The "Master Strategist": Currently, the actual holdings of this column's short-term, medium-term, and long-term securities portfolios are 50%, 56.25%, and 35% respectively, with market conditions categorized as clearly bearish, bearish, and clearly bearish. Last Friday (25th), the Hong Kong market showed strength in sustaining a rebound from its low, reflecting the sincerity of the bulls' counterattack, as the leaders of China and the U.S. reached eight consensus points. This morning (28th), the overall market showed mixed developments. Overall, blue-chip stocks and H-shares performed in line with the market, while tech stocks lagged relatively due to active selling of semiconductor and software services stocks, as agentive artificial intelligence once again exhibited uncontrollable incidents. This column believes that although U.S. stocks rose instead of falling after the U.S. Federal Reserve raised interest rates by a quarter point, any new bearish news could easily trigger another short-term correction. As for Hong Kong stocks, they may instead benefit to a certain extent from the aforementioned eight points of consensus between China and the U.S., showing a catch-up market condition.

With market conditions improving, trading volume in the overall market significantly increased, which originally would be a positive sign for the future market; however, considering the return of northbound funds and the fact that the Stock Connect ultimately recorded a net outflow of 6.554 billion yuan, the significance should be discounted. Optimistically speaking, at the very least, as long as last Friday's low holds, the Hong Kong market may fluctuate upwards, with a high possibility of another ultra-short-term rebound. Whether this can evolve into a short-term rebound will depend on changes in the major technical indicators on the index futures daily chart. It is recommended that investors reposition themselves to seize favorable opportunities to gradually re-enter the market and increase spot holdings from the short-term to medium-term; in terms of position sizing, both ultra-short-term and short-term positions should be 12.5%, while medium-term positions should be 6.25%. On the other hand, bulls should pay special attention to whether the 0.618 Fibonacci retracement level of the rise from the June 26 low of 22,518 and 22,521 in the Hang Seng Index and its futures—namely 23,920 and 23,928—officially breaks down. If there are signs indicating a high likelihood of this support level being decisively broken, investors should decisively retreat to lower positions and patiently wait for the next offensive opportunity. Chief Investment Advisor, Benny Leung, Economic Intelligence & Trading Intelligence (Website: www.BennyLeung.com)

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