Buy the Dip Just a Blip?… US stocks got off to a strong start in trying to add to yesterday’s big bounce but since then it’s been a bumpier ride. The usual suspects FAAMG / Tech / Semis were hot once again out of the gate but have stumbled as investors are struggling to forget the recent correction. Indices are have spent the afternoon in the red but are hovering near the lows of the day; the DXY rising back near positive territory on the day as the Brexit worries crush the GBP hasn’t helped their cause. Still there are bright spots, including Casinos names (LVS +4.2%, PENN +12%) which are benefitting from broker upgrades and Apparel names, with Nike (NKE +0.8%) making fresh all-time price and relative highs. Autos, which fared relatively well through the Tech plunge, and Energy are the laggards (crude lower once again following surprise US inventory builds). It seems investor confidence in buy-the-dip strategy is only so strong at the moment. Comparisons to Tech bubble of 1999 are all the rage these days, so interesting to note just how many dramatic 10% drops the that S&P Information Tech sector experienced that year before the bubble popped…
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