The opening is about to happen soon. Today is the last withdrawal selling day before the holiday. From a psychological perspective, people are generally cautious. Additionally, the overall weakness in the US stock market last night will also put some pressure on the opening of the A-shares.

After the release of the US non-farm payroll data for January, market expectations for interest rate cuts have cooled significantly. The three major US stock indices opened high and then dropped sharply, subsequently rebounding slightly, closing with limited losses, but overall in the green. The external market is generally bearish, but as long as there is no significant crash, the actual impact on A-shares is limited.

The key focus remains on A-shares themselves: today is the last withdrawal day before the holiday. According to tradition, funds intended for withdrawal during the New Year must sell stocks today. Theoretically, the selling pressure will be quite evident, and the market is concerned about whether it can withstand the pressure.

First, let's talk about the situation in the US stock market last night:

The Dow, Nasdaq, and S&P all closed in the green, but there was significant internal differentiation. The market attributed the decline to the cooling of interest rate cut expectations. However, in reality, the strong economy supports the stock market far more than the interest rate cuts themselves. This round of the bull market in the US emerged during the interest rate hike cycle, indicating that the core of the rise and fall is not about whether to raise or cut interest rates.

Moreover, the US dollar index had very little fluctuation last night and did not surge due to the failure of interest rate cut expectations, which also indirectly suggests that the market is not as panicked as it seems.

In the short term, there may be emotional impacts on A-shares. A low opening and slight decline in the early session are normal, but this is only a temporary effect. The domestic monetary policy remains loose and will not be driven by the Federal Reserve.

In terms of sectors, semiconductor stocks in the US performed very strongly, with Micron, SanDisk, and others rising nearly 10%; while tech giants like Google and Microsoft weakened. Chinese concept stocks overall were weak, with the Golden Dragon Index slightly down. Alibaba, JD.com, and Pinduoduo turned red, while Weilai and Bilibili went against the trend and closed in the green. Gold and silver continued to strengthen, especially silver leading the gains, with risk aversion sentiment clearly heating up.

Back to A-shares:

The biggest pressure today is the selling pressure before the holiday withdrawal day.

However, everyone should also see that the market has adjusted for two consecutive days, and many individual stocks have not fallen small. The short-term profit-taking is already limited, and the actual selling pressure that can be unleashed is quite limited.

Moreover, the market atmosphere is different now; bullish expectations are rising, and "holding stocks through the New Year" has become the mainstream voice. Ordinary investors are actually less willing to easily go short before the holiday.

So my view is very clear:

Today, there is no need to scare yourself.

Even if the market starts to decline at the opening, there is no need to panic;

If the early session surges without volume, one should be cautious. A rebound without volume is hard to sustain, and chasing high may lead to standing on the sidelines;

If there is a sudden drop during the session, for those with light positions, it is actually an opportunity to buy low before the holiday.

The historical pattern is also very clear: in the week before and after the Spring Festival, the probability of the market rising is extremely high. Worrying about a significant drop after the holiday is actually unnecessary.

Summary of operational strategies in three sentences:

Do not chase rebounds without volume, dare to buy during sharp declines, and hold a comfortable position for the holiday.

No need to be entangled or overly emotional; every pullback in a bull market is a red envelope for rational investors.

Wishing everyone a prosperous account, a peaceful New Year, and a battle after the holiday!