‘That’s Absolutely Crazy’: There’s A Bubble In ‘Buy The Dip’ Stories

On Sunday, we brought you “Who’s Ready For The Super-Tremendous ‘Melt-Up’ And The Phenomenal ‘Blowoff’?” in which we described the mood among market participants, most of whom seem to agree that we’re right on the cusp of another (and possibly the final) leg higher in a bull market that has been running for approximately 456 years.

In that post, we showed you the following chart from Google Trends which suggests that a lot of people are wondering what the hell a “melt-up” is:

And while retail investors across the country are scrambling to determine the definition of a “blowoff” top and subsequently asking their vol.-selling neighbor how they can get in on it, mentions of “buy the dip” in the mainstream media are themselves headed into “blowoff” top territory. Have a look:

Underscoring the notion that literally no one cares about anything anymore is the following amusing anecdote from a Bloomberg Businessweek piece out on Monday:

At Credit Suisse Group AG’s prime brokerage desk in midtown Manhattan, the phone hardly seems to ring anymore. Its hedge fund clients don’t call about Donald Trump’s tweetstorms and the stock market or ask what to do when terrorists attack. And there was barely a whiff of panic when North Korea erupted in August.

“Two rockets flew over the land mass of Japan and nothing happened,” says Mark Connors, Credit Suisse’s global head of risk advisory. “There were no calls. That’s absolutely crazy.”

Yes, “absolutely crazy.” And virtually certain to end in all kinds of tears when this entire thing collapses on itself, wiping out trillions in paper wealth that was created by … wait for it … the printing of trillions upon trillions in pieces of paper since 2009.

The ultimate irony: when that happens it will represent a dip that’s actually worth buying. But you can bet no one will be Googling “BTFD” on that day. No, they’ll be Googling “local pawn shops” and asking Siri to find the nearest pay day lender instead.