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Buy the Dips and You Can’t Lose, Right?

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If you thought the resurgence of Covid-19 in the U.S. would put a damper on Wall Street’s orgy, you’d have been wrong. Stocks continued their heedless ascent on Thursday even though the pandemic is close to extinguishing a fragile economic recovery that had barely gotten off the ground. The Dow rose 300 points, demonstrating yet again that champions of the V-shaped recovery still hold sway in the markets.  Two consecutive down days seems to be as bad as it gets any more, regardless of the headlines.  This observation in itself is reason for extra caution, since it implies that we’ve all gotten a little too used to buying the dip on day three. One of these times, probably soon, that dip is going to turn into an avalanche that will last for weeks.

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