On February 19, 2020, the NASDAQ composite made a local peak of $9,840. News of a rapidly spreading global pandemic, shutdowns of entire economies, and lots of deaths sent the NASDAQ spiraling basically straight down for 5 weeks in a row to $6,631 by March 23, in total, 32.6% of the value was lost from the high to the low. The market was in peak panic with the fear and greed index reaching as low as 8.
On November 6, 2021 the NASDAQ composite made a local peak of $16,212 and began to tumble. Most recently, NASDAQ has crashed another 24% with 6 red weeks in a row, reaching a low of $11,108 today, 31.5% lower than the all time high. The fear and greed index is at 6.
In other words, this market panic and fear is at the same level as March 2020, which was pretty extreme. It is never a good idea to panic and be fearful when the whole market is doing the same.
Hang in there, especially if you are young.
