant capital appreciation of the renminbi and other key factors that brought about the excess liquidity, thereby promoting the re-valuation of asset prices. .Mainly refers to the growth performance of the new accounting standards arising from the revaluation of assets and economic growth in China brought about by the financial, real estate, steel and other cyclical industries. .This makes the performance of listed companies in 2006, 2007, maintained a rapid development trend. .</ P> <P> However, growth performance not only refers to the growth of the past, but also future growth expectations. .And this is precisely the test by the market, are mainly two points: </ P> <P> first three quarters of quarterly performance of listed companies shows the chain growth rate declined. .To Shanghai, for example, the third quarter of Shanghai-listed company achieved operating income 1.6669 trillion yuan, increasing 96.47% chain, below the second quarter, an increase of 179.43 percent over the ring. .Third-quarter net profit of 222 billion yuan, the chain increased 125.99 percent, also lower than the second quarter, an increase of 154.43 percent over the ring. .This means that listed the company's future growth is expected to be tested. .</ P> <P> Second, subordinated bonds in the U.S. economy has been turmoil, slowing down the trend. .In China, economic growth is one of the troika exports, therefore, the U.S. economic slowdown will curb the growth of our export business: According to customs statistics, from January to September this year, the country exports 878.13 billion U.S. dollars, compared with same period last year .27.1%, slower than the 0.6 percentage points from January to August. .September month, the national export 112.48 billion U.S. dollars, up 22.8%, slower than the 4.9 percentage points from January to August. .</ P> <P> separate ways so to make money on listed companies to maintain high growth next year could produce differences. .This means that A-share market is currently one of the bull market based on growth performance under severe test. .</ P> <P> appreciation of the shorter adjustment period </ P> <P> is worth pointing out that although the country still exists excess liquidity characteristics, but in the local context, liquidity is being tested, in particular, .is the A-share market: one is the growth in demand for funds, just to attract the 1000 China Petroleum billion liquidity; the other is the relatively tight supply of funds, not only is the regulatory "window guidance," inhibition of the Fund .the scale of expansion, but also to the issue of new funds still can not see the information. .</ P> <P> superposition of many factors that makes the market in the short term sell into panic, especially in performance, decreased the iron and steel, nonferrous metals, coal stocks have become the recent reduction of funds transfer positions of the preferred varieties ., so that the broader market continued to adjust in the near future. .</ P> <P> However, I believe that the bull market based on the broader market despite the challenges, but the basis for the bull market still exist, mainly brought about by the RMB appreciation because of excess liquidity in the possibility of intensified pattern or yesterday --- .Yong yuan against the U.S. dollar broke 7.44 and 7.43 mark two, reaching 7.4251 level. .This makes it one of the sources of excess liquidity in the foreign exchange will release more of the RMB, and so is bound to promote the long-term stock price revaluation of real estate and other assets, it is also long held the follow-up trend is still reason for optimism .one. .</ P> <P> so I believe that the recent broad market continued to decline, the trend has been the formation of continuous adjustment, and only after a good stack, to be able to change the trend of the formation of the power, so the broader market in the short term is likely to test support of 5,000 points .. .However, due to record high exchange rate continue to asset revaluation brought about by the power, the Shanghai index is also difficult to form turnaround, but also may reduce the market's adjustment cycle. .</ P> <P> concerned about two trends </ P> <P> the author of the follow-up to trend with two views: one is the adjustment of broader market trends become more clear, and the trend is therefore not against, try not to bounce a small level .; Second, the market's long-term trend will have a strong or even a new high, after all, brought about by the high exchange rate revaluation of assets, although the basis of power means that the bull market of disability, but can be bumps ahead. .</ P> <P> it is recommended that investors continue to lesser positions in the short term, while close attention to the two signals: one new fund issue, which means that the market "policy at the end" come; Second, shares of RMB assets .banking, real estate, etc. to re-form a rising trend channel signal, which means "market bottom" to come. .</ P>.