Asian markets fell Friday with Japan's Nikkei, Australia's ASX200, South Korea's Kospi and Hong Kong's Hang Seng all closing down around 4 per cent.
That followed the worst sell-off in two years for U.S. stocks. With the Dow Jones Industrial Average, the Standard and Poor's 500 and the Nasdaq Composite all in correction territory.
"Welcome to panic selling, welcome to chaos," Enzio Von Pfeil, founder of the Economic Time Bond Fund told CNBC on Friday. "The psychology of the crowd is coming back, so everybody wants to be out of these stocks.
According to Von Pfeil, the selloff was because "reality has finally set in that things are just not going to get solved."
Michael Yoshikami, CEO & Founder of YCMNET Advisors said, "In this kind of environment, when we are panic selling, there isn't any investment strategy...the only way that you're going to insulate yourself from this downturn is to be out of the market."
But others saw the selloff as a buying opportunity, especially over the short-term.
"In this kind of market that we're going through now, there will be a lot of volatility particularly on the upside, the rallies will be very intense, very short, and people will want to get in," Dodge Dorland, Chief Investment Officer at Landor & Fuest Capital Managers said."T