{"id":252838,"date":"2026-08-06T13:34:50","date_gmt":"2026-08-06T17:34:50","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=252838"},"modified":"2026-08-07T04:24:25","modified_gmt":"2026-08-07T08:24:25","slug":"yes-this-counts-as-big-buy-the-dip-action","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/yes-this-counts-as-big-buy-the-dip-action\/","title":{"rendered":"Yes, This Counts as Big \u201cBuy the Dip\u201d Action"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Among the most important of this month\u2019s headlines are those that describe the poorly received earnings reports of key semiconductor memory stocks, particularly those in Sandisk (SNDK) and Western Digital (WDC).&nbsp; Both stocks opened with double-digit percentage declines despite the now-usual refrain that they beat consensus estimates for revenues, earnings, and guidance but not by enough to satisfy the most enthusiastic investors.&nbsp; To my mind, the bigger story is the intraday rallies that occurred in these stocks after significant initial shakeouts.&nbsp; This fits with the broad market mindset shown in major index options.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As I type this, it\u2019s not as though either of these stocks is trading higher, but they are far, far above their early lows.&nbsp; WDC was down by as much as 21.5% shortly after the opening bell rang, and it is now \u201conly\u201d down by 8.5%.&nbsp; The moves in SNDK were not quite as dramatic, with a maximum drop of 13.8% before bouncing back to a relatively staid 3% decline.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>2 Days, SNDK (2-minute bars), WDC (purple line)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"604\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-1100x604.png\" alt=\"\" class=\"wp-image-252841 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-1100x604.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-700x384.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-300x165.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-768x422.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62-1536x843.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-62.png 1809w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/604;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because these stocks were caught up in the <a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/awareness-of-a-leveraged-situation\/\">blowup at Situational Awareness<\/a>, they\u2019ve had quite a wild couple of weeks.&nbsp; Today\u2019s moves seem relatively tame by comparison when we look at a two-week chart of these two stocks.&nbsp; Interestingly, both are roughly back to the levels that prevailed two weeks ago.&nbsp; They are also roughly the levels that prevailed three months ago.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>2 Weeks, SNDK (10-minute bars), WDC (blue line)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"605\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-1100x605.png\" alt=\"\" class=\"wp-image-252842 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-1100x605.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-700x385.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-300x165.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-768x423.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61-1536x845.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-61.png 1806w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/605;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em>6 Months, SNDK (daily bars), WDC (blue line)<\/em><\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"602\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-1100x602.png\" alt=\"\" class=\"wp-image-252840 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-1100x602.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-700x383.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-300x164.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-768x420.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60-1536x841.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-60.png 1801w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/602;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: Interactive Brokers<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even a cursory glance at the prior charts shows not only the stellar returns for both these stocks, even though both are currently well below their peaks, but also the volatility that has been a constant factor since their advances took an even sharper leg higher in early May.&nbsp; Note also that even as these stocks fell relatively steadily and aggressively, there were numerous significant rallies amid the steep downtrends.&nbsp; Dip buying remains a key source of activity, even if it results only in countertrend moves.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To my mind, this is reflective of the overall approach to risk that has pervaded the general market mindset.&nbsp; My friend Henry Schwartz at the Cboe, widely viewed as one of the best, if not THE best, compilers and interpreters of options market data, posted the following on LinkedIn yesterday.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"1324\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63-1100x1324.png\" alt=\"\" class=\"wp-image-252843 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63-1100x1324.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63-700x843.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63-300x361.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63-768x925.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-63.png 1132w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/1324;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: <\/em><a href=\"https:\/\/urldefense.com\/v3\/__https:\/lnkd.in\/p\/eTkwxuCk__;!!FDKD93KylVk2!-wjYdVOW6AVVz3p9Gccp81yjJxV6rdd9bdWUnvl27f1XZy3HEpeis5yHhgtcC8HxnDGAqB4-TnWI9wGMYPggg3NcPw$\"><em>LinkedIn<\/em><\/a><em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I don\u2019t enjoy dwelling on a single statistic as the basis for a major market call, but the current near-record low level of the S&amp;P 500 (SPX) put\/call ratio amid a multi-year trend of lower readings requires some consideration.&nbsp; It is indisputable that bullishness is quite well-ingrained in the market\u2019s mindset.&nbsp; This is reflected in the ever-shorter and ever-shallower dips in key indexes, and by the relatively violent reactions when good news justifies an upward revaluation.&nbsp; We don\u2019t need to look further back than last week for moves of that type, when SPX mounted a nearly 5%, four-day rally that took the index to <a href=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/breakout-thank-the-fab-four\/\">a fresh new high<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I couldn\u2019t resist offering a response to Henry\u2019s request for folks to weigh in.&nbsp; My take was this:<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"780\" height=\"532\" data-src=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-59.png\" alt=\"\" class=\"wp-image-252839 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-59.png 780w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-59-700x477.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-59-300x205.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/08\/image-59-768x524.png 768w\" data-sizes=\"(max-width: 780px) 100vw, 780px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 780px; aspect-ratio: 780\/532;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Source: <\/em><a href=\"https:\/\/urldefense.com\/v3\/__https:\/lnkd.in\/p\/eTkwxuCk__;!!FDKD93KylVk2!-wjYdVOW6AVVz3p9Gccp81yjJxV6rdd9bdWUnvl27f1XZy3HEpeis5yHhgtcC8HxnDGAqB4-TnWI9wGMYPggg3NcPw$\"><em>LinkedIn<\/em><\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Again, I won\u2019t let a single data point, one that is typically viewed as a contrarian indicator, define whether we are over-extended, let alone near a market top or turning point.&nbsp; But I do think it\u2019s fair to note that we have seemingly changed our general perceptions about whether major index options are better utilized as tools for speculation rather than risk management.&nbsp; It is, of course, possible that this change does involve risk management, but the risks being managed are those of underperformance rather than concerns about losses.&nbsp; We\u2019ve become increasingly conditioned to perceive downside, or \u201cleft tail,\u201d risks as shallow, easily managed opportunities for more profits.&nbsp; So, why hedge them if we only ever go up, right?&nbsp; And, let\u2019s hedge the more tangible risk of missing another rally, right?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Among the most important of this month\u2019s headlines are those that describe the poorly received earnings reports of key semiconductor memory stocks, particularly those in Sandisk (SNDK) and Western Digital (WDC).  Both stocks opened with double-digit percentage declines despite the now-usual refrain that they beat consensus estimates for revenues, earnings, and guidance but not by enough to satisfy the most enthusiastic investors.  To my mind, the bigger story is the intraday rallies that occurred in these stocks after significant initial shakeouts.  This fits with the broad market mindset shown in major index options. <\/p>\n","protected":false},"author":4,"featured_media":232719,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[14700,6,8,9,22,26,3],"tags":[],"contributors-categories":[13576],"class_list":["post-252838","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-market-insights","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","contributors-categories-interactive-brokers"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Yes, This Counts as Big \u201cBuy the Dip\u201d Action<\/title>\n<meta name=\"description\" content=\"Among the most important of this month\u2019s headlines are those that describe the poorly received earnings reports of key semiconductor memory stocks,...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/252838\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yes, This Counts as Big \u201cBuy the Dip\u201d Action | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Among the most important of this month\u2019s headlines are those that describe the poorly received earnings reports of key semiconductor memory stocks, particularly those in Sandisk (SNDK) and Western Digital (WDC). Both stocks opened with double-digit percentage declines despite the now-usual refrain that they beat consensus estimates for revenues, earnings, and guidance but not by enough to satisfy the most enthusiastic investors. To my mind, the bigger story is the intraday rallies that occurred in these stocks after significant initial shakeouts. This fits with the broad market mindset shown in major index options.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/yes-this-counts-as-big-buy-the-dip-action\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-06T17:34:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T08:24:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/10\/buy-the-dip-featured-img.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" 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