Renowned trader and technical analyst Peter Brandt exited all positions in the stock and forex markets, and also sold Bitcoin ahead of the downturn. He disclosed this to one of his followers, who was surprised by the synchronized decline across assets.
Clarify, not sure I understand. Personally I exited almost all my portfolio in last two days (stocks, forex, BTC), so in process moved assets back into home currency USD
— Peter Brandt (@PeterLBrandt) September 3, 2020
1 bad day in 6 months and everybody panicking. Grow a dick. #DDTG
— Dave Portnoy (@stoolpresidente) September 3, 2020
CNBC surveyed experts who saw in the sharp decline a rotation away from richly priced tech shares ahead of August’s employment report. The sell-off may also reflect concerns about historically weak momentum in the stock market going into September.
Gold, amid a risk-off mood, failed to show its defensive properties. An ounce of the precious metal fell 0.6% to $1930 by Thursday’s close. Bitcoin joined the broad mood. On Thursday, BTC broke through the $11 000 support, and on Friday morning dipped below the psychological level of $10 000.
In April, Peter Brandt advised allocating part of his money to Bitcoin as a simple plan to improve financial well-being. At that time, Bitcoin was valued at about $9,300.
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