• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

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.

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