Buy the Dip... Again - Evercore ISI

Evercore ISI technical analyst Rich Ross put out a note telling clients to buy today's dip in stocks. Ross explains that "[w]e saw the exact same aggressive rotation out of Tech and into Banks on almost the exact same day last year, and it proved to be the best buying opportunity of the next 12 months."

He adds, "In addition, Banks and Value have broken out with a Bullish brio which strongly suggests that they can continue to perform both relatively and absolutely mitigating downside for the S&P as we wait for Tech to stabilize over the next few days (my call). That said, with the Put/Call at .50, Bitcoin at “11” (in 2 days!), and the S&P having reached my initial 2,630 target, the market commands respect. In sum, I reiterate my upside S&P targets of 2,700, 2,770 and 3,200, and remain convinced that Growth (Tech) and Value (Banks) can work higher together; just not today apparently."

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