‘Now That’s Some Dip-Buying!’ Tech ETF Got $1.5 Billion In Inflows Tuesday

Who’s afraid of nuclear war?

Who’s afraid of a constitutional crisis?

Well, I don’t know, but I do know who’s not afraid: Nasdaq-buying E*Traders, dammit.

How do I know they’re not afraid? Well, because on Tuesday folks plowed nearly $1.5 billion into the PowerShares QQQ Trust:

As Bloomberg notes, that right there is the fourth-largest inflow in five years. That’s what you call buying the fucking dip.

And really, you shouldn’t be surprised. After all, this deeply ingrained obsession with dip-buying was readily apparent in the flows data as SVXY took in something on the order of $500 million in the five days through Monday while UVXY saw massive outflows over the same period:

“I do find it surprising, maybe even shocking, how willing investors have been to book profits in long VIX positions and to open new positions shorting VIX,” Peter Tchir wrote on Tuesday, adding that “UVXY shares outstanding have been cut in half in just a couple of days [while] SVXY has almost doubled the shares outstanding since the VIX spike occurred and has reached a market cap of $1.1 billion.”