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Where's The "Buy The Dip Mentality" Today?

Tyler Durden's picture




 

While yesterday saw the mainstream media cock-a-hoop at the fact that we pulled 'off-the-lows' with the phrase "buy the dip mentality" parrotted prayer-like every minute of the afternoon. Overnight shenanigans saw that BTFD mentality come and then quickly go and now the US market is fading fast. USDJPY has broken below 101 and US equity markets are testing below yesterday's lows... Treasury yields are now low on the week for the long-bond; gold and silver are holding up as JPY strength is weakening the USD broadly. Meanwhile, European peripheral debt is getting monkey-hammered (worst 2 days in 8 months)...

 

 

and the other major JPY carry funded idiocy - European sovereigns - are getting carried out...

 

with the worst 2 days in 8 months...

 

Perhaps this sums it all up.. (h/t @sheparillo)

 

Though Maria B's insight yesterday was invaluable...

 

"...but in my opinion, ... I would have to believe in the buy on the dip mentality for the US and Japan

...traders say if the market there opens up [which it did before collapsing!!!], it will be a clear sign that new money is once again ready to pounce, particularly given the fact that 30% of the accounts in the US are sitting in cash. That money eventually will want to go to work, and right now, there's no other game in town besides the stock market if you are looking for any kind of return or yield."

 

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Fri, 05/24/2013 - 10:21 | 3595745 FLUSA.com
FLUSA.com's picture

"Game" is right

Fri, 05/24/2013 - 10:23 | 3595760 insanelysane
insanelysane's picture

Short trading day today so not much time to screw around.  Thinking the algos are turned down to 2 or 3 because they are afraid the low volume will divulge their true manipulations.

Fri, 05/24/2013 - 11:07 | 3595907 Mactheknife
Mactheknife's picture

Here's a little something to ponder....the only other two times that we had an intraday reversal of 1% at the top of the S&P was in 2000 and 2008...just sayin.

Fri, 05/24/2013 - 11:21 | 3595953 101 years and c...
101 years and counting's picture

2000 and 2007.....just sayin.

looks like tyler spoke too soon.  the btfd'ers will be around, until they're crushed.  dip is being bought.

Fri, 05/24/2013 - 14:42 | 3596582 MeelionDollerBogus
Fri, 05/24/2013 - 14:41 | 3596572 MeelionDollerBogus
MeelionDollerBogus's picture

However, the nonsense didn't start there ... many fake out drops before a giant rise over the typical curve. My graph of it:

http://flic.kr/p/enJ7Cs

Fri, 05/24/2013 - 10:24 | 3595768 Acet
Acet's picture

Economic Russian Roulette.

Fri, 05/24/2013 - 10:25 | 3595772 Stoploss
Stoploss's picture

Hit "support" today, then rally Tuesday!

 

BTFD!!

Fri, 05/24/2013 - 10:31 | 3595793 disabledvet
disabledvet's picture

Hmmmmm. "Memorial Day." Hmmmmmm.

Fri, 05/24/2013 - 10:41 | 3595828 Mercury
Mercury's picture

Don't overthink it.  It's the Friday before a holiday wknd so the market isn't going to close down big. End of story.  It's only 10:30.

Fri, 05/24/2013 - 10:31 | 3595794 ebworthen
ebworthen's picture

Is Tuesday a POMO day even with the holiday?

We won't have the Monday dip 'cause markets are closed.

Fri, 05/24/2013 - 10:37 | 3595813 GolfHatesMe
GolfHatesMe's picture

1.25-1.75B on Tuesday

Fri, 05/24/2013 - 11:12 | 3595926 SheepDog-One
SheepDog-One's picture

The only one buying the fuckin dip ever was Bernank.

Fri, 05/24/2013 - 11:23 | 3595962 Panafrican Funk...
Panafrican Funktron Robot's picture

Really not sure why Stoploss got junked here.  Roughly $10 billion in POMO to work through on a short week next week, including a $5 billion day on Friday.  Yeah, it's "rigged" and "unfair", but the Fed doesn't give a fuck about fairness. 

Fri, 05/24/2013 - 10:32 | 3595797 Miss Expectations
Miss Expectations's picture

...with 5 bullets and 1 empty chamber.

Fri, 05/24/2013 - 11:11 | 3595921 slaughterer
slaughterer's picture

Maria B is my guru: I only trade her advice.  

Fri, 05/24/2013 - 10:21 | 3595746 vmromk
vmromk's picture

Someone wake up FUCKHEAD Bernank to buy the market.

Fri, 05/24/2013 - 10:33 | 3595801 disabledvet
disabledvet's picture

"It's a holiday!" Our markets are closed...

Fri, 05/24/2013 - 10:21 | 3595747 malikai
malikai's picture

There's some dip buying going on, just not in that dogshit.

http://blog.quantsig.net/2013/05/24/btcusd/

Fri, 05/24/2013 - 10:21 | 3595749 transaccountin
transaccountin's picture

jesus that quote by maria b just shows you how fked we are. whereas it was once housing nows its global stocks. will not end well

Fri, 05/24/2013 - 10:23 | 3595763 HelluvaEngineer
HelluvaEngineer's picture

You're pretty much screwed once you're quickly losing your looks, and you're a complete and total dumbass.

Fri, 05/24/2013 - 10:31 | 3595791 DeadFred
DeadFred's picture

I hope she got a good price when she sold her soul to the dark side...

Fri, 05/24/2013 - 10:45 | 3595836 Fuh Querada
Fuh Querada's picture

voice like a circular saw and thighs like a rock crusher

Fri, 05/24/2013 - 10:55 | 3595862 the not so migh...
the not so mighty maximiza's picture

LAUGHING MY ASS OFF AND EVERYONWE IS LOOKIGN AT ME

Fri, 05/24/2013 - 11:18 | 3595943 BeerBrewer09
BeerBrewer09's picture

"there ish no other game in town beshides the shtock market"

Fri, 05/24/2013 - 10:46 | 3595840 the Absurd
the Absurd's picture

It was stocks before housing - late 90s early 00s.  Now it's bonds and ultimately currencies.

During a hyperinflation, the DJIA could theoretically soar to 100,000 but be worth only 1,500 in today's terms.

Fri, 05/24/2013 - 10:21 | 3595750 nomorebuyins
nomorebuyins's picture

Maria! You ignorant slut!

Fri, 05/24/2013 - 10:26 | 3595774 jbvtme
jbvtme's picture

long hand cuffs

Fri, 05/24/2013 - 10:27 | 3595776 zipit
zipit's picture

is that you, Jane?

Fri, 05/24/2013 - 10:29 | 3595783 Al Huxley
Al Huxley's picture

Dan, its Dan, not Jane.

Fri, 05/24/2013 - 10:35 | 3595809 Headbanger
Headbanger's picture

One of the best skits ever on SNL:

http://www.youtube.com/watch?v=k80nW6AOhTs

Fri, 05/24/2013 - 10:28 | 3595781 Rip van Wrinkle
Rip van Wrinkle's picture

Most whores sell their bodies for money. Maria sells her mouth for money.

Fri, 05/24/2013 - 10:30 | 3595787 Al Huxley
Al Huxley's picture

Well, in her defense, that's probably just because nobody would buy her body, so it's really her only option.

Fri, 05/24/2013 - 10:36 | 3595811 Bay of Pigs
Bay of Pigs's picture

Come on, the "Abby Joseph Cohen" is the hot new look.

Fri, 05/24/2013 - 11:12 | 3595922 buzzsaw99
Fri, 05/24/2013 - 10:21 | 3595751 Cdad
Cdad's picture

Buy on the dip mentality.

Fri, 05/24/2013 - 10:22 | 3595754 HelluvaEngineer
HelluvaEngineer's picture

Never heard of it.

Fri, 05/24/2013 - 10:22 | 3595755 Cdad
Cdad's picture

Buy on the dip mentality.

Fri, 05/24/2013 - 10:26 | 3595775 Schmuck Raker
Schmuck Raker's picture

Never heard of it.

Fri, 05/24/2013 - 10:32 | 3595795 ebworthen
ebworthen's picture

Dips buy at the top mentality.

Fri, 05/24/2013 - 10:41 | 3595827 OneTinSoldier66
OneTinSoldier66's picture

Thank you for giving me a good chuckle!

Fri, 05/24/2013 - 10:47 | 3595842 Fuh Querada
Fuh Querada's picture

Buy on the dip mentally.

Fri, 05/24/2013 - 10:40 | 3595820 walküre
walküre's picture

Buy now or be priced out forever

Fri, 05/24/2013 - 10:23 | 3595758 EmileLargo
EmileLargo's picture

"No other game in town" - as Faber says, liquidate and run for cover the moment you hear that.

Fri, 05/24/2013 - 10:27 | 3595777 Cdad
Cdad's picture

Where else you gonna put your money cash on the sidelines buy on the dip mentality stocks are cheap great bond rotation don't fight the fed.

Fri, 05/24/2013 - 10:23 | 3595759 SillySalesmanQu...
SillySalesmanQuestion's picture

Simple, no POMO today.

Fri, 05/24/2013 - 10:48 | 3595846 SeattleBruce
SeattleBruce's picture

In a place where there's already greatly limited/diminished returns (POMO MOMO for stocks only - the rest of the economy and the world be damned), we're now seeing the law of diminishing returns happen there too...what now Ben, Obummer?  Look at the diminishing returns on debt itself:

http://4.bp.blogspot.com/_pCDyiFUv9XU/S6UGAnsGArI/AAAAAAAAI8s/1wHV7ehjQd...(2).jpg

Fri, 05/24/2013 - 10:23 | 3595761 gatorengineer
gatorengineer's picture

Little doubt we close less than 0.1% down to green today..... Movement as always is after the euroclose....

Fri, 05/24/2013 - 10:23 | 3595762 q99x2
q99x2's picture

Wait for the close of the European markets. Buy about 29 minutes before.

Fri, 05/24/2013 - 10:26 | 3595773 Cdad
Cdad's picture

Or....or wait until Netflix is up > 2% and then buy a footwear maker x 2 while shorting MBS.

Fri, 05/24/2013 - 10:50 | 3595850 SeattleBruce
SeattleBruce's picture

Ah - we've such a great foundation for an economy!

Fri, 05/24/2013 - 10:24 | 3595764 EmileLargo
EmileLargo's picture

The object of Bloomberg and CNBC (particularly the latter) is to pump up stocks as much as possible so that the BROKERAGE HOUSES that sponsor them make bucketloads of money.

Fri, 05/24/2013 - 10:25 | 3595769 cloudybrain
cloudybrain's picture

investor wait when the market wreck they run

Fri, 05/24/2013 - 10:25 | 3595770 razorthin
razorthin's picture

Jesus, let it pull back.  Even the central planner idiots know you need to reset the oscillators - though I was getting a little worried.

Fri, 05/24/2013 - 10:28 | 3595778 ebworthen
ebworthen's picture

Bartiromo is such a banker whore.

"New money is ready to pounce."

No Maria, you mean "New money is ready to get trounced."

I'm pretty sure she would sell her Mother for Soylent Green if it meant 500+ points on the DOW.

Nowhere in her conversations or observations do ethics and morality intrude.

40%+ on the Nikkei and this is not a central banker bubble but "putting money to work"?

WTF!?!?

Go ahead folks, "put your money to work" generating bonuses for Wall Street and the banks so they can get bailed out again and get bonuses while you lose 40% when the current bubble bursts.

Fucking twat.

Fri, 05/24/2013 - 10:29 | 3595782 pragmatic hobo
pragmatic hobo's picture

when she says new money she really means new money, hot off the press from bernanke's basement.

Fri, 05/24/2013 - 10:28 | 3595779 pragmatic hobo
pragmatic hobo's picture

it's friday before holiday weekend ... it will come.

Fri, 05/24/2013 - 10:32 | 3595796 Bearwagon
Bearwagon's picture

And tuesday is POMO-day!

Fri, 05/24/2013 - 10:34 | 3595806 DeadFred
DeadFred's picture

Great time to be all cash.

Fri, 05/24/2013 - 10:43 | 3595833 OneTinSoldier66
OneTinSoldier66's picture

What exactly is cash/money? Is it something that has a Government Stamp on it? Or is it something else?

Fri, 05/24/2013 - 10:43 | 3595832 Meat Hammer
Meat Hammer's picture

Yep, that's what I'm afraid of, too.  On Monday while everyone is out grilling weiners (for reasons they're unsure of) a lot of bad things may be happening.

Fri, 05/24/2013 - 10:30 | 3595786 Headbanger
Headbanger's picture

It's on its way to the Hamptons of course!

Fri, 05/24/2013 - 10:33 | 3595799 Ness.
Ness.'s picture

No sooner than this was posted - here come the BTFDer's.

Fri, 05/24/2013 - 10:42 | 3595829 Its Only Rock N Roll
Its Only Rock N Roll's picture

BTFDers are trying to protect yesterday's low.  If that breaks we get another 10 ES down.  What would be a real treat would be to see selling get aggressive and fill the 5/3 opening gap down to 1600/1610.  That will get everyone thinking over the weekend.

Fri, 05/24/2013 - 10:34 | 3595804 Xanthias
Xanthias's picture

Whenever I watch Maria B., I'm reminded of a question my friend once asked a French porn actress: "What's the difference between what you do and what a streetwalker does?"  To which she answered, "50,000 francs."  I'm sure Maria is also well compensated for her expertise.  Geez, at least the porn actress isn't persuading honest folks to gamble away their retirements…

Fri, 05/24/2013 - 10:55 | 3595857 quikwit
quikwit's picture

I don't know... in this day and age, 50000 francs is a lot of money for most people, and somebody's gotta pay for that.

Fri, 05/24/2013 - 11:57 | 3596076 buzzsaw99
buzzsaw99's picture

what the porn actress does is honest work. maria, not so much.

Fri, 05/24/2013 - 14:06 | 3596432 FreeNewEnergy
FreeNewEnergy's picture

No wonder Maria B. is such a darling of the financial world. In her mind one equals two.

To wit:

Maria B: "So what has changed? In a word, not much."

Chevy Chase impersonator: "Maria, you mindless, brain-dead, cock-hoarding slut, 'not much' is two words."

Emily Litella: "Never mind."

Fri, 05/24/2013 - 10:35 | 3595807 orangegeek
orangegeek's picture

Dow Jones hourly "nothing but up" has broke trend on Wednesday.

 

http://bullandbearmash.com/chart/dow-jones-hourly-closes-channel-support...

 

Between Ben and Barry, they're going to have to buy the daily volume to keep this market going up - never say never though.

Fri, 05/24/2013 - 10:39 | 3595817 stormsailor
stormsailor's picture

buy the dip, and get rewarded with bernanke jubucks

Fri, 05/24/2013 - 10:39 | 3595819 Timmay
Timmay's picture

"Front Selling" into a crash.

Fri, 05/24/2013 - 10:45 | 3595837 thismarketisrigged
thismarketisrigged's picture

i will buy the dip when the dow and s&p are at 5000 and 600 respectively.

 

until then, this man here is not putting shit into this ponzi scheme.

 

also, when all the banks need to be bailed out, let them fucking fail, they r the scum of earth anyway.

 

there is only 1 way for this to recover, and that is to crash the markets. there is no other way this can end, none whatsoever.

 

the sooner we crash, the sooner we recover.

Fri, 05/24/2013 - 10:48 | 3595845 Meat Hammer
Meat Hammer's picture

Amen, brother.

Fri, 05/24/2013 - 10:46 | 3595839 Meat Hammer
Meat Hammer's picture

MSM is running articles about "Doomsday investors betting on market crash."  Is this going to be the narrative?  That short-selling killed the market?  That's whay they claimed in 08 and even tried to outlaw shorting stocks...until somebody somwhere had their "thinking corrected".

Fri, 05/24/2013 - 10:47 | 3595844 RSDallas
RSDallas's picture

Where is your patience my friend?  The PPT is still at breakfast. 

Fri, 05/24/2013 - 10:48 | 3595847 Its Only Rock N Roll
Its Only Rock N Roll's picture

You think S&P 600 will hold?

Fri, 05/24/2013 - 10:54 | 3595859 CDNX fan
CDNX fan's picture

Do you think Maria swallows?

Fri, 05/24/2013 - 10:55 | 3595861 nomorebuyins
nomorebuyins's picture

There it is.

Fri, 05/24/2013 - 11:00 | 3595880 RougeUnderwriter
RougeUnderwriter's picture

It's Friday Dude - who wants to spec out over a 3 day weekend with Europe coming apart. Tuesdays are the buy the dip days - aren't you following the numbers? 

Fri, 05/24/2013 - 11:14 | 3595931 buzzsaw99
buzzsaw99's picture

more like squeeze the pimple until it pops mentality

Fri, 05/24/2013 - 11:57 | 3596074 FleaMarketPete
FleaMarketPete's picture

 

Jim Cramer showed me a map yesterday to point out the U.S. does not live in Japan.  BTFD!

 

Fri, 05/24/2013 - 12:38 | 3596167 LawsofPhysics
LawsofPhysics's picture

If by "dip" they mean S&P 600, then yes, I am standing by with dry powder.

Fri, 05/24/2013 - 14:13 | 3596464 stlouistrader
stlouistrader's picture

As usual the market rebounds right when ZH puts this story out; almost to the tick.   God I love fading Tyler.  He, Biederman and Dr. Gloom keep giving me reason to be long.  If I even sense a hint of bullishness out of any of these guys, I am reversing course and shorting this market  

Fri, 05/24/2013 - 16:35 | 3596935 Bay of Pigs
Bay of Pigs's picture

What "market" are you speaking of?

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