To The Moon

🌟🌟🌟Stocks fell today in the US largely due to a drop in Big Tech Stocks.  VIX, the Fear index jumped 7%, rising off its lowest level since January 2020.

The Dow Jones Index is down 0.8%, S&P 500 is also down 1.2%.  Tech heavy Nasdaq 100 Index is down 1.6%.  All 3 indexes registered their worst day since August 24, 2023.

Information Technology was the worst performing sector in the S&P500, down nearly 2%.  Adobe shares fell more than 4% even after it posted better than expected results.

AI Stocks also slumped - $NVIDIA Corp(NVDA)$ 

$Meta Platforms, Inc.(META)$ 

$Amazon.com(AMZN)$ 

and AMD, each fell 3% or more.

$Apple(AAPL)$ 

Fell 0.4% while Microsoft fell 2.5%.

Even ARM which just IPO yesterday with an impressive 25% jump, is down today.

Today is also Triple Witching Day which means high volume, high volatility. USD 3.4 Trillion worth of stock options are expiring today.   That adds to the volatility of the markets today too. 

$Nasdaq100 Bear 3X ETF(SQQQ)$ 

is up 5% today.  SQQQ seeks a return that is - 3x the return of its underlying index which is the Nasdaq 100 for a single day.  Due to the compounding of daily returns, it is not advisable to hold this ETF greater than 1 day as it will skew the results.  SQQQ is a good ETF to hedge against an unexpected decline in the market and to profit from a Bearish market.

The most important event next week is the Fed's Open Market Committee meeting concluding on Wednesday September 20, which will reveal if the Feds will hike interest rates and its expectations for monetary policy moving forward.  

So it looks like next week will be another choppy week ahead but it's a great time to bargain hunt quality stocks on sale.    As Warren Buffett famously said when there is Fear in the markets, it is time to be greedy. 

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