{"id":95477,"date":"2021-07-20T11:13:00","date_gmt":"2021-07-20T15:13:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=95477"},"modified":"2023-02-10T13:32:48","modified_gmt":"2023-02-10T18:32:48","slug":"must-buy-dips-2","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/must-buy-dips-2\/","title":{"rendered":"Must&#8230; Buy&#8230; Dips&#8230;"},"content":{"rendered":"\n<p>Have equity investors become zombies, fixated on a singular obsession regardless of circumstances?&nbsp; Hardly.&nbsp; But if this morning\u2019s trading activity shows us anything, it is that traders have become conditioned to see every dip as a buying opportunity.<\/p>\n\n\n\n<p>Can we blame them?&nbsp;&nbsp; The industry has seen a wave of new investors enter the markets over the past year or so.&nbsp; Over that time, every, EVERY, dip in the broad market has ultimately proven to be a buying opportunity.&nbsp; If something works without fail, of course people will keep doing it.&nbsp; Even more experienced investors have seen the strategy work far more often than not since the past financial crisis.&nbsp; Far be it from me to throw cold water on a hot strategy, but it is crucially important for investors to recognize the difference between acting reflexively versus strategically.<\/p>\n\n\n\n<p>While recognizing that \u201cthis time it\u2019s different\u201d is perhaps the most dangerous phrase in investing, sometimes it really is different.&nbsp; For many of us, yesterday felt different.&nbsp; The precipitous decline in bond yields seemed to be much more about growth fears and a genuine flight to safety rather than a momentum trade in fixed income.&nbsp; The Covid narrative worsened, offering the potential for more supply chain disruptions even if the risk for large lockdowns is slim to nil in most large economies.&nbsp; It felt like the risk\/reward calculus may have shifted more toward risk.<\/p>\n\n\n\n<p>That said, there were solid reasons to consider buying the dip this morning.&nbsp; As the graph below shows, the S&amp;P 500 Index (SPX) held its prevailing trend line, and long-term moving averages remain solidly higher.&nbsp; That is a pattern that favors buying dips rather than selling rallies.&nbsp; As I write this, yields in 10-year Treasuries have bounced off their intraday lows and are slightly higher on the day.&nbsp; That could indicate that the growth fears and\/or safety trade in bonds may be abating.&nbsp;<\/p>\n\n\n\n<p><a href=\"\/campus\/traders-insight\/securities\/options\/a-treacherous-trade\/\">In yesterday\u2019s piece, we acknowledged<\/a> that the downdraft that began on Friday could easily be reversed quickly, saying: \u201cI don\u2019t have sufficient clarity to know whether today is yet another in a series of one or two-day dips that have proven to be buying opportunities, or whether there is a more significant change in sentiment.\u201d&nbsp; As of now, both could be true.&nbsp; We are certainly seeing yesterday\u2019s drop largely reverse itself, but we might also be seeing a broader change in sentiment. &nbsp;Bear in mind that we spent most of the spring rising with nary a hiccup.&nbsp; Now those hiccups are coming a bit more frequently.&nbsp; That could mean we have more chances to buy dips, but also the chance that the dip is not actually a buying opportunity.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-s-p-500-index-yearly-chart-with-trendline-white-100-day-green-and-200-day-purple-moving-averages\">S&amp;P 500 Index, Yearly Chart with Trendline (white), 100 day (green) and 200 day (purple) Moving Averages<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"624\" height=\"368\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/07\/image-40.png\" alt=\"S&amp;P 500 Index, Yearly Chart with Trendline (white), 100 day (green) and 200 day (purple) Moving Averages\" class=\"wp-image-95489 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/07\/image-40.png 624w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/07\/image-40-300x177.png 300w\" data-sizes=\"(max-width: 624px) 100vw, 624px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 624px; aspect-ratio: 624\/368;\" \/><\/figure>\n\n\n\n<p><em>Source: Interactive Brokers<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have equity investors become zombies, fixated on a singular obsession regardless of circumstances?  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