Three ways to make the same point:
- When something becomes ubiquitous, it gets harder and harder to decide whether it’s worth highlighting.
- There’s a threshold for talking about ubiquitous dynamics beyond which you aren’t really saying anything.
- At what point does pervasiveness preclude one from mentioning something?
Well, when it comes to markets, what dynamic do you most associate with the terms “ubiquitous” and “pervasive”?
If you said “BTFD” or, “buy the f*cking dip,” you win a … ummm … a blue star (Heisenberg does blue stars, not gold ones – for obvious reasons).
We’ve talked a lot about BTFD over the past several days (see here and here, for instance), and so have a lot of other folks. The discussion got louder after stocks took a tumble last week (on jitters tied to the GOP health bill). When Monday morning rolled around, it looked like a bloodbath catalyzed by a sinking dollar and falling yields might be imminent. And then… and then you bought the f*cking dip.
So in light of all this, here are some charts from BofAML which show that on net, the bank’s clients started buying again last week after five consecutive weeks of selling:
And speaking of equities and ubiquity, you’ll never guess who was buying…
…and you’ll never guess what they were buying…
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To paraphrase Al Pacino from The Devil’s Advocate, “BTFD, definitely my favorite sin“…
