Buy all Dips

Wednesday’s tape felt a lot worse than the ~80bps drawdown the SPX registered. Digging in a little deeper, we found that while the downdraft wasn’t large, it was extremely broad. At one point NYSE upticks-downticks hit -1245. Over the past 6mo, there have only been a handful of times selloffs have gotten that broad and each one marked a N-T SPX bottom.