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Yes, NASDAQ took the largest hit - it was the exchange of stocks that were outperforming the rest of the market - so it had the most correction.
And the market seems to be slowly worsening.
Two things to take note of:
1) Will there be a surge of buying (buy the dip) at the end of the day?
2) What will happen tomorrow?
That and what happens next week?
I.E., will the market flatten out or will it continue down?
I did not expect this (if it continues down) quite this soon - but I am prepared for a significant (10% or more) and sustained (weeks) correction/downturn - I took about 80% out of the stock market and into cash. Actually kind of counting on it - if it goes down beyond 10% and trends down from there, I will see what I can do about opening another IRA account and start gradually pushing from cash back into the market.
Pretty solid plan Heretic imo. I am now about 80% cash. I took a bunch out of my Lam Ressarch position after it started to decline last week after a ATH. I also scaled out of options calls Monday and Tuesday on Apple and Tesla I had on that were ridiculous amounts in the money. All I got left in market are some options calls on BABA that are just barely in the money and some Boeing stock and options. Might add some banks if they hold up in the morning. I was trying like hell to short ZM yesterday and the day before but no shares to be had and the options premium was crazy expensive.
While futures are not always indicative of where the market is going, if they are, currently it looks like at the least we will see the market opening down, not up in the morning.
That said, I think this is a temporary and minor correction that won't go over 10% - although I would benefit from it if it did and if it is longer term (it is not easy for me to move the funds around in my large IRA - it takes at least a couple of days).
The overall trend seems to be to continue down - approaching 10% down (if you count from its high on 9/2). I expect it to cross over 10% before the end of the month, maybe by the end of this week. Will it continue to go down?
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