Brothers, the A-share market broke through the 4,000-point mark intraday today and barely closed above 4,000 points. We've plummeted another 56 points today—everyone's account must be bleeding red.

Looking back, I have to admire the national stabilization fund. Two months ago, the market rallied impressively, breaking through the 4,000 and 4,100 point barriers consecutively, with daily trading volume reaching 3 trillion across both markets. The national stabilization fund precisely reduced its broad-based ETF holdings at the peak—truly selling at the most crowded moment.

A few days ago, an expert said that the index might stay around 4,000 points next, and retail investors' accounts could potentially lose 20-30%. It looks like this could actually happen.

However, everyone shouldn't panic excessively. Right now, it's all bad news everywhere. Yesterday's Federal Reserve meeting didn't cut rates, and the tone was hawkish. Add to that wars pushing up oil prices and high inflation making rate cuts increasingly unlikely.

From what we can see, there don't seem to be any positive catalysts anywhere. But hope is often born from despair.

Just like when favorable news is everywhere, that's often the peak moment—like last October when the Fed had the opportunity to continue cutting rates, and AI capital expenditures surged massively. All the news was positive, and then Hong Kong stocks and U.S. stocks both topped out at that very time.

When you can't see hope and all news is dire, when it feels most hopeless, that's often when the market is forming a bottom.