Does Buying The Dip Still Work?

It's hardly a secret that ever since the start of QE, and Fed micromanagement of equity capital markets, the single best trading strategy has been to BTFD, and for good reason: as Bank of America's derivatives strategist Benjamin Bowler has been showing for the past decade,and explained again last December, the Fed has "knowingly injected moral hazard into the system from 2013 onwards, by stepping in (even if verbally) to rescue markets from very low levels of stress" something which is clearly shown in the remarkable chart below.

So is BTFD (aka Buying the Fucking Dip) still the only strategy that i) matters and ii) works consistently in this market?