I joked yesterday that I fired my ROBO advisor. It seems I can’t get one to meet me and discuss what happened this week.
I kid because I actually use Wealthfront for one of my retirment accounts, but I am tired of their customers calling me for advice!
These were my favorite snapshots from Stocktwits depicting the carnage in layman terms:
So where are we now:
In hindsight, China has led this mess down by a few months (notice the Invisible Hand – NOT- of the Chinese):
Apple is getting close to being exactly where it was 3 years ago. pic.twitter.com/YpKTppwyTh
— Joseph Weisenthal (@TheStalwart) August 22, 2015
Obviously it a brutal week for stocks and markets. That said, I was buying on Friday not selling. If you read me at all you know I have been selling into strength all year (I did buy $CHGG and $LULU last week) and have been stopped out of many long term positions as well as price dicatated. Now that panic is here, I like to buy and trade for profits that offset my longer term holdings. Friday I was using $GS, $XIV and $QQQ as my proxies. I am already underwater.
My gut feel this weekend is that any good rallies will be sold. I also expect Jesse Felder to be shaving sometime this fall so keep an eye on this line and chart:
Hope this helps.