The technical term for what happened the last two days is “Holy Shit Batman”. It was certainly fast and furious. As bad as it was, SPY and Nasdaq are still up for the year and prices are just back to July.
S&P500 Index ETF (SPY) daily
Invesco QQQ Trust (QQQ) daily
So, do we buy the dip or sell the rip?
Probably a little bit of both.
Amazon.Com Inc (AMZN) is looking interesting as well as Square (SQ).
Square (SQ) daily
If they can hold support tomorrow they have a good chance of another leg up. I bought a little more SQ today just under $70.
Amazon.com Inc (AMZN) daily
I would err on the side of waiting until the week is over before doing anything though. It is very likely that I will recommend some selling going into next week.
Trade Smart,
Don