Early this morning, when the ES was down double digits, an esteemed Sloper made this remark:

Comments like this, for someone like me, are really, really annoying. They are also really, really correct. Which makes them doubly annoying (to be clear, I’m just ribbing pipesticks; I’m actually not annoyed). But the fact is that the BTFD crowd has been right since, oh, the last ice age. A look at recent ES activity shows that buying any dip is a completely numb-skulled and 100% successful strategy:

If you need me, I’ll be over here in the corner, utterly slack-jawed.

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