Today looks like an absolute bloodbath

TechnicalHunter
08-05

Today looks like an absolute bloodbath with $SPDR S&P 500 ETF Trust(SPY)$ down -2.9%, $Invesco QQQ(QQQ)$ down -4.5%, $iShares Russell 2000 ETF(IWM)$ down -5.3%, $ARK Innovation ETF(ARKK)$ down -7.8%

This looks like March 2020 or what I was expecting if China invaded Taiwan.

I'm surprised we're seeing this much selling because the FOMC didn't cut last week, because recession fears have increased, because $Berkshire Hathaway(BRK.A)$ sold some $Apple(AAPL)$ , because $NVIDIA Corp(NVDA)$ is delaying their Blackwell chip -- this is starting to feel like an overreaction and a great buying opportunity for long-term investors.

$Invesco QQQ(QQQ)$ just bounced off the VWAP from closing low in October 2023 which is the same VWAP that it bounced off in April.

I'm not saying that it will hold, just making an observation. I think there's a good chance we get a bounce this morning.

FWIW, I'm 100% cash in my trading portfolio but I'll be a buyer in my investment portfolio.

ImageImage


Take Profit as S&P Hits 5800 or Hold Till 6000?
As the stock market hits record highs more than 40 times this year, there are concerns that history might repeat itself and another financial crisis could occur. ---------------- Will S&P 500 hit 6000 by year-end as institutions predict? Would you take profit and stay cautious ahead or hold till the year-end?
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment
3