On Friday, the S&P 500 $SPX500 lost 2.2% while the Dow Jones $DJ30 lost 2.5% and oil prices $OIL crashed by 10%. Even Bitcoin $BTC which was supposed to be a hedge against uncertainty entered a bear market. Only gold $GOLD was up.
We don't know much about the Omicron variant apart from the fact that it is more transmissible. This could actually be good news since usually the more transmissible a virus, the less deadly, it is. It could be the variant that we were all expecting to make this pandemic endemic. Or maybe, it will render the vaccines completely useless. However, so far, we know very little yet.
The market and the world itself already overreacted to this uncertainty. The best thing to do is to wait before making investments on what's happening. Stocks which were expensive are still expensive. Stocks which were cheap are still cheap. Nothing fundamentally changed.
As far as my portfolio is concerned, we have 25% in cash and cash equivalent, any market crash is a gift to us.