Today looks like an absolute bloodbath
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.
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