Bros, the A-shares broke through the 4000-point mark intraday today, and barely closed at 4000 points. Another sharp drop of 56 points today—everyone's accounts are in the red, right?

Looking back, you have to admire the national stabilization fund. When the market rallied strongly over the past two months, breaking through the 4000 and 4100 point levels consecutively, with daily two-market turnover hitting 3 trillion every day, the national stabilization fund precisely reduced broad-based ETF holdings at the peak. That's selling at the most crowded moment again.

A few days ago, an expert said that the index might hold steady at 4000 points going forward, and retail accounts could potentially lose 20-30%. Looks like this could really happen.

However, everyone shouldn't panic too much. Right now there's bad news everywhere—yesterday's Fed meeting didn't cut rates, and the tone was hawkish. Add to that war pushing up oil prices, and high inflation making rate cuts increasingly hopeless.

Now it seems we can't see any good news at all, but hope is often born from despair.

Just like when there's good news everywhere, that's often the peak, like last October when the Fed had the opportunity to continue cutting rates, AI capital expenditures surged, and every piece of news was positive—yet Hong Kong and US stocks both topped out at that moment.

When there's no hope and bad news everywhere, the most desperate moment is often when the market is bottoming out.