Recently I have seen a lot of chatter from people arguing about the current state of the market. From my personal point of view, perhaps it is better to use the last stage of the transitional state between the end of the bear and the beginning of the ox, which is the final stage of a slope between two ox mountains. Of course, if the end of last year and the beginning of this year are defined as the end of the bear and the beginning of the ox, it is no problem that this year is the foundation-laying stage of the beginning of the ox. Market sentiment, liquidity, and the whereabouts of funds are important basis for us to judge whether the market is bullish or bearish. Currently, the Federal Reserve still maintains high interest rates, U.S. debt continues to suck blood, and there is a high probability that interest rates will be raised again at the end of the year. The macro environment is like this, where do the funds come from? The market's rise during the National Day period is mostly caused by the entry of safe-haven funds into the currency circle and the FOMO sentiment in the market. The stock market will open normally next week, and the fate of these funds remains to be discussed. Yesterday's big non-agricultural data exceeded expectations, which is a big negative for the market. When the leeks saw the big negative, they immediately chased the shorts without thinking, thinking that a big plunge was coming, so leeks will always be leeks. If you don't learn more, you will never be original. Step on the ground. It is true that the big non-agricultural data far exceeded expectations, which is negative, but it also means that the U.S. economy is doing well, so it is normal for the U.S. index and U.S. bonds to dive in the future. Some funds will flow back to the risk market, and the market will fall again after the negative data. The surge undoubtedly confirms this truth.